Traditionally it’s been more difficult for the self employed to get mortgages.

Mortgage lenders preferred to see the regular income guaranteed by employment. However this has changed in recent years.

While there are mortgage lenders who specialise in the self employed, most lenders will now be much more likely to deal with the self employed.

However bear in mind that many mainstream Mortgage lenders don’t always appreciate the ins and outs of different types of business – they basically don’t have the time or inclination to understand them. But some will so shop around.

 

Things That Will Help You

If you’ve been involved in a particular industry for years this will be an advantage.

Lenders are interested in seeing how employable you are. To give an extreme example; a plumber is probably in a better position than a successful film director because s/he can show regular, weekly work. However, the film director’s few months of work here and there may look patchier.

If you’re new to your area of business this may prove a problem till you can demonstrate regular income.

If you’re on a “short term contract” it will help if you can show you have a regular contract with the same “employer” ie which has been renewed. The longer it’s lasted the better. Others may want to see a pattern of renewals over a one or even a two-year period.

 

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