Self Employed Mortgage

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Life isn't easy for entrepreneurs, but things are improving

Getting a self employed mortgage isn't easy: there's much more paperwork and you might find that lenders won't give you their very best deals. However things are improving, and if you shop around you can still get a good deal on your mortgage without paying through the nose.

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It's not easy being self-employed. The taxman's always on your back, cashflow is a constant headache and getting a self employed mortgage can be a pain. Because your income isn't predictable, lenders are often unwilling to give you a 100% mortgage or even a 95% one and you need to produce reams of paperwork to convince the lender that you're a safe bet.

It's difficult, but things are improving. Most big name lenders now include a self employed mortgage in their product portfolio, and increased competition means that if you shop around you can still get a 95% or 100% mortgage without paying through the nose for it. Paperwork is still a problem, though: generally speaking lenders expect to see your accounts for the last three years along with your business bank statements. If you don't have an accountant, then copies of your last three tax returns may be acceptable.

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