Mortgages for the self employed 2012Desl cert mortgages

In the past it was relatively easy for a self employed person to get a mortgage with what was know as 'self certification' or more commonly 'self cert mortgages'. However in recent years these products have dwindled and are now no longer available, even to independent mortgage brokers.

But don't dispair! We are still arranging mortgages for the self employed. The only difference these days is that you need to prove your income.

Of course there are many differences between mortgage lenders in their critiria regarding applicants who work for themelves which is where a mortgage broker comes in!

Normally the lender will want you to have been self employed for 2 to 3 years but it is also possible to obtain a mortgage through a mortgage broker with only one years proof of income available.

If you use an accountant the lender will ask to see either the recent accounts or may ask your accountant to simply fill in a certifiacte stating your last 2 to 3 years' income. If you self assess you will need to provide evidence (from HMRC) regarding the income disclosed for tax purposes. This is a very straight forward procedure.

Please remember that most lenders will also class you as self employed if you are a company director with more that a 20% share in the company - even if you are 'employed' by them. In this case you can usually show wage slips and bank statements regarding your income. If you are not sure - contact us for further information.

 

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