Despite the sudden property market boom, it has never been harder to get a mortgage, especially if you are your own boss. In fact, 80 percent of self-employed Brits have had their mortgage applications rejected.
With over four million self-employed people in the UK, the problem is far more widespread than was once thought. Recent industry research found 71 percent of participants in a survey of 624 UK freelancers, said that they are worried about saving for later life or buying a home following the pandemic, with women most likely to be affected.
In response, there has been an outpouring of demand for advice on how to get yourself on the property ladder if you are not a permanent ’employee’. Accountancy and tax platform founder Darren Fell, of Crunch, has shared his top tips on how to get a mortgage while being self-employed.
Top tips from an accountant
Speak to brokers: Not all brokers will offer you the same deal and have the same connections. So shop around and get as many quotes as you can stand. Some lenders may have more lenient or strict lending criteria.
Check your credit rating: Ensure your credit file is in the best possible shape. Do this by ensuring you are on the electoral roll, stay away from short-term high-interest loans and if possible stay out of your overdraft.
Make sure your accounts are all up to date: To earn the best rates you can, make sure all your…