Self-certification mortgages
The self-employed may find it hard to get a mortgage from lenders. However, if you have clear records and a good credit score, you may want to consider a self-certification mortgage. Usually this requires a much larger deposit - around 20 to 40%. Often you will employ an independent broker to find a suitable mortgage, as the process can be complex.
Pros:
- May be suitable for people with several jobs, as well as the self-employed
Cons:
- Interest rates will often be higher than for other mortgages
- Terms and criteria can be very strict
- Beware brokers who charge a fee on top of their commission
Disclaimer: This material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make any decisions. Always obtain independent, professional advice.
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