Self-employed struggle no more
The lack of payslips from those not working under standard PAYE arrangements has long been the curse of the self-employed when it comes to sorting out a competitive mortgage deal, something which is hopefully coming to a timely end.
Paul Hearnden, managing director of My Mortgage Director comments: “With the likes of high street names such as Alliance & Leicester entering into the self-cert mortgage market, borrowers whose income fluctuates, or can’t be easily confirmed on paper, can now get a fair deal instead of being fleeced for not fitting the standard PAYE mould.
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“Lenders have realised that there are a great many trustworthy people who are keen as mustard to get on the property ladder, but who have until now been treated as the pariahs of the mortgage market.”
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Self-cert mortgages are designed for borrowers who can’t verify their income because it may come from a number of sources, or they may not have been trading for long enough to have required number of year’s accounts. The fact this it is offered on the basis of actual income and doesn’t need documentary evidence in perfect for the self-employed struggling to sort out their home loan.
“With house prices continuing to climb, this relaxing of the rules is a very welcome development and will allow people from all walks of life to own their own home,” concludes Hearnden.
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Date: 24th, April, 2007
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I am self-employed. I have over 20% deposit for the house I want to buy. I am a second time buyer.