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Ways to get a Mortgage if you’re Self-Employed

Ways to get a Mortgage if you’re Self-Employed

By Lisa Nicholls CeMAP

Before the infamous market meltdown of 2007, the self-employed could make an application for a ‘Self-Certification’ mortgage. The self-employed did not have to prove their income; they just informed the mortgage provider on what they earned, which inevitably led to problems with these loans.

The self-certification home loan had been s ner or later dubbed given that ‘liar loan’ as people abused the device by exaggerating their earnings to get a larger home loan. Unsurprisingly, this resulted in a ban on self-certification mortgages in 2014.

Today, if you’re self-employed you’ll want to convince a loan provider which you have actually a dependable earnings that may protect the month-to-month repayments of home financing, aswell as meet a wide range of extra eligibility demands.