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Historically, securing a mortgage when you are self-employed has been notoriously difficult. Thankfully, things have changed. Now lenders can typically consider you even with only 1 years’ worth of accounts. For Sole Traders lenders can evaluate net profit and for limited companies there are a few options available, not just profit or dividends. With more options available to the self-employed, it means that you can shop around and get the best deal that suits you, rather than just having to settle for whatever you can get.
Here are our top tips when looking to secure your mortgage:
- Look to speak with a mortgage broker who will be able to undertake a factfind and then explore the market lenders to identify the best options for you.
- Ensure your credit file is accurate and there are no negativities that could affect your application. Also ensure you are on the electoral roll; this helps with your credit score.
- Keep all of your accounts up to date and always make sure you pay bills on time. Where possible put payments on a direct debit plan.
- Feel free to use a credit card to increase your credit score but wherever possible avoid taking it to its maximum limit. Also never just settle on making minimum payments, make sure the debt is paid as quickly as possible.
- Try to keep some cash reserve which will act as a great deposit.
- Preparation is key, make sure you keep all your paperwork up to date and have everything to hand so it is available whenever it might be needed.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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