How To Get a Mortgage (When You’re Self-Employed)
Most people don’t realise how much the financial world has changed until they start looking for a mortgage.
And for those who are considered self-employed (as a freelancer, consultant or even small company director), the changes to the mortgage landscape since the 2008/09 recession and the 2014 Mortgage Market Review (MMR) that followed are considerable.
Gone are the days when chasing the lowest interest rates was the name of the game. And so too are the number of lenders in the UK who are set up to provide mortgages to those categorised as self-employed (non-PAYE).
In fact, there are only about six banks now that specialise in the self-employed mortgage market and who you can approach directly (i.e. without a broker).
Unfortunately, the majority of people looking for a mortgage are still behaving as if it were the mid-2000s all over again, when credit was easy and lending criteria was, in a word, lax. It’s a disappointment waiting to happen.
Eventually self-employed mortgage seekers come to realise that the new normal requires a new approach, and that’s what we’ve done here at HNW; created a process that you can use to approach those UK banks who lend to self-employed people, and understand what specific criteria each is looking for.
Our short free guide entitled, How To Get A Mortgage (Even When You’re Self-Employed) provides you an easy to follow formula and step-by-step process to help you get the mortgage you’re looking for.
All you need to do is register here and we’ll send you the online guide immediately. And we’ll also keep in touch with regular updates, tips and guidance to help you along the way.
So register now. Your self-employed mortgage awaits.
Ed Emerson, Director, HNW
THE TOP 6 UK BANKS OFFERING MORTGAGES FOR THE SELF-EMPLOYED
The under-the-radar lender for mortgage applicants in the self-employed space and/or who run their own business.
The first of the contractor-friendly lenders for self-employed professionals who rolled out mortgages to non-IT contractors a few years ago.
Like the Halifax, Clydesdale joined the self-employed mortgages market a few years ago.
This might be the best stop for many self-employed professionals looking for a mortgage, particularly if the above options thus far seem less than accommodating.
If you’re a contractor operating through an umbrella company this may be the mortgage lender for you.
Saffron Building Society
While some lenders in this space prefer IT contractors, Saffron takes a more inclusive approach and welcomes contractors from all niches and pay grades.
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