28 Sep 2023
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Advice on Purchasing a Property
Have you ever wondered about the ins and outs of getting a mortgage when self-employed?
Well, wonder no more! We’ve got the information right here…
The myth: Horror stories about self-employed mortgage applications have circulated, but the reality is more promising than you might think. While the process may seem trickier, armed with the proper knowledge, you can navigate it smoothly and confidently.
How does self-employment affect your mortgage journey? Being your own boss in Chelmsford has undeniable perks – flexibility, control, and earning potential. But when it’s time to secure a mortgage, it’s crucial to understand how lenders view self-employed applicants differently.
Income stability: Unlike a salaried employee, your income might fluctuate as a self-employed individual. Lenders want assurance that you can manage mortgage payments, making income stability a key factor.
Tax impact: Your tax strategy matters, too! Deducting expenses can lower your taxable income, but a lower income might affect your mortgage application. Balance is key!
Lender criteria: Remember, every mortgage provider has unique criteria. Some might specialise in assisting self-employed applicants, making the process smoother. Offers and rates can vary – exploring options is vital.
What do mortgage lenders look for? Here’s the rundown for self-employed mortgage success in Chelmsford:
Before you apply for your mortgage, keep these tips in mind for a more straightforward application.
If we haven’t frightened you and you ready to dive into your self-employed mortgage journey in Chelmsford, then we’re here to help you every step of the way. Connect with us for trusted advice and support. Your dreams of Chelmsford homeownership await!
For personalised guidance and to make your dream home a reality, call us on 01245 835859.
Let’s turn your Chelmsford dreams into keys in hand! ????????
PS The law says we must give this statement when we talk about mortgages: “Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.”. There you go – that wasn’t that bad, was it?? Yet it is an important thing to remember.
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