In todays varying economy, more and more people are choosing to start their own business. In addition to this the government has taken note that our service based economy has led to a dramatic drop in qualified tradespeople from all different industries. With this the government has take the decision to help encourage more people to start their own businesses in all different trades.
This means that more and more people are now being classified as self employed, most of which need homes to live in. Mortgage lenders tend to brand those who are self employed more risky, especially if they cannot prove their income. However to stay with todays moving economy mortgage lenders are now adjusting to the increase in more self employed people. This means that looking for a mortgage when you cant prove your income is no longer such a hard task.
There are really two types of mortgage for those who are classed as self employed. If you have 3 years of company accounts, then you can apply for the whole cart load of ordinary mortgage products. In certain circumstances only a years accounts may be required.
If you cant prove your income and are looking for a mortgage, but can provide some receipts and invoices, then a specialist self-employed mortgage is the answer. This is a new type of deal where the lender recognises that you have no proof of income, cant prove your income, but won't label you as a bad credit case. You won't get the best deals, but you won't get loan-shark rates either which tend to be through the roof.
Mortgage lenders are still adjusting to those who want a mortgage, cant prove income. More choice and better rates will become available over time, especially with employers demand for employees falling, more and more people will join the self cert group with the setup of their new business.
Another reason for this change is recent legislation which makes it economical for self employed persons to start their own (ltd) limited companies, so many self employed people are now company directors. If you relate with the situation, don't head for a lender who is geared towards charging you a high interest rate because of your self employment circumstances. There's a raft of products available to you, including the usual fixed, discounted and flexible products, at rates not much higher than are available to ordinary employed people.
Self cert non status mortgages are designed for people who cant prove their income in the usual way .
Mortgage cant prove income.
We can help you with a mortgage if you cant prove your income, even if you have missed payments, defaults, ccjs, or if you feel you have no entitlement because of a bad credit history. Call us today on 0845 2 605 506 for expert advice.
We can help even if you
- are a discharged bankrupt
- have payment defaults
- are in an IVA (Individual Voluntary Arrangement)
- have CCJs (County Court Judgements)
- have a poor credit rating / bad credit history
- have missed payments or mortgage arrears
- You've been turned down by other lenders in the past, even if it was because you cant prove your income
Apply for a mortgage - If you cant prove your income then we can still help you apply for a mortgage.
