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Mortgages for the Self Employed
It is not impossible for the self-employed to get a mortgage, but it isn't easy either. Taxable income declared by self-employed people is often reduced, as accountants look for as many tax deductions as they can achieve. Another problem is the sheer volume of paperwork the self-employed person must present to meet evidence requirements. The good news is that a number of innovative lenders have emerged in recent years and these take a simpler approach than has been taken by lenders in the past.
Getting the right advice! We recommend that professional help be sought from the beginning. The complexities of structuring mortgages for the self employed usually mean that you need an expert to put it together. Your CCM Solutions Mortgage Agent will know which lenders apply which rules; which lenders will use the latest year's figures if they're better than the year before, instead of averaging; and which lender will use one year's trading instead of two. Also, they'll know which lenders will add depreciation and other non cash-flow items back into income.
What's Next ?
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*Subject to approved credit, income verification and meeting lending credit granting criterea. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.