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Self employed mortgages and remortgages

Difficulties for the self employed in mortgaging and remortgaging their homes occur because the self employed often minimise their income for tax purposes, therefore, when this income is multiplied by the usual 3.5 x earnings it produces a lower amount than that person might be able to repay.

This problem affects many groups of self employed, company directors, people on bonuses, freelancers and those running businesses of all descriptions.

Certified accounts are another problem as some people don't keep accounts or in the case of start up businesses don't have the required two year certified accounts.

Fortunately there is a specialised mortgage product for all the aforesaid groups of people, this is the self certification or self cert. mortgage. For this the application only asks your yearly earnings and the lender trusts the amount disclosed will be the truth.

Of course this type of mortgage is a higher risk to the lender and therefore asks or higher deposits such as 15% meaning an 85% loan on the value of the property. On a £200,000 loan you would need to find a £30,000 deposit.

Luckily because of high competition in this market some lenders are now offering self certs. with lower deposits and 90% or 95% LTV Search the markets for the best offer available.

Use of this article or exerts thereof without the prior permission of the author is unlawful and will result in prosecution, if you wish to use the article please contact info@selfcertmortgageuk.co.uk.

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