Mortgages for the Self-Employed UK, USA, Canada

Most self-employed individuals will agree to the fact that it can sometimes be difficult for them to obtain credit, particularly mortgages. A good credit rating and financial status still may not be enough to convince a lender to issue a mortgage to a self-employed individual. Proof of a regular, sufficient income, and certified account records are what lenders look for from self-employed mortgage applicants.

Most mortgage lenders normally require at least 3 years worth of accounts and financial records of the applicant’s income, approved by a certified accountant. This is sometimes just the beginning of the difficulties that a self-employed individual may encounter when applying for a mortgage or other loan; a poor personal credit history will compound these difficulties, and can make it difficult to obtain a suitable mortgage.

If you are self-employed and searching for a mortgage, there is no need to despair however. There are companies however who specialise in dealing with credit for the self-employed, and who can often provide mortgages when there is nowhere else to turn. The mortgages offered by these companies are often tailored to the needs of the self-employed, because they recognise the unpredictable nature of being self-employed; i.e. there are periods of both high and low revenue. One of the most common mortgages offered is a self-certification mortgage. The application process for such a mortgage avoids the usual detailed procedure of proving your business earnings via audited accounts or employers references. The applicant may need to submit a significant deposit for a mortgage like this.

Click here for other self employed mortgages. If you requrie Mortgage Protection Insurance then please click the link. For good loan deals, try Loans UK.
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