Self-certified mortgage / Self-employed mortgage
This definition of self-employed is: when an individual works
for themselves and thus has no employer. For mortgage purposes,
this will also include partners in limited liability businesses
and professional practises. There are more than three million self-employed
people in the UK, so there is nothing unusual about this option.
Many mainstream lenders make it difficult for the self-employed
to invest in property, as they traditionally look at proof of salary
and this can be tricky for the self-employed. As a self-employed
person, the published accounts may show a lower level of income
as accountants off-set expenses to minimise tax liability. Mainstream
lenders will not take this into account when calculating the maximum
sum of money they are willing to lend. However, there are a number
of specialist lenders which understand the needs of the self employed
and offer a broad range of suitable mortgages, including: a buy
to let mortgage, a self-certified mortgage and a non-status mortgage.
For example, while a mainstream lender will ask for up-to three
years' audited accounts from a Chartered or Certified Accountant
for a self-employed mortgage, the specialist lender will be far
more accommodating. Specialist lenders look to provide innovative
mortgage solutions to individuals, appreciating that different working
patterns require a more flexible approach. It is with this in mind
that some lenders offer flexible mortgages to take into account
fluctuations in income from self-employment.
As specialist mortgage brokers, we search all the lenders to find
the best self-employed mortgage rates available. We will tailor
a solution based on your unique circumstances.
Click the link below for a fast, no obligation mortgage quotation.
Click
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