Mortgages and the self-employed

Since the credit crisis, it has become much harder for people who are self-employed to get mortgages, after the self-certified mortgage market dried up.

As a result, post 2007 fast-track and self-cert mortgages were banned, making it now much more difficult – but not impossible – to get a mortgage if you’re self-employed.

A key change for self-employed workers is the need to prove your income to the mortgage lender. Most will want to see at least two years’ accounts or tax returns.

You’ll need to have;

• Two years of accounts
• An accountant
• A track record of regular work
• A decent size deposit
• A good credit history

Be prepared with;

• Up-to-date records and accounts
• Use a certified or chartered accountant to prepare your accounts and tax return
• Discuss with a mortgage broker your options, there are specialists
• Talk to your current lender if you’re self-employed and want to remortgage or move house

….And finally, don’t assume it’s impossible to get a mortgage if you’re self-employed – it’s not…