It’s a common misconception that getting a mortgage when you are self-employed is very difficult when in fact self-employed borrowers have access to the same range of mortgage products as everyone else, it’s simply their income is treated differently.
Typically, lenders will require you to have at least two years’ worth of company accounts, SA302’s or tax returns, however there are lenders out there that will accept less than two years proof of income.
By using a mortgage adviser, you will be able to tap into their knowledge on lender criteria so you get the right advice based on your individual circumstances.
Contractors have notoriously had a difficult time obtaining a mortgage in the past, as lenders were unable to understand their work, remuneration basis and worried how they would repay a loan at the end of their contract.
These days lenders are becoming more understanding and will look at affordability based on annualised daily rates, however it is still not mainstream lending. Any contractor would be best placed to speak to specialist mortgage adviser like Choice who will be able to ascertain the best lender and more importantly package the application to ensure success.
Contact us to see how we can help ...
Free phone: 0800 612 8099*