In recent yearthe worldhas seen a noteworthy growth in a number of individuals moving into contracting but what particular effect is this having on the accessing mortgages? In 2007, since thecredit crunch, a number of contractors that are self-employed have reached the record levels.As amortgage specialist, contractormortgagespecialist.co.uk get a huge number calls a month from different distressed contractors struggling to remortgage or even get afoot on a housing ladder. We feel it is vital that contractors know facts regarding getting a mortgage and who you should reach to for a reliable and trustworthy advice.
Before credit crises, an exceptional number of mortgage lenders provided specialist mortgage products to self-employedknown as self-certification mortgages. All you were needed to do is “self-certify” income despite offer evidence using different trading accounts. Borrowers just stated their income and lenders has made it clear they wouldn’t carry out any kind of checks. Nearly a million individuals took out such types of mortgage loans before a credit crunch. Without any income checks, it meant that a system was huge open for abuse. That’s why FSA banned self-certification mortgages in 2009.