The financial crisis within Britain caused great problems and put huge pressures on the self employed. It is still a common belief that attaining a mortgage if you are self employed is still an impossible process. However, at Westexe Mortgage Solutions we will happily provide mortgage advice to people from all walks of life including mortgages for the self employed. Here we provide a brief summary of the mortgage process for the self employed.
You will normally require a “mortgage for the self employed” if you own approximately 20-25% of a company or more. As Independent mortgage brokers we will advise you of the information that you will need to prove your income. Often accounts or an accountant’s reference is sufficient for doing this but you will most likely be required to supply up to three years worth of data to clarify that you are suitable for a self employed mortgage.
The mortgages available for the self employed are basically the same as the mortgages available to other individuals who perhaps work for someone else. Therefore as long as you are able to provide the accounts information and put down the required deposit you should be legible for the same mortgages as other.
Keep an eye out for a future blog entry detailing mortgage advice for a limited company director.