In Chelmsford and Essex
Do you require self-employed Mortgage advice? Within the past few years, obtaining mortgages has become increasingly difficult for the self-employed as well as first-time buyers and existing homeowners.
Before the 2007 credit crunch, those who were self-employed could apply for a â€œself-certificatedâ€ (self-cert, for short) mortgage. These kinds of loans made it so that borrowers didnâ€™t need to prove their income with a bank statement or pay slip, but instead could inform the mortgage lender what it was that they earned. The applications were typically fast-tracked through the borrowing process without any checks being made.
Self-cert mortgages were in actuality aimed toward freelancers, contractors, business owners, and people that had multiple sources of income, but they were commonly sold to others outside of this demographic, which lead to people abusing the system. Because of this, fast-track and self-cert mortgages ended up being banned, making the process of getting a mortgage more difficult for the self-employed.
Essex Mortgage Advice seeks to lessen that difficulty; we believe that everyone, self-employed or not, should be allowed a fair chance at receiving a mortgage. As long as you have proof of income, working closely with your accountant, you can rest easy that we will find a solution for you,
The majority of mortgage lenders require up to at least two years of income, but the more proof you have, the better. There are other options for the self-employed to receive a mortgage if you canâ€™t provide two years of income, so you donâ€™t need to worry.
It will especially work out in your favour if you have a record of regular work, such as being a contractor in the same field, or have evidence of work that you will begin at a future date.
We strive to make the process of obtaining a mortgage as stress-free for you as possible. You can count on us to help you through the process and advise you every step of the way. If you have any questions or wish to begin your application process, then you are welcome to contact us today, we will be happy to assist with any needs that you may have.
Are you looking for self-employed mortgage advice in Essex? We offer mortgage advisor services throughout Essex, London and the surrounding areas including:
- South Benfleet
- Castle Point