Self-employed mortgages: ways to get mortgage without two years of work

March 20, 2020

This myth-busting guide to self-employed mortgages describes tips on how to nevertheless get home financing if you should be one-man shop.

To locate a remortgage deal?

Will it be harder to have a home loan if you should be self-employed?

If you’re self-employed, it may be a lot more of a challenge to obtain home financing because you’ll need certainly to prove you’ve got a dependable earnings. But getting a home loan whenever self-employed is unquestionably perhaps perhaps not impossible.

There are numerous means to show to home financing loan provider it’s usually just a case of jumping through a few extra hoops that you have a reliable income.

Exactly what are self-certification mortgages and do they continue to exist?

“Self-certification” or “self-cert” mortgages were created specifically for the self-employed and permitted them to self-certify simply how much they earnt in a provided 12 months, without the necessity to present proof.

However, self-cert mortgages had been prohibited totally in 2014 as a result of issues borrowers had been being accepted for mortgages they couldn’t manage.

This implies those people who are self-employed now need certainly to make an application for a home loan into the in an identical way as everybody else.

What truly matters as self-employed?

Loan providers will see you as self-employed in the event that you have a lot more than 20% to 25per cent of a company, from where you make most of your income. Continue reading “Self-employed mortgages: ways to get mortgage without two years of work”