If you are self employed, there are chances that you are struggling to get a mortgage. Most banks and mortgage providers will ask that you have three years on your accounts and even then, it can be difficult to prove that you currently earn enough to afford the mortgage. With a little hard work, you could find getting a mortgage is made possible.
The main trick to getting any type of self employed loan, including a mortgage, is to shop around for the best deals. This does not mean the lowest interest rates but the best deals for you to be able to be approved. This can take some time and effort but it will all pay off in the end. Get a loan officer to help you You may need some mortgage or loan help from a loan officer. While you may think this is taking a step back, this is actually a step forward and will help you secure that home loan. You should start with your current bank provider first and then branch out to other places to find people who are able to work well for you and with you.
Keep your records organised
The trick to getting the mortgage is to show that you have enough money and a secure income. This can be done by showing your accounts as far back as possible. You will need to include your tax returns and your bank account statements, both personal and business. Each lender will have their own requirements, so make sure that you find out what they will want and make photocopies of everything. Verify your income This can be difficult for some people but it is now a necessity. Lenders need to know that they will get their money back and the only way they can do that is by ensuring that you can pay them back. While you are providing your tax return information, you will need to supplement your current monthly expenditure. Prove you can afford the mortgage Sometimes, the best way of proving that you can afford the monthly repayments on a mortgage is by showing that you can currently afford to pay it. This can be in the form of the currently monthly rent payments or through any money that you are spending on a current mortgage.