Going The Self Certified Mortgage Route
If you work for yourself then getting a mortgage can be much more difficult. The reason is that being self-employed means your income is not always regular and consistent. This means that banks and building societies are less likely to lend you a mortgage.
There is however a solution and that is to opt for one of the self cert or self-certification mortgages that some specialist mortgage brokers can provide you with. Being in the UK this market is tightly regulated so you need to make sure you go to a broker that is not only regulated but can provide a range of self cert mortgages.
If you have been self-employed for a short period you may find your options are more limited. Because you work for yourself the major lenders see you as a risk, they are worried you will not be able to keep up your repayments if your business slows or even folds.
A range of specialist mortgages are available if you are in this situation. These are usually provided by the smaller lenders or partners of larger organizations that understand your situation. They also understand that as well as being a risk, you as a self-employed person, can also be a success in your business and therefore should not be denied a mortgage.
Everyone will have their own unique set of circumstances which means there is no single correct solution for providing you with a mortgage. A Specialist mortgage broker will have the experience and access to a broad range of mortgages to find a mortgage for most individuals