If you are self employed, it is worth taking the following tips into consideration when looking for a mortgage.
1. Shop around
2. Get help
3. Save a healthy deposit
4. Be flexible
5. Do your sums
Top tips for the self employed
Three steps to impartial mortgage advice
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1. Shop around. Don't assume that just because you are self employed, you have to take out a self-cert mortgage. If you have audited accounts for more than three years, you may be better off opting for a conventional mainstream mortgage which is likely to carry a lower rate of interest.
2. Get help. Don't be afraid to enlist the services of qualified professionals such as mortgage brokers, accountants and solicitors. Self-cert mortgages can be quite complex, so you need to know what you are doing.
3. Save a healthy deposit. Lenders view self-cert mortgages as more of a risk than mainstream mortgages, so bear in mind you may need to collect a larger deposit.
4. Be flexible. If you receive bonuses and want to use them to help pay off your mortgage, ensure that overpayments are allowed. You may also want payment holidays if you work on a contract basis.
5. Do your sums. Remember to add mortgage fees into your budget when taking out a self-cert mortgage. Given that you may have to use a broker, account for their charges too.
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