People who are self employed and looking for a home loan will be needing some assistance, so it would be beneficial to get a mortgage broker. A mortgage broker will be able to ascertain what type of mortgage will be most suitable for your circumstances and can access products that aren’t available on the high street. Also if you work for yourself you may need to enlist the services of an accountant to not only ensure that all your finances are in order, but to also verify your claims when you apply for a mortgage.

When applying for a mortgage as a self-employed worker, you will probably need to provide audited accounts as well as bank statements, so make sure you keep the relevant information filed away. And for some mortgages such as self-certification, you might not need to prove your exact income, but you will need to provide evidence to support your claims.

Some of the pros for the self employed mortgages include that they are likely to be more flexible and take irregular earnings into account, you may not have to prove exactly how much you earn, and he amount you borrow is based on you real earnings rather than the figure quoted to the taxman.

Some of the cons of the self employed mortgages are that you wont have as much choice as your employed counterparts, the rate of interest is likely to be higher than the mortgages available to standard borrowers, and the best deals may only be available through mortgage brokers and you will have to pay for their help.