Self Employed Mortgages

A mortgage is a huge commitment for both the lender and borrower, and because of this, a lot of care and attention is given by both parties to ensure that a mortgage will be available at a rate which the borrower can pay for decades.

Often this relies on evidence of constant and consistent work, which can be a problem for the 4.3m people who are self-employed, who at times can have as much issue finding a lender as someone looking for a low credit mortgage.

Self-employed people can be put off applying for a mortgage, believing the commonly repeated advice that it is more difficult than if you were an employee. However, often self-employed people are eligible for a mortgage, and can achieve their dream of home ownership, with the correct financial advice. Here are some points to bear in mind.

A contractor is somebody who provides services/goods to a specific client, under specific terms. As a contractor, you can either be classed as:
self-employed – if you work as a sole trader/have your own ltd company or an employee/worker – if you work through an agency or a large ‘Umbrella Company’, who pays your wages/taxes.