Having a good credit rating and healthy financial status may not be enough to secure a mortgage if you are a self-employed individual. A standard requirement that mortgage lenders ask for is at least 3 years worth of accounts and financial records, approved by a certified accountant. This is sometimes just the beginning of the difficulties that a self-employed individual may encounter when applying for a mortgage or other loan; lenders are sometimes unwilling to take the risk of issuing credit to the self-employed because of the unpredictable nature of the borrower’s income.

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There is no need to despair, however, as there are mortgage companies that specialise in dealing with the self-employed, and who can often provide mortgages when there is nowhere else to turn. These specialist companies can issue mortgages that present you with a more flexible way to pay your mortgage when you are self-employed. By understanding the unpredictable nature of running a small business (by recognising that there are periods of both high and low revenue), the mortgage companies are more likely to be able to offer a mortgage deal that suits you.

Self-certification mortgages are among the most common offers made to self-employed mortgage applicants; these can sometimes avoid the usual stalling points of providing references and account records. A significant deposit will sometimes be required, and if an applicant is able to provide a deposit of a higher percentage than the lender’s asking amount, they may qualify for better interest rates on the subsequent repayments.