We understand the difficulties self-employed borrowers experience when trying to secure a competitive mortgage deal. Proving your income isn’t always a straightforward process, particularly if you’ve only started up your company in the last few years.
In the past, self-employed workers could apply for a “self-cert” mortgage which allowed them to simply tell the mortgage lender what they earned. These types of mortgages no longer exist and lenders now require you to show at least one year’s accounts or SA302s. The amount you will be able to borrow is generally dependent on your last few years’ profit, so the more accounts you can show the better.
Before using a comparison website or remortgaging with your current lender, you should speak to a qualified Mortgage Adviser to ensure that you are aware of the best deals available to suit your needs. We can access every lender across the whole of the mortgage market and based on your income, accounts and needs, which lenders to approach.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.