Many brokers can source self employed mortgages from the whole of the market
(both mainstream and specialist lenders).
If you are self employed with 3 years audited accounts and a good credit history, then you are eligible for any of the products on this website. If not then a self employed mortgage/self certification mortgage may be better for you. With these you do not need to prove your income. Please see the link below for more information on self certified mortgages
These non status mortgages are available with variable, fixed, capped or tracker rates, please speak to the adviser for more information.
For this type of mortgage, many brokers can accept contractors or those with multiple jobs or those whose income consists largely of bonuses or commission etc.
They are also able to help those with a bad credit history for example, county court judgements (ccj), mortgage arrears, ex-bankrupts and those with IVA.
Please click here to read about the different types of mortgages available.
Please click here to read about the different mortgage products available.
Please click here to read about self certification mortgages if you have a bad credit history or non standard employment.
Self Employed Mortgage - More people than ever before are now deciding to start their own business, in fact there are now over 3 million self employed people in the UK. Faced with this, mortgage lenders have now started to offer more and more products suitable to the self employed, a good example would be the current account mortgage.
Most lenders will take your self employed earnings into account when applying for a mortgage and the usual criteria is that you need to prove (i.e. have audited accounts) 3 years accounts in order to qualify for a mortgage from a high street lender, although some will be happy with less.
If you canít prove your income, but can provide some receipts and invoices; then a specialist self employed non status mortgage (often called a self certified mortgage) is the answer. This is a new type of deal where the lender recognises that you have no proof of income, but wonít categorise you as a bad credit case. This means that you wonít get the very best rates in the market, but at the same time you wonít be paying vastly over the odds either.
The reason for the slightly higher rates is because, unlike a normal employee you are not guaranteed to be paid each month - If you are self employed or perhaps working on a cash basis, you could be financially sound, and able to keep up your payments, but that doesn't make it any easier for you to prove you'll keep up payments to your new lender. They want to ensure that you'll be able to keep up payments for the term of your mortgage, not just over the next 12 months. If you are on a contract, you maybe are not guaranteed to get it renewed, so from a lenderís point of view it is more risky.
There are many self employed mortgage products available to you, including the usual fixed, discounted and flexible products, at rates not much higher than are available to ordinary employed people. As well as the specialist lenders (IGroup, Future Mortgages), the larger lenders (Halifax, RBS and especially Bristol & West) have started offering not just one self employed mortgage, but now offer a selection.