Self Employed Mortgages

Features and Benefits of Self employed Mortgages

• Access to the whole market.
• Up to 75% without proof of income.
• Personal service with tailored solutions.
• Interest only payments allowed.
• No up front fees for advice and illustrations.
• Very high success rate.  

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If you are self employed and interested in a Home mortgage up to 75% or Buy to Let mortgage up to 75% ACL is your best chance of getting the right deal for you.

In order to qualify for a mortgage with any lender applicants are expected to demonstrate affordability.   This can often prove difficult for a variety of reasons. For a Home Loan affordability is always assessed by relating personal income as a multiple of the amount to be borrowed even though in some instances the facility may actually allow the borrower to take further credit and make minimal or no payments of capital or interest provided that they stay within the credit limit. 

With Buy to Let mortgages the Lender relies on the rental to service the repayments but normally expects the borrower to declare a minimal outside income and not be totally reliant on the rentals unless property investment is a full time business.

Very often applicants who are self employed (this includes PAYE directors of companies they own or control) find it impossible to prove their income. For example where income from many varied sources is difficult to prove, or the borrower's intention is to use the funds they raise to invest and produce additional income. Another reason is that some businesses have an erratic performance and it would be unfair to judge affordability against short term records.   

Fortunately, some lenders will allow self employed persons to certify that their level of income meets the lenders affordability criteria without having to show proof. In some cases the borrower's accountant will be asked to confirm affordability without stating a specific income level.
 
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgage Protection Insurance provides cheap cover against unforeseen eventualities that could affect your ability to maintain repayments on your mortgage such as death, illness, accident or unemployment.