Navigating the path to a mortgage as a self-employed individual often comes with its unique set of challenges, making the journey more complex compared to those with regular jobs. But fear not! We’re here to help. With our wealth of experience dealing with various self-employment scenarios, we understand the complexities and are ready to help you through this journey.

The major hurdle for self-employed borrowers is in showing proof of income. Lenders usually favour stable and predictable income, which poses a challenge for self-employed individuals whose earnings tend to fluctuate and are often kept low for tax reasons. Moreover, funds retained within the business aren’t seen as personal income, adding to the complexity of proving the necessary income to lenders.

Self-employed individuals also need to furnish additional documentation to validate their income. Some lenders prefer borrowers with at least a two-year track record of self-employment, making it tougher for those who have recently transitioned to self-employment.

If you’re exploring traditional routes like banks, credit unions, or national lenders, showcasing your income through notice of assessments is a viable option. However, in cases where traditional avenues might not be accessible, private lenders step in as an alternative, albeit with higher rates and fees. For self-employed individuals, partnering with a seasoned mortgage Advisor is crucial to smoothly navigate the mortgage process, especially when dealing with private lenders.

Poplin Mortgage Group is a reliable ally in this journey!

While securing a mortgage as a self-employed individual may present its challenges, it’s entirely achievable with proper preparation and the expert guidance from the trusted Mortgage Advisor, Poplin Mortgage Group. Tim and his dedicated team specialise in assisting self-employed borrowers and boast strong relationships with lenders in this domain. They’ll guide you in gathering the required documents, offer assistance in improving your credit if needed, identify the best lender for your unique situation, and manage the intricacies of your mortgage financing. This way, you can focus on what matters most—your business. Let’s simplify this journey together. Reach out to Poplin Mortgage Group today!