Self-Employed and Looking for a Mortgage? Welcome to the 1980s

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Self-Employed and Looking for a Mortgage? Welcome to the 1980s

Article by Edward D Parry

For self-employed people wanting to buy their own homes, the last 5-10 years have been a great period. Mortgage lenders seemed finally to have come round to the idea that being self-employed does not automatically make people unreliable or dishonest borrowers. For the first time ever, self-employed people had a decent choice of competitive, flexible mortgages. Unfortunately, just like the average British summer, this season of reasonable lending has passed all too quickly. Many mortgage lenders specialising in the self-employed market are now going into near-hibernation – withdrawing many of their mortgages and avoiding new customers like the plague. According to the financial information service Moneyfacts, there were 1,704 self-certified mortgages available in July 2007. By the 4th June, 2008, there were just 186 self-certified mortgages on the market. Self-certified mortgages have long been popular with self-employed workers who find it difficult to prove their income. Is The Credit Crunch To Blame? The credit crunch has taken a vicious toll on the self-employed market. Banks and building societies have suddenly realised that perhaps they should have been a little more careful before lending quite so much money to so many people. Ironically, it’s not the genuine, hard-working self-employed people who have caused these problems. It’s the people who lied about their income and didn’t research the market before they bought – and now have properties they can’t sell and can’t afford to pay for. Here is just one example. Troubled Bradford & Bingley experienced a 37% rise in arrears of more than three months on self-certified mortgages between Jan 2008 and June 2008. That’s a big increase and suggests that some of these people were pushing beyond what they could afford, only to be hit hard by interest rate rises. Hopefully the credit crisis will start to moderate soon and mortgages will become more readily available for good quality borrowers – whether they are self-employed or not. However, that’s still in the future at the moment and for now, being self-employed means you will have to hunt a lot harder for the best mortgage deals than you did a year ago. What Is Available? Despite the withdrawal of many mortgages from the market, there are still mortgages available for self-employed people. These fall into two main categories: · Self-certified or ‘non status’ mortgages – no proof of income required · Status mortgages for self-employed people – 3 years’ certified accounts required to prove income Whichever type of mortgage you are looking for, you may find it difficult to find them on your own as not all of the companies offering self-employed and self-certified mortgages deal direct with the public. Some companies only deal through brokers and don’t have high street branches (although some do). The mortgage marketplace is a difficult place to negotiate at the moment, but self-employed people shouldn’t give up hope. If you can afford the payments and have a reasonably good credit record, you should still be able to get a mortgage without too much difficulty.

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Self Employed question by Brandi: How much would a self employed mechanic get paid within a year?
Hiya, i’m just wondering what a self employed mechanic gets paid with a year for a school asignment, so please answer as soon as possible

Self Employed best answer:

Answer by Age of Reason
Cannot be answered. Since a self employed person earns according to how many jobs they book.
A great mechanic that works hard and hustles can make 100k. A lazy one can earn as little as 10k