MHQ - Mortgage HeadQuarters

The standard documentation needed for buyers employed by someone else is typically six to 12 months’ worth of personal tax returns for the approval process. For the self-employed, the burden is a bit greater. If you work for yourself, and are looking to remortgage or buy a new home,  getting approved for a mortgage loan  isn't impossible, but it does mean you'll likely have to jump through many more hoops to prove your income than someone who's steadily employed and on a company payroll. So, what can you do to help your chances of getting approved for a mortgage loan when your self-employed? Here are some tips for you to go by: Proving Your Income When lenders determine how much to lend to you, they generally base their calculations on your average profit in the past few years.  That being said, one of the most important factors for self-employed workers is being able to prove your income to any mortgage lender you apply to. Most will want to see at least two year...

For first-time buyers and existing homeowners who are self-employed, it can be a little more difficult to get a mortgage. If you work for yourself, and are looking to remortgage or buy a new home, getting approved for a mortgage loan isn't impossible, but it does mean you'll likely have to jump through many more hoops to prove your income than someone who's steadily employed and on a company payroll. So, what can you do to help your chances of getting approved for a mortgage loan when your self-employed? Here are some tips for you to go by: Proving Your Income When lenders determine how much to lend to you, they generally base their calculations on your average profit in the past few years.  That being said, one of the most important factors for self-employed workers is being able to prove your income to any mortgage lender you apply to. Most will want to see at least two years’ accounts or tax returns. The more accounts you can show the better. Lenders prefer b...