There has been a rapid rise in self-employment over recent years, however, amongst those who are self-employed, there is a common belief that being your own boss can hinder your chances of getting a mortgage.
If you are self-employed, you may find yourself asking the following questions:
Oviso can help answer all your questions, but first, let’s start by quashing a common myth… 'Self-employed mortgages do not have their own mortgage category.'
If you’re self-employed, you will be able to access the same products and rates as everyone else providing you meet the correct criteria. Great! But the problem is that your earnings are more complex and you must be able to prove them.
Ultimately, when applying for a mortgage, you will be assessed on how much you are earning, how likely you will sustain that level of earnings, how you take your earnings, how long you’ve been trading for, your accounts history and a number of other things. Then the lender will make a judgement – so you can appreciate how complicated and slow the application process can be.
How Oviso can help you
Oviso can help simplify the mortgage application process, as completing an application can be lengthy, complicated and time-consuming.
Calculating income and eligibility for self-employed workers have so many variables; it’s also important you ensure you apply with a lender that most favourably views your circumstances. Whether you have many years of experience being your own boss or just starting your journey, Oviso experts are here to assess your financial situation and help you search the marketplace, including major banks and building societies.
Our support doesn’t end here; our team will help you every step of the way, including handling all the admin and paperwork, leaving you more time to focus on running your business.
To find out more about mortgages, personal insurance, business insurance and protection or to discuss the options available for your circumstances, contact our team of advisors
