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How To Get a Mortgage If You're Self-Employed

If you are self-employed, work on a contract basis, or have an income that is irregular or comes from multiple sources, it will generally be harder for you to get a mortgage than it is for someone who is an employee and can easily prove their income.

A self-employed person is someone who runs their own business and works for themselves without an employer. Directors of small limited companies, although technically employed on a PAYEE basis, will generally be classed as self employed when it comes to applying for a mortgage or re-mortgage.

With over three million self-employed individuals in the UK, the attitude of many mortgage lenders towards the self-employed population is a problem that can affect a large number of people, even though many self-employed people often earn more than a lot of salaried workers.

The problem stems from the fact that the majority of mainstream mortgage lenders require proof of income when assessing a mortgage or re-mortgage application. Employed people can use their pay slips and P60 as proof of salary, but there is no such straightforward equivalent if you are self-employed.

In place of pay slips, self-employed workers may be asked to provide audited accounts that show their income over the last three years. However, in many cases, these accounts will not give an accurate reflection of how much money a self-employed person is making. This is because if the accountant who prepared the accounts is doing his job properly, he will have offset as many allowable expenses as possible against tax. This has the effect of reducing the self-employed person's net profit, upon which the lender will base the size of mortgage or re-mortgage they are prepared to offer.

The situation is even worse for the newly self-employed, as they may not yet have been trading long enough to have had three years' worth of accounts prepared.

This is where mortgage lenders who specialize in self-certification mortgages and self-employed mortgages come into their own. These types of lenders appreciate the different and complex working patterns of the self-employed, contract workers, and people whose jobs are seasonal. They are prepared to look at each case individually and assess each mortgage application on its own merits, rather than just applying a series of one-size-fits-all income tests. In many cases, self-certification means that you do not need to supply any proof of income - you just declare what your income is without having to provide any supporting documentation.

In addition, specialist self-employed and self-certification lenders are more likely to offer flexible mortgage products that allow overpayments and underpayments. This is ideal for people whose income can fluctuate throughout the year, as it means you can overpay when times are good and underpay if you're business is going through a quiet period.

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Copyright 2004 David Miles. You are welcome to reproduce this article on your website, so long as it is published "as is" (unedited) and with the author's bio paragraph (resource box) and copyright information included. In addition, all links to external websites must be left in place.

David Miles is the editor of a number of mortgage websites including UK Mortgages & Remortgages where you can find further advice on mortgages or request a personalized mortgage quote or illustration.


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Tue. April / 23 / 2019

Mortgage rates are low. Here's how to figure out if you should refinance  NBC News

Low mortgage rates have many people thinking about buying a new home or refinancing their current mortgage.



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Homeowners are rushing to refi mortgages as rates drop  The Real Deal

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These are the best (and worst) reasons to refinance your mortgage  Bankrate.com

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Refinance mortgage rate eases for Monday  Bankrate.com

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Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Refinance rates move higher for Wednesday  Bankrate.com

Multiple key refinance rates notched higher today. See what that means for your refinance.


Refinance mortgage rate slides for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you.


Saudi Real Estate Refinance Co plans up to 4 bln riyal sukuk sale...  Reuters

Saudi Real Estate Refinance Co (SRC), modelled on U.S. mortgage finance firm Fannie Mae, aims to issue up to 4 billion riyals ($1.07 billion) of long-term sukuk ...


Liz Weston: How debt 'solutions' could dig you in deeper  GoDanRiver.com

Americans are slipping ever deeper into hock. To cope, many people turn to debt consolidation loans, cash-out mortgage refinancing and retirement plan loans ...


Here's how many borrowers should refinance after the recent drop in mortgage rates  HousingWire

Mortgage rates fell 22 basis points last week to 4.06%, an event that will likely be a gamechanger for the refinance market. According to the latest report from ...


Refinance rates decline for Tuesday  Bankrate.com

Multiple closely watched refinance rates decreased today. See what that means for you if you're in the market for a home loan.


Refinance rates rise for Friday  Bankrate.com

Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan.


As mortgage rates drop, originations in refi territory could double  National Mortgage News

If mortgage rates fall below 4%, it could more than double the dollar volume of agency mortgages exposed to refinancing incentive, analysts at Keefe, Bruyette ...


Refinance mortgage rate drops for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate trended down. If you're shopping for a refi, see how that could affect you.


Refinance rates dip for Monday  Bankrate.com

Several benchmark refinance rates were down today. If you're in the market for a home loan, see what that means for you.


Mini refinancing boom is a boost for lenders  The Real Deal

There has been a mini surge in mortgage and refinancing applications spurred by falling mortgage rates, the Wall Street Journal reports.


Weston: How debt 'solutions' could dig you in deeper  DeKalb Daily Chronicle

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Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions  MarketWatch

f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040.


Refinance rates rise for Thursday  Bankrate.com

Multiple closely watched refinance rates trended upward today. If you're in the market for a refi, see how your future mortgage payments could be affected.


Quicken Loans will now let Vrbo hosts use rental income to refinance their mortgage  HousingWire

A little over a year ago, Airbnb partnered with some of the nation's largest mortgage players, including Fannie Mae and Quicken Loans, to allow hosts using the ...


Refinance rates ratchet higher for Friday  Bankrate.com

Several closely watched refinance rates advanced today. If you're in the market for a home loan, see how your payments might be affected.


Refinance rates ease for Thursday  Bankrate.com

Several closely watched refinance rates fell today. See what that means for your chances of getting a better mortgage rate.


Mortgage rates continue to nose-dive as 30-year fixed experiences biggest one-week drop in a decade  The Washington Post

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Important mortgage rate dips for Tuesday  Bankrate.com

Mortgage rates diverged today, but one key rate declined. See what that means for you if you're in the market for a mortgage.


Refinance rates trend higher for Wednesday  Bankrate.com

Several closely watched refinance rates notched higher today. If you're in the market for a home loan, see what that means for you.


Mortgage rates drop for Tuesday  Bankrate.com

Multiple key mortgage rates were down today. If you're shopping for a mortgage, see what that means for you.


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Refinance rates slide for Friday  Bankrate.com

Several key refinance rates decreased today. See what that means for you if you're in the market for a mortgage.


Mortgage rates up for Friday  Bankrate.com

Multiple benchmark mortgage rates climbed today. If you're shopping for a mortgage, see what that means for you.


Refinance rates trend higher for Monday  Bankrate.com

Several key refinance rates floated higher today. See what that means for you if you're in the market for a home loan.


Fannie Mae High Loan-To-Value Refinance Option (HLRO) Guildelines, Rates, and Eligibility for 2019  The Mortgage Reports

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Refinance rates drop for Saturday  Bankrate.com

Several key refinance rates sunk lower today. If you're shopping for a refi, see how your payments might be affected.


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Mortgage rates taper off for Friday  Bankrate.com

Several benchmark mortgage rates dropped today. See what that means for you if you're in the market for a mortgage.


Facing retirement with parent student loans? Transfer them to the kids  Los Angeles Times

It's not wise to use retirement funds to pay down student loans taken out on behalf of your children. Consider refinancing the debt so that the graduate can take ...


Are 3% mortgage rates in our future? For some, they are already here | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

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Mortgage Rates Continue to Fall – Market Update  Zing! Blog by Quicken Loans

Those in the market for a mortgage got a gift from the Federal Reserve last Wednesday. Unfortunately, the stock market wasn't nearly so happy.


I Got an Adjustable-Rate Mortgage and Wow, What a Ride!  Realtor.com News

I got an adjustable rate mortgage, or ARM—and here's how this decision impacted our finances over five, 10 years—and beyond.


Home equity lines of credit can be the key to your next home improvement project  Journal Times

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A Growing Gap in Consumers' Awareness of Algorithmic Influence  Undark Magazine

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Fannie Mae: Residential Investment, Home Sales Will Improve in 2019  Mortgage News Daily

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Mortgage data, real estate software providers team up for database monitoring alerts  Mortgage Professional America

MonitorBase, a data and analytics provider for banks and mortgage companies, has announced a partnership with Big Purple Dot, a real estate management ...


Struggling widow’s big win over Westpac in mortgage battle  9news.com.au

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Train Your People To Think in Code – Brink – The Edge of Risk  BRINK

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Mortgage refinancing spree becomes a race against the clock  Bankrate.com

Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...


Solar panel installs surge as tax credit set to phase-out  Bankrate.com

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Washington Prime Group Announces Execution of $180M Non-Recourse Mortgage Note Secured by Waterford Lakes Town Center  Associated Press

Press release *content* from Globe Newswire. The AP news staff was not involved in its creation.


New Mortgage Loans Slide Again as Loan Rates Continue to Rise  24/7 Wall St.

Applications for new mortgage loans dropped again last week as interest rates moved slightly higher. The decline was driven by fewer refinancings.


Why the world’s biggest bond investor is dismissing the yield curve’s recession warning  MarketWatch

Pimco's chief investment officer says the U.S. is unlikely to see a recession this year.


Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes  Credible News

Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.


No-income, no-asset mortgages are back (at one lender, at least)  HousingWire

Back in the Wild, Wild West era of mortgage lending before the housing crisis, NINJA loans (loans given to borrowers with no income, no job, and no assets ...


How people feel about algorithms has become the new digital divide  Quartz

There's a widening gap between those who trust artificial intelligence algorithms and those who are navigating away from them.


What to consider before determining whether to refinance your mortgage  Washington Post

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Mortgage refinance applications hit 18-year low  CNBC

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5 Signs It's Time To Refinance Your Mortgage  Forbes

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OpEd: Affordable Housing Requires A New Shape For The Mortgage Industry  Africa.com

There are two essential parts to achieving affordable housing: building decent, low-cost homes, and developing a housing finance market that enables ...


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The main reason to refinance your mortgage: Save money  Chicago Tribune

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Cash-out mortgage refinancing: Here’s where homeowners are using it most  Bankrate.com

Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...


Crunch time looming for interest-only borrowers | Business  The Times

A quarter of a million homeowners on riskier interest-only mortgages will face a refinancing crunch in five years' time, a specialist lender has warned.They will ...


Refinance rates slide for Tuesday  Bankrate.com

Multiple closely watched refinance rates receded today. If you're in the market for a home loan, see what that means for you.


Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low. Freddie Mac, in its weekly ...


How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ...


Refinance rates ease for Friday  Bankrate.com

Multiple benchmark refinance rates ticked downward today. If you're in the market for a mortgage, see what that means for you.


How to refinance to pay off a mortgage faster | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You probably have a number of ways to pay off a mortgage faster. You can refinance to a shorter term, pay more on your existing mortgage or free up your ...


Should You Refinance Your Mortgage?  Forbes

Evidently many mortgage borrowers fail to understand that mortgage refinances have a variety of possible purposes, and their success depends on a variety of ...


Refinance mortgage rates mixed for Tuesday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you.


Mortgage application increase led by higher refinance volume  National Mortgage News

Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, according to the ...


Refinance mortgage rate moves lower for Wednesday  Bankrate.com

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Couldn't qualify to refinance last year? Lenders more likely to say yes in 2019 | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ...


My second mortgage rate is too high! What should I do? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

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Current Mortgage Rates Hit 52-Week Low: How does the FED affect current mortgage rates?- Mon Apr 22 - Mortgage interest rates forecast, mortgage interest rates trend - News  TheOofy.com

The Federal Reserve announced that they have no plans of increasing current mortgage rates. Find here how it affect the housing industry.


Factors to weigh when considering whether to refinance your home  Washington Post

Q: I was offered a mortgage “recast” and I need help evaluating if it is a sound financial move. My home is worth $250,000. I owe about $68,000, as I have been ...


Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

The Freddie Mac Relief Refinance Program (FMERR) allows homeowners to refinance with little or no home equity. Home value dropped since you purchased?


Refinance mortgage rate moves higher for Monday  Bankrate.com

Refinance rates were mixed, but one key rate trended upward. If you're in the market for a mortgage, see how your payments might be affected.


New VA rules aimed at curbing predatory lending for cash-out mortgage refinances  Bankrate.com

An interim final rule on VA-guaranteed cash-out refinance loans was published on February 19 to protect borrowers from predatory lenders. The rule executes ...


Refinance rates fall for Wednesday  Bankrate.com

Multiple benchmark refinance rates declined today. Nationwide averages for 30-year fixed and 15-year fixed refinances both slid down. The average rate on ...


Refinance rates retreat for Monday  Bankrate.com

Multiple benchmark refinance rates tapered off today. If you're in the market for a mortgage, see how your payments might be affected.


When Is a Cash-Out Refinance Loan a Good Idea?  U.S News & World Report Money

Tapping the equity in your home to get cash can be a smart move, but only if the cash is used for the right purpose.


Weekly refinance demand plummets as mortgage rates hit a 5-week high  CNBC

A sharp rise in mortgage interest rates took its toll on the lending business last week. Mortgage application volume fell 1.8 percent for the week, according to the ...


Ellie Mae: Millennials' interest in mortgage refinance spikes  HousingWire

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Refinance mortgage rate advances for Tuesday  Bankrate.com

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Credible Expands Their Marketplace Into Mortgage Refinancing  Lend Academy

Credible made a name for themselves in student loans. They are the first and largest marketplace for people looking to refinance their student loans. Borrowers ...


Mortgage applications fall, as refinancing hits 20-year low  CNBC

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Thinking of Refinancing Your Mortgage? Check These 4 Financial Areas First  Forbes

Refinancing your mortgage can be a great way to save on your monthly payment or to change up the terms of your loan. However, while it's a financial move that ...


Refinance mortgage rate dips for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate decreased. If you're in the market for a home loan, see how your payments might be affected.


Refinance rates tick higher for Tuesday  Bankrate.com

Multiple benchmark refinance rates notched higher today. See what that means for your chances of scoring a killer refi rate.


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Yes, there is a series of videos on YouTube instructing mortgage loan officers and brokers on how to limit competition and sell higher prices and mortgage rates.


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Many homeowners refinance for lower payments or interest rates. Here's what you need to know about your options and some pitfalls.


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