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How To Get a Mortgage If You're Self-Employed
If you are self-employed, work on a contract basis, or have an income that is irregular or comes from multiple sources, it will generally be harder for you to get a mortgage than it is for someone who is an employee and can easily prove their income. A self-employed person is someone who runs their own business and works for themselves without an employer. Directors of small limited companies, although technically employed on a PAYE basis, will generally be classed as self employed when it comes to applying for a mortgage or remortgage. With over three million self-employed individuals in the UK, the attitude of many mortgage lenders towards the self-employed population is a problem that can affect a large number of people, even though many self-employed people often earn more than a lot of salaried workers. The problem stems from the fact that the majority of mainstream mortgage lenders require proof of income when assessing a mortgage or remortgage application. Employed people can use their payslips and P60 as proof of salary, but there is no such straightforward equivalent if you are self-employed. In place of payslips, self-employed workers may be asked to provide audited accounts that show their income over the last three years. However, in many cases, these accounts will not give an accurate reflection of how much money a self-employed person is making. This is because if the accountant who prepared the accounts is doing his job properly, he will have offset as many allowable expenses as possible against tax. This has the effect of reducing the self-employed person's net profit, upon which the lender will base the size of mortgage or remortgage they are prepared to offer. The situation is even worse for the newly self-employed, as they may not yet have been trading long enough to have had three years' worth of accounts prepared. This is where mortgage lenders who specialise in self-certification mortgages and self-employed mortgages come into their own. These types of lenders appreciate the different and complex working patterns of the self-employed, contract workers, and people whose jobs are seasonal. They are prepared to look at each case individually and assess each mortgage application on its own merits, rather than just applying a series of one-size-fits-all income tests. In many cases, self-certification means that you do not need to supply any proof of income - you just declare what your income is without having to provide any supporting documentation. In addition, specialist self-employed and self-certification lenders are more likely to offer flexible mortgage products that allow overpayments and underpayments. This is ideal for people whose income can fluctuate throughout the year, as it means you can overpay when times are good and underpay if you're business is going through a quiet period. ----- Copyright 2004 David Miles. You are welcome to reproduce this article on your website, so long as it is published "as is" (unedited) and with the author's bio paragraph (resource box) and copyright information included. In addition, all links to external websites must be left in place. David Miles is the editor of a number of mortgage websites including UK Mortgages & Remortgages where you can find further advice on mortgages or request a personalised mortgage quote or illustration.
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How To Invest In A Cooling MarketIf you are looking to get into this investment market, experts suggest a careful and focused approach. Determine what type of investment is best suited for your situation. If you want a longterm investment, then certain rental markets might bring solid rental income and the potential for price appreciation as the market recovers. The key is to “buy it right” and negotiate the best price going in. By doing research into the market, you can determine that certain houses have been on the market for a long time. This typically makes them easier to buy at below market rates. This type of approach leaves you some wiggle room if you discover unexpected construction surprises or if the market shifts again. How To Sell In A Buyers MarketIf you are planning to sell in this market, the key is to be realistic. While the days of hefty profits may be behind us, there still is money to be made if homes are priced realistically. “People have an inflated sense of what something is worth and you need to let the market set the price,” Houses that are in good condition, with fresh paint and décor and working mechanicals, have always fetched top dollar. That “move in condition” is particularly important in today’s market, when inventory is high. Realtor's recommends that sellers take a close look at other houses on the market and find creative ways to distinguish themselves from the competition. This may involve hiring an interior decorator to give the home more pizzazz or throwing in some extra amenities. In the end, investors who watch the market carefully and work with conservative profit estimates can stay ahead. And, the units that are priced competitively will sell. “Real estate is always a good investment” . RobSells4You.com Site MapMortgage Basics for First Time Home Buyers How To Get a Mortgage If You're Self-Employed Home Mortgage Interest Rates- How to Compare Bad Credit? Qualify Yourself For A Zero Down Mortgage Loan - Mortgage-Refinance The Power of a Home Equity Loan to Pay Down Debt - Mortgage-Refinance Bad Credit? Qualify Yourself For A Zero Down Mortgage Loan - Mortgage-Refinance Top 10 Things to Consider on Home Loans - Mortgage-Refinance Online Mortgages in 5 Easy Steps! Mortgage- For Those Twilight Years - Mortgage-Refinance Biweekly Equity Acceleration Options For Rising Interest Rates Debt Elimination in 5 to 7 years Use of Your Home Equity Line of Credit Home Equity Loan or Home Equity Line of Credit? Gearing Up for Bad Credit Mortgages 101 Your Home Equity Loan Checklist Home Loans 30-year, Fixed-rate Mortgage Thieves Use Identity Theft to Steal Your Equity Reasonable Capital Growth with Financial Obligation What is a Buy To Let Mortgage? What is a Self-Certification Mortgage? Refinancing Your Home Mortgage Loan With Bad Credit Things to Watch Out for When Choosing a Mortgage Company Refinance Your Second Mortgage - Save Money Preventing Foreclosure Proceedings and Understanding Your Options Obtaining a Home Equity Loan Online Comparing The True Cost Of Obtaining A Home Loan
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