Self Employed Mortgages
There are over 3.2 million currently self-employed people in the UK, accounting
for 11% of the total working population. (Source ~ national STATISTICS - 2002)
There are also many others who are either on short term contracts or who are on irregular incomes
and paid by way of contracted time schemes or with bonuses and commissions.
- Consultants
- Nurses
- Agency Staff
- Teaching Staff
- Sales Consultants
Therefore, a great majority of the Self Employed who are seeking a mortgage can
meet with many barriers and, as a result, feel a growing frustration at having
been turned down through outdated lending practices.
A number of lenders are now actively seeking to attract Self Employed
borrowers and will assess income in a more sympathetic manner, realising that
'one size does not fit all'.
Mortgages where income can be 'self certified' or ‘fast tracked’ may
benefit the Self Employed or contracted person and has considerably helped to
solve the problem of rejection when applying for a mortgage.
