Mortgage Issues for Self-Employed People

Have you considered being your own boss? 

There are many reasons why people take the leap and become self-employed.

You take full control of your career and get to escape the humdrum of the 9-to-5. It sounds like an amazing opportunity, right?

And if you get it right, you may earn more on your own than you’d earn with a regular job in your industry.

Unfortunately, your self-employment may cause you to struggle when you’re trying to get a loan for your first home.

Recently, clients of mine decided to become business owners, and managed to turn a small profit.  

Still, those first six months showed much potential. They chose to stick with it – a decision that paid off in their first full year of business.

They increased their profits by 142% in 12 months. Now financially stable, and with 18 months of experience under their belts, they felt confident about going to a lender.

They wanted to get a home loan so they could start to grow a portfolio.

But their lender rejected them.

They’d been self-employed for less than two years. Worse, the lender would not accept their figures for their most profitable year alone. 

Instead, they wanted an average between that year and the first six months of the business.

Investors Choice Mortgages knows the ins and outs of lending policies and which ones will suit you. We can help you set your lending up correctly to not only work for you now but for your long term plans. Getting this wrong could set you back years. Make a time to discuss your options with our dedicated team today, just book a time here for your complimentary call https://calendly.com/icm-discovery-call/fhb