Mortgages and self employed individuals are an interesting mix. Whereas it was once tough to get a mortgage for a home while being a business owner in some shape or form, a myriad of different mortgage types have been forthcoming that provide more options.
The 100% mortgage is a type of mortgage that only select individuals qualify for. This type of mortgage doesn't require that the home owner put any money down- the entire cost of the home will be covered by the mortgage. Being qualified is tough, since usually lenders require as much as 10% or more to secure the loan. Excellent credit and a good guarantor are key in qualifying.
Buy to let mortgages are another alternative that lenders do typically give to the self employed. Buy to let mortgages operate based on the assumption that as soon as a property is obtained, the borrower is going to make necessary arrangements to have the property let out to tenants. This form of mortgage is easier to obtain, since income from the property can easily be used to pay installments each month.
Temporary jobs are common with small businesses. Short term contracts and other types of arrangements can sometimes run dry, and paying a mortgage loan will start to become a problem during such dry spells. The flexible mortgage, offered through select lenders, allows flexible repayment plans and even allows for holidays to be taken in paying up- perfect for a semi-stable employment.
If you don't mind a little gamble, you can participate in a foreign currency mortgage. Based on the idea that shifting money from one currency to another can turn profit, these mortgage loans can save a drastic amount of money if handled correctly. If you don't feel up to the challenge, managed foreign currency mortgages exist, in which a professional will handle the account for you. It's still a gamble, but the odds are on your side if you sign on with the right firm.
UK-based mortgages are great because first-time home buyers have the option of getting grants through the government. Depending on the current financial situation you stand in, you can get a nice cushion or a substantial amount of money to take some of the burden of a mortgage out of your life. It does take effort in qualifying, but the grant money is well worth the effort necessary.
Final Thoughts
Self certification loans have their place in society, but are sometimes seen as less desirable because of the interest rates that accompany them. Look at other forms of mortgage loans and see what you can qualify for before deciding to stick with a self certification mortgage loan. - 29956
The 100% mortgage is a type of mortgage that only select individuals qualify for. This type of mortgage doesn't require that the home owner put any money down- the entire cost of the home will be covered by the mortgage. Being qualified is tough, since usually lenders require as much as 10% or more to secure the loan. Excellent credit and a good guarantor are key in qualifying.
Buy to let mortgages are another alternative that lenders do typically give to the self employed. Buy to let mortgages operate based on the assumption that as soon as a property is obtained, the borrower is going to make necessary arrangements to have the property let out to tenants. This form of mortgage is easier to obtain, since income from the property can easily be used to pay installments each month.
Temporary jobs are common with small businesses. Short term contracts and other types of arrangements can sometimes run dry, and paying a mortgage loan will start to become a problem during such dry spells. The flexible mortgage, offered through select lenders, allows flexible repayment plans and even allows for holidays to be taken in paying up- perfect for a semi-stable employment.
If you don't mind a little gamble, you can participate in a foreign currency mortgage. Based on the idea that shifting money from one currency to another can turn profit, these mortgage loans can save a drastic amount of money if handled correctly. If you don't feel up to the challenge, managed foreign currency mortgages exist, in which a professional will handle the account for you. It's still a gamble, but the odds are on your side if you sign on with the right firm.
UK-based mortgages are great because first-time home buyers have the option of getting grants through the government. Depending on the current financial situation you stand in, you can get a nice cushion or a substantial amount of money to take some of the burden of a mortgage out of your life. It does take effort in qualifying, but the grant money is well worth the effort necessary.
Final Thoughts
Self certification loans have their place in society, but are sometimes seen as less desirable because of the interest rates that accompany them. Look at other forms of mortgage loans and see what you can qualify for before deciding to stick with a self certification mortgage loan. - 29956
