Full article with thanks to https://afiaus.com/how-to-get-a-mortgage-being-self-employed/
How To Get a Mortgage Being Self- Employed
Here is a step by step guide on the process to enable you to get the best mortgage for your particular needs. The first step is getting your accounts in order. Most lenders are happy to give mortgages to self-employed people who have been trading for at least three years and have two years of accounts or self-assessment tax returns available. However, if you are unable to get three years accounts you may still be able to get a mortgage.
Speak to an accountant
Lenders prefer borrowers to employ an accountant to prepare self-employed workers’ accounts. Some lenders state the accountant must be certified or chartered – so bear this in mind when choosing one.
Make sure your credit is good
Make sure your credit is good and that you are permissible to be lent to. Determine how much you can afford and put your finances in place to allow you to get the maximum lend. Understand your SA3o2 or a self-assessment tax return is the equivalent of a P6o for an employed applicant.
It provides the yearly income of the applicant. Since 2012, self-employed applicants are being asked for SA3o2’s by nearly all Mortgage Lenders. SA3o2’s provide lenders with a strong indicator of the affordability of a mortgage that is to be offered to the applicant or borrower. Speak to your accountant to obtain your SA3o2’s.
Shop around for the Best Deal
Make sure you shop around and find the right area and property that you will be happy with. This is an important decision and will probably be the biggest investment you make. You will want to make sure you get the right home, as moving homes and being unhappy with the property you have chosen can be an expensive process.
Find a Good Mortgage Broker
A Mortgage company should ensure that their clients get the right mortgage package that suits their individual needs. Moreover, all of the mortgage broker agencies should work with a strict set of values that revolve around the policy of treating customers fairly.
Full article with thanks to https://afiaus.com/how-to-get-a-mortgage-being-self-employed/