If you are one of a sizeable number of workers who are either self employed or currently working on a short-term contract. Whilst financially sound, it is often difficult to prove earnings to the satisfaction of a lender. Specialist lenders understand the needs of the self employed borrower and continually look to improve the terms and features of their mortgage products to meet the needs of the market.

Proof of income
Many High Street lenders do not understand the needs of the 3.2 million self-employed, or the 1.7 million contract workers.
If you are in business but unable to provide three years audited accounts, it may be more difficult for you to get a mortgage or remortgage as lenders often need proof of income over a period of time.

What if your accounts don't reflect all your income?

If you've been involved in a particular industry for years this will be an advantage.
Lenders are interested in seeing how employable you are. Lenders don't always appreciate the ins and outs of different types of business. But mortgage locator lenders will shop around for you.

If you're new to your area of business this may prove a problem till you can demonstrate regular income.

If you're on a "short term contract" it will help if you can show you have a regular contract with the same "employer" i.e. which has been renewed. The longer it's lasted the better. Others may want to see a pattern of renewals over a one or even a two-year period.

Which type of mortgage?

You are not restricted to the type of mortgage you can get as a self employed person.

Once you've been accepted as a potential borrower by a mortgage lender you could go for more or less any of the many different types of mortgages.

However you may be particularly interested in a flexible mortgage which allows you to stop and start payments without penalty.

For more advice on mortgages for the self employed -Call our specialists on 08704 28 28 29*