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
1. Shop around. Don't assume that just because you are self employed,no mortgage lender will consider you. A specialist might take your case if you have a large enough deposit.
2. Get help. Don't be afraid to enlist the services of qualified professionals such as mortgage brokers, accountants and solicitors.
3. Save a healthy deposit. Lenders view self-employed 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.
5. Do your sums. Remember to add mortgage fees into your budget when taking out a self-employed mortgage. Given that you may have to use a broker, account for their charges too.
More Top Tips...
First time buyers
Remortgages
Buy-to-let mortgages
Self employed mortgages
Bad credit mortgages
Equity release
Insurance
