Getting a mortgage is always hard for the self employed

In a depressed market, it is becoming increasingly difficult for most people to acquire a mortgage. For the self employed where a pre-requisite for consideration would be evidence of steady income, this probability would seem to be reduced further. And even if you can find a lender, you may have to pay higher interest rates, larger down payments and generally have less choice.

However, it can be done. The first step would be to find a local lender who knows you well and you can work with face to face. You will need to have at least two years worth of tax returns, several months of both personal and business bank accounts, several forms of ID, plus any commercial licensees appertaining to your business practice. You will also have to provide some form of guarantee of continued rental payment by your landlord over a period of time. Added to all of this, the lender will also expect to see receipts of work carried out to establish an idea of what your potential monthly income is.

There may also be other hoops that your lender wishes you to jump through before conceding to your request for a mortgage, but with perseverance you too, may soon be climbing the property ladder.