Remortgage- contractors / freelancers

Contractors and freelancers generally find it more complicated to prove their income than standard employed people on PAYE. AS well as this, income can be seasonal, or irregular making financial projections for the coming year more difficult. With this in mind lenders often offer self cert mortgages to contarctors and freelancers.

Self cert mortgages involve the borrower self certifying, or predicting, income for the forthcoming year. Income is not proven, but lenders will often look at what evidence is available, and judge the liklihood that the income is in line with what would be expected in the stated profession.

Contractors and freelancers therefore often require larger deposit than PAYE borrowers, and qualify for inferior mrotgage rates. Lenders have different criteria from eachother with regards to proof on income, and self employment mortgages.

If unure as tot he best way to go about the next steps it could be advisable to speak to a mortgage broker.They can help you to decide on the best product available, find the best rates, and then help you through the application process.