The Best Mortgage For Self Employed People - Self Certified

If you are self employed the hands down best mortgage on the market for you is what is known as self certification mortgages. There are a few reasons why they are so good, and it all revolves around them being perfectly tailored to the real world situation of every self employed person.

Basically a self certification mortgage is the same as a regular mortgage in that it is secured against the asset you are borrowing the money to purchase, for example an investment property, and has regular repayments etc etc. There are two main differences between self cert mortgages and regular mortgages. First, you generally need to have a higher minimum deposit, usually in the vicinity of 20%. And second, you do not have the same income declaration burdens with self cert mortgages. With a self cert mortgage you certify for yourself what your income is.

These parameters suit self employed people perfectly. As any self employed person will atest one of the most painful excerises you can be to try and get a loan. The effort that is required for a self employed person to substantiate their earnings far exceeds that of the employed person, and that is hard enough as it is.

If you are a freelancer I would highly recommend checking these types of loans when you next need funding for an offline investment.

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