Self Employed mortgages
If you are self-employed, you may have difficulty getting a mortgage from a mainstream high street lender. Mayfair Consulting will be your quickest route to finding the best mortgage for you, as they will have access to the whole market and know which lenders are best geared up to meet the needs of the self-employed borrower. The problem is that the accountants for self employed clients are structured in a way to show minimum profit and thus to lower the tax liability.
If you have more than one job or you just can't prove your income then you can self certify your income.
What is self-certification?
Self-cert mortgages are created to help borrowers with other sources of income, from say annual bonuses or commission or weekend jobs etc, making it difficult to provide enough proof of earnings to satisfy a mortgage lender, especially if they are paid in cash. Many clients for example plumbers and those involve din the building trade are paid in cash.
Lenders ask for two to three years' accounts when you may only have been in business for a year. But it is not just the self-employed who make use of self-cert mortgages. Employees with multiple income streams - perhaps a rental income or trust fund not traditionally considered when they apply for a standard mortgage - can also find self-cert useful.
What are they?
Self-cert mortgages essentially work like other mortgages, except that, importantly, you are not expected to document fully how much you earn.
Whether you need a self-cert mortgage doesn't depend on whether you are employed or self-employed, the basic question is can your proof your income. Speak to our consultants for information on self certification mortgage. Remember, you can also very easily get an adverse credit self certification mortgage as well even if you were previously bankrupt, had CCJs, defaults, late payments and arrears.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
