If you have the luxury of working for yourself you know how difficult it can be to apply for any type of loan. If you are hoping to get onto the property ladder, you will need to find a mortgage that is specifically aimed at people who are not employed by a company. If you are searching for a mortgage you should take the following steps to ensure you get the best deal possible. Here is a checklist that you could work through:

• Save a good deposit
• Figure out how much you earn each year
• Work out your monthly outgoings
• Search for companies dealing with self employed mortgages

It is a good idea to take your time to collect the information for the above points.

Save a good deposit

These days it is really important to have a substantial deposit saved up. Before this economic downturn in the marketplace it was possible to get a great mortgage deal where you only had to have a down payment that was 5 – 10% of the total property price. There were even crazy deals where you could get 120% mortgages. A lot of people grabbed these deals but these have now been removed from the money market.

Figure out how much you earn each year

As a self employed person, you need to be able to forecast what your yearly earnings are. If you have filled in tax returns every year you will have this information in your files or you can get it from your accountant.

Work out your monthly outgoings

Make a list of everything you pay for every month so that you can work out a realistic budget and figure out how much you can afford to pay as your monthly mortgage payments.

Search for companies dealing with self employed mortgages

Start an online search for all the relevant companies that offer mortgages to self employed people. Once you have collected all this information you will be able to apply for quotes. When you get one that you feel is the most suitable you will be one step closer to owning your new home. Take your time and you will find a mortgage for self employed workers that will be perfect for you.