The self employed are often penalised for their status, either charged higher rates or rejected entirely as lenders regard them as higher risk than their full time, employed counterparts.
Fortunately, there are still a few specialist mortgage lenders that realise there is a growing number of self-employed people, many of whom make ideal borrowers, who have different needs to those who can rely on a regular income.
The main advantage of using a broker is that you could potentially save yourself time and money. A specialist self employed mortgage advisor will know exactly those lenders that will accept you as a self-employed borrower and those that won't.In addition, a broker is likely to have access to exclusive products not available on the high street as many of the specialist lenders only do business through intermediaries.
All the shopping around will be done for you to ensure you get the best deal possible. The market will be scrutinised thoroughly, from high street lenders to smaller specialist lenders.
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Following the withdrawal of self certification mortgages from the market, the choice for the self employed borrower has diminished somewhat. The principle of a self certification (or self cert) mortgage was if you worked for yourself, you couldn't rely on a regular salary, payslips or a P60 to prove your income - so you didn't. You declared what you earned and the lender would lend you a sum accordingly, without you having to provide proof of income such as audited accounts.
However, the credit crunch brought an abrupt end to these rather controversial products and they have now been axed altogether. In some quarters they were dubbed "liar loans" as there was widespread evidence to suggest they were being abused by borrowers who were overstating their income in order to secure finance.
During the boom years of the housing markets, it became much easier for everyone including the self employed and contract workers to get mortgage finance. Today in 2014, the financial meltdown and subsequent recession of the past few years has made it much tougher for self employed borrowers. Nevertheless deals are out there, and getting the right advice can be crucial. Whether you only have one year of accounts, or two or more, there are products and lenders available.
Let an expert broker analyse your situation, advise you on your options and suggest the self employed lenders who may be willing to help you.