Your home may be repossessed if you do not keep up repayments on your mortgage.
With 15% of workforce in the UK being self employed , this is no longer a number lender can ignore, still getting a mortgage when you are self-employed may be a bit tricky, but is definitely achievable.
- Two years’ accounts
- A record of regular work
- A deposit
- A respectable credit history
Here are a few tips on how to improve your chances of getting a mortgage:
- Use an accountant
You income may vary month to month, but you have to prove you can afford to repay the mortgage and most lenders will accept you can, when evidence, i.e. yearly accounts, if they come from a certified or chartered accountant
- Monitor expenses
Monitor your spending and do not allow yourself to fall behind on any of your monthly bills
- Save up
The bigger deposit you can afford, the better rates you should be able to get
- Review your credit rating
…and improve, if you can, as this will have considerable impact on your mortgage eligibility
- Plan ahead
Talk to your accountant or a business coach at least a year ahead; they should be able to advise you on the best business strategy to improve your chances of getting a mortgage.
Find out what type of mortgage you are eligible for – call us on 01708 504455 or email Gary Taylor on firstname.lastname@example.org today.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE