I'm Self Employed, Can I Get a Mortgage? [mortgageprotectiontips.blogspot.com]
This lady, Peggy Joseph, thinks Barack Obama will pay for her gas, mortgage, and who knows what else.
mortgageprotectiontips.blogspot.com Obama Is Going To Pay For My Gas And Mortgage!!!
You may not believe it, but even during these credit crunch days, finding a mortgage if you happen to be self employed is not as difficult as it used to be. Previously a lender would want to see regular income backed up by by employment. Nowadays, whilst there are lenders offering in mortgages for the self employed, it's probably the case that most lenders will nowadays deal with self employed people. In order to find this out, I'd recommend that you find an independent mortgage adviser.
As I have already alluded to, lenders are cautious creatures especially at the moment and don't always appreciate the ins and outs of different types of business. But gradually this is changing, so do your homework and shop around, or get your mortgage adviser to shop around. It used to be the case that if you're self employed and you required a mortgage, the lender would need proof of your income, you would need to show three years audited accounts or if you haven't been in business for long enough the lender would accept a correspondence from your accountant.
If you are unable to show these three years of accounts, you may've had to pay a larger deposit, or go down the self certification route.
Self certification mortgages provide a solution for people who cannot guarantee or otherwise suitably demonstrate their full income. Oftentimes associated with the self employed, self certification mortgages are actually available to people from all walks of life, whatever their employment status.A self-certification mortgage is just like a 'normal' mortgage except that the proof of income that is required is less onerous. What's required instead is a signed declaration of your income and of your ability to afford the mortgage.
In going down this route however, please remember that YOUR HOME MAY BE REPOSSESSED IF YOU CANNOT KEEP UP REPAYMENTS ON ANY LOANS SECURED AGAINST IT. Standard stuff it may be, but you don't want to go into this with your eyes closed. Defaulting on a mortgage payment is not to be recommended. Recommend I'm Self Employed, Can I Get a Mortgage? Topics
