Self Employed Mortgage Solutions

Self Employed Mortgage- There are dozens of mortgage lenders offering thousands of products. Even so, if you are one of the UK's 3.3 million self employed, you may still have a problem finding suitable finance on the high street. Mainstream banks and building societies will not necessarily offer the self employed borrower the best deal - if they offer anything at all. They prefer to cater for the needs of the majority who just happen to be in standard full time employment rather than self employed.

Workers either self employed or currently working on a short term contract account for a sixzeable chunk of the UK workforce. Whilst they are financially sound it is often difficult for these borrowers to prove a level of income to satisfy a mortgage lender. A handful of mortgage lenders have recognised this and look to welcome customers in these situations. These are the specialist lenders who understand the needs of the non status borrower and continually look to improve the terms and features of their mortgage products to meet the needs of the market.

For example, whilst a mainstream lender will ask for up to three years audited accounts from a Chartered or Certified Accountant before considering a mortgage for the self employed, the specialist lender will be far more accommodating. Specialist lenders look to provide innovative solutions to individuals, appreciating that different working patterns require a more flexible approach.

It is with this in mind that some lenders offer flexible mortgages to take into account fluctuations in income from self employment allowing the borrower to 'Self Declare' their earnings without the need for audited accounts. However it is not only the self employed who can benefit from this type of mortgage. Employed customers who do not wish to prove their earnings by means of payslips or a P60 can take advantage of a non-status deal as well.