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Are you self-employed and having some difficulties getting approved for a home loan? From a lender’s point of view, a self-employed person presents a higher risk than someone else, but don’t let this stop you. The key to securing a home loan is to be well prepared, and here are our tips on how to improve your chances of securing a mortgage.
Get your accounts in order
Timing and planning in advance are vital if you are considering applying for a mortgage as a self-employed entrepreneur. Discuss your plans to buy a property with your accountant at least a year in advance so that you can get your accounts well in order.
You will need to prove earnings for at least two years to qualify for a mortgage, and lenders will want to see a consistent income during this period. Keep in mind lenders will only consider taxable income. Usually, a mortgage provider will look for the following documentation for a self-employed mortgage:
Two years of accountsTwo years of tax calculations and returnsA credit history/reportRecord of consistent work (including reasons for any drops in income or changes)
Whether using an accountant or preparing your own accounts, get all your documentation in order. Use an accounting software platform such as Wave and keep all electronic paperwork and accounts carefully organized so that you are ready to provide whatever information your mortgage broker will need without delays or complications.
Use a good broker
Everyone has a degree of concern when it comes to applying for a home loan, whether they can secure a mortgage or make repayments. If you are self-employed, this will undoubtedly come with even greater apprehension. For this reason, getting expert help is crucial, and getting the help of a good mortgage broker means you can get advice on how to improve your chances of getting approval.
A mortgage broker will help you through every step of the process, from help… Read More
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