Introduction

For too long the self employed, contract workers and employees who are paid by way of bonus or commissions have been discriminated against by mortgage lenders.

We aim to break down the old barriers that have traditionally faced those who find it difficult to prove their income. To find out how much your mortgage or remortgage could cost get a quick quote online now.

We have the expertise and excellent relationships with lenders to ensure that we secure the funds you need, at competitive interest rates , in an efficient and hassle free process that we handle for you from start to finish.

Fluctuating income can cause problems...

If you are self - employed , a company director or unable to prove your income, it can be difficult finding a suitable mortgage. There are a number of reasons why it is often more difficult for those in such situations, the main ones are that the income of the person tends to fluctuate, and they are unable to prove their income like those regularly employed who can produce payslips.

Obviously, before lending the money, the mortgage lender will want to be as sure as they can be that the person they are lending it will be able to repay it as required of them, and to achieve this they need to know the income of the person. Not being able to prove your income, or having an income that is not guaranteed to be a certain amount each month is what causes the problems when looking for a self - employed mortgage.

Most lenders will require that those applying for a self - employed mortgage provide between one to three year's worth of audited accounts to prove that they have sufficient income to cover the mortgage repayments. These accounts need to be certified by a chartered or certified accountant in order to be accepted by the lender as proof of the potential borrower's finances. If you are in a position where you are able to provide the mortgage lender with this information, then you shouldn't have any difficulties in arranging your self - employed mortgage.

If you are unable to produce audited accounts for the required period of time, then there is another option open to you - the self -cert mortgage. This type of mortgage allows the borrower to declare their earnings and certify them themselves, the lender takes this as proof of the person's earnings and bases their judgement of whether to approve the mortgage upon this. With self -cert mortgages, the lender will require a larger deposit be made, often around the ten-percent mark, and the interest rates are likely to be slightly higher when compared to self - employed or standard mortgages .

As with any form of mortgage or loan, it is important that you are realistic in the repayments that you will be faced with, while having a shorter repayment period will save you money in interest rates this will mean a larger monthly cost, whereas a longer repayment period will see the monthly cost lessened. Striking the balance between paying off your mortgage quickly and keeping the repayments at an amount that you can financially cope with is important, and is something that our mortgage experts will help you with.

Being self - employed, and not having a regular or provable income needn't prevent you from getting the mortgage that you need, there are specialist lenders in the market who offer mortgages for these circumstances, and we at Loans UK can find you the very best available.

Our service is free, independent and impartial, meaning we are not tied to any one lender and can search the whole UK mortgage marketplace to get you a great deal. Our specialists are experts in their field and have access to many unique products.

Traditionally it's been more difficult for the self employed to get mortgages.

Mortgage lenders preferred to see the regular income guaranteed by employment. However this has changed in recent years.

While there are mortgage lenders who specialise in the self employed, most lenders will now be much more likely to deal with the self employed

If you've been involved in a particular industry for years this will be an advantage.

Lenders are interested in seeing how employable you are. To give an extreme example; a plumber is probably in a better position than a successful film director because s/he can show regular, weekly work. However, the film director's few months of work here and there may look patchier.

Mortgage lenders don't always appreciate the ins and outs of different types of business. But some will so shop around .

If you're new to your area of business this may prove a problem till you can demonstrate regular income.

If you're on a "short term contract" it will help if you can show you have a regular contract with the same "employer" ie which has been renewed. The longer it's lasted the better. Others may want to see a pattern of renewals over a one or even a two-year period..

For more information contact one of The UK Insolvency Helpline's trained mortgage specialists on: 0800 074 6918 or email: mortages@insolvencyhelpline.co.uk