Self-Employed Mortgage Advice – A common misconception on todays mortgage market is that it is now very difficult for a self-employed person to get a mortgage in Northern Ireland. However this is simply not true if you have the right paper work and can prove your income the process is pretty much the same for the self-employed as it is for the employed.
In the past self-certification mortgages tended to be the go to product for the self-employed however these products have now been outlawed as they were being abused by both lenders and borrowers alike. These products enabled a borrower to apply for a mortgage without having to prove their income. They were originally aimed at a small minority of self-employed people but ended up being deliberately mis-sold and were subsequently banned.
The reality is that there is no such thing as a self-employed mortgage product. Self-Employed people have access to all the same deals that are available to the employed providing you can prove that you have adequate income to keep up with the repayments.
It’s important to remember that all lenders have different criteria when dealing with the self-employed or any other borrower for that matter. Some will request 3 years accounts some will be happy with 2 years and you may even be accepted with 1 years accounts depending on your circumstances.
Lending criteria changes all the time and for this reason it would be foolish for us to list lenders by their criteria here as this information could be outdated next week.
If you have already been turned down by one lender don’t despair it doesn’t mean that they will all say no. The best thing to do is contact a mortgage broker who can give self-employed mortgage advice and who can assess your situation. Our brokers know each lenders individual criteria and will instantly know who is most likely to accept your application and we never charge a fee for our services.