You are here: Home - Mortgages - Buy To Let - News -

Self-employed mortgage basics

0
Written by:
06/06/2012
Getting a mortgage if your self-employed can be hard work, we point out some of the issues.

Self employed mortgages

The employment landscape in Britain has altered dramatically in the last 20 years and the current culture would be almost unrecognisable to previous generations. People change companies and careers on a regular basis now, making the concept of a job for life practically redundant.

The number of people working for themselves has also risen and figures from the Office of National Statistics show that at the end of 2010, 10.8 million people in the UK either worked part time or were self-employed.

But while changing attitudes to employment afford the individual more flexibility and choice, there are some potential difficulties for self-employed people and proving your income can be one such problem.

Very few mortgage lenders will offer credit to self-employed people as a result.

Helping hands

If you are self employed and looking for a homeloan, it may be wise to seek some assistance. A mortgage broker may be able to help you arrange finance via a specialist mortgage lender. If you work for yourself, you may need to enlist the services of an accountant to not only ensure that all your finances are in order, but to verify your claims when you apply for a mortgage. And be aware that you will need a large deposit.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Buy-to-let basics

Buy to let is just one form of investment vying for your attention as you try to make your money...

Close