Being self-employed has lots of advantages such as being your own boss and managing your own finances, but it also brings lots of disadvantages. Banks are very wary of lending even small short term loans to newly established businesses and usually look for a minimum of 2 – 3 years trading accounts before considering lending any money. They look at the statistics that show that many small companies close within the first 2 years of business due to financial difficulties. Some of this is down to poor planning and finance management but usually it is down to lack of capital investment to cushion against teething problems.

For this reason most banks are unwilling to consider offering a mortgage to anyone who is self-employed as they know it is likely they may get into difficulties with the mortgage repayments if the business hits a bad patch, and may even lose their homes.

At Mortgage House we can arrange mortgages for everyone and we specialize in mortgages for the self-employed who often have no where else to turn to.

If you are self-employed 12 months or more but haven’t as yet any up to date accounts, we can arrange a mortgage for you by providing evidence of your income through your debt servicing, current account transactions and lodgments.

Perhaps you have accounts but have fallen into financial difficulty because of an unexpected tax bill, or outstanding debtors. We can help you remortgage your home to release equity to get your business back out of trouble, something mainstream lenders are often reluctant to do, because they don’t want to see you lose your home because the business is in difficulty. The reality, as we know, is that if the business is in difficulty the likelihood is that you will not be able to afford the mortgage repayments anyway and will still lose your home. We recognize this and will advise you of the advantages and disadvantages as well as the legalities so that you can make an informed decision, and do what is best for you.