Mortgages for the self employed
Tue March 22nd 2016
There are some great things about running your own business, but the lack of a regular, predictable salary can make some things a bit more complicated. Like getting a mortgage.
How to buy a house while you're running a business
There are some great things about running your own business - you're in charge of your own destiny, your own pay, and your own start time. But the lack of a regular, predictable salary can make some things a bit more complicated. Like getting a mortgage.
Banks can be wary of lending to people without a secure income, which is why self-employed people need to work a bit harder to show they're a safe bet.
Here are some simple ways to make sure you look reliable if you're looking for a mortgage.
Keep your books in order
Perfectly maintained accounts don't just show lenders you take your business seriously, they also establish a record of your income. If you're not a financial expert, use an accountant or bookkeeper to make sure it's all done properly.
Most self-employed people and business owners will need to show a record of two years' trading history - all the paperwork and accounts - when they're applying for a mortgage. Again, this helps show you have a regular income, even if it's not coming from an employer.
You have a business plan, right? If not, laying one out can help not only your mortgage prospects but your business in general. This helps you explain your plans and budget expectations to the bank - and might help you get them straight in your own mind too.
Good advice from the experts
Being a business owner doesn't make you a financial expert. So even if you've sorted your accounts and created a beautiful business plan, it's important to get advice from an expert if you're thinking of buying a house. The earlier you get in touch, the earlier you'll be able to sort out any issues which could hinder your house buying plans.
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