Being self employed has many adantages, but being self employed may also mean that it is hard to obtain finance or a mortgage especially if:
- You are recently self employed and accounts are not finalised.
- Current profits are not reflected in last year's accounts – maybe your business is trading above last years figures, again accounts won't yet show this.
- Your income is made up from various sources.
- Your income includes money from investments etc.
Most lenders will require that those applying for a self - employed mortgage provide between one to three year's worth of audited accounts to prove that they have sufficient income to cover the mortgage repayments. These accounts need to be certified by a chartered or certified accountant in order to be accepted by the lender as proof of the potential borrower's finances. If you are in a position where you are able to provide the mortgage lender with this information, then you shouldn't have any difficulties in arranging your self - employed mortgage.
If you have recently set up in business we will still be able to help. You would require a deposit of at least 10% if you have been trading less than one year.
To find out about the best deals available for the self employed then phone free on
0800 093 2621
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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