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Self-employed

One of the misconceptions about the mortgage market is that it is now very difficult for self-employed people to get a self-employed mortgage loan in order to buy a home.

In theory, self-employed borrowers have access to exactly the same range of mortgage products as everyone else. The key is that you will have to be able to prove you have the income necessary to make the repayments on the loan for which you are applying.

Typically, that will require you to have at least two years’ worth of company accounts, SA302s or tax returns – to show to lenders (though a few may request three years’ worth). If you are self-employed as a Contractor you may also have to provide evidence of work you have already lined up for the future, in order to show that your current levels of income can be maintained.

However, even if you don’t have two years’ worth of records, you may still be able to get a mortgage.  Self-employed workers who have a regular track record of contract work may be able to use this to their advantage. Also, if you already have a home loan, but wish to re-mortgage – to move home or simply to get a better deal – your existing lender may be more sympathetic, especially if you have a good history of making repayments on time.

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THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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