self employed mortgage - cheap mortgage

There are dozens of mortgage lenders offering thousands of mortgage products. Even so, if you are one of the UK's 3.3 million self-employed, you may still have a problem finding a suitable mortgage on the high street. Mainstream banks and building societies will not necessarily offer the self-employed borrower the best deal - if they offer anything at all. They prefer to cater for the needs of the majority - who just happen to be in standard full-time employment.

There is a sizeable number of workers either self employed or currently working on a short-term contract. Whilst they are financially sound, it is often difficulty for these borrowers to prove a level of their earnings to the satisfaction of the lender. A handful of mortgage lenders has recognised this and looks to welcome customers in these situations. These are the specialist lenders who understand the needs of the self employed borrower and continually look to improve the terms and features of their mortgage products to meet the needs of the market.

For example, whilst a mainstream lender will ask for up to three years' audited accounts from a Chartered or Certified Accountant before considering a mortgage for self employed, the specialist lender will be far more accommodating. Specialist lenders look to provide innovative mortgage solutions to individuals, appreciating that different working patterns require a more flexible approach.

It is with this in mind that some lenders offer flexible mortgages to take into account fluctuations in income from self-employment. You would do well to investigate the mortgages available from a specialist lender.