Unusual Mortgages are frequently contacted by both Employed and Self Employed people, who are finding it difficult to find Mortgage finance. One of the most popular questions that we are asked, relates to the verification of Income, this is especially common since the disappearance of Self Certified Mortgages.<\/p>\n
Since the credit crunch Self Employed people have been required to declare their income, when applying for both residential and also the majority of Buy to Let Mortgages. There are still some lenders that offer Buy To Let Mortgages, without any minimum income, or without income verification, but this is for people in very limited circumstances.<\/p>\n
Ipswich Building Society* have noticed that the lending environment for Self Employed people has changed significantly and have recently produced a very interesting piece of research. The study was conducted through members of The Association of Independent Professionals and Self Employed in 2015.<\/p>\n
Here are some of the results from Self Employed people who were\u00a0actively\u00a0seeking mortgage finance \u00a0…<\/p>\n
77%* I am worried about having a limited choice of mortgage providers<\/p>\n
76%* I may not be able to get a competitive mortgage rate<\/p>\n
57%* I may not be able to get a mortgage<\/p>\n
38%* I may have \u00a0to remain on a higher rate if I cant secure a better deal<\/p>\n
17%* I may have to get back to salaried employment to get a mortgage approved<\/p>\n
Before the credit crunch it was relatively easy for a Self Employed person to get a mortgage, providing they had sufficient deposit money and a clean credit record. Things are certainly different now and Unusual Mortgages have found themselves helping many self employed people through the hurdles that they are facing.<\/p>\n
Ipswich in their survey report, described this group of people as “Mortgage Misfits” and have suggested that they should seek out Mortgage lenders that will treat them as individuals. Most mortgage lenders are heavily reliant on automated electronic systems, so people in more unusual circumstances should seek out lenders that offer “Manual Underwriting”.<\/p>\n
Unusual Mortgages are brokers that work closely with lenders that manually assess applications and offer a greater degree of flexibility for applicants. We also work with a number of Mortgage lenders that have no minimum income requirements and verification on Buy To Let Mortgages.<\/p>\n
Unusual Mortgages are currently conducting “The Unusual Mortgage Consumer Survey 2016” and would appreciate if you would take just two minutes to give us your views on the Mortgage Market for both Employed and Self Employed people.\u00a0https:\/\/www.surveymonkey.co.uk\/r\/HGPSTZ3<\/a><\/em><\/strong><\/p>\n