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A Mortgage For Self Employed People

Updated on July 10, 2010

I recently took on the task of looking into trying to get a brand new mortgage. I work for myself so I was really interested in looking for mortgage deals that are specially designed for people who are not in a traditional job where they are employees and receive a regular salary each week or each month. The work I do is freelance so that means that I have to apply for a mortgage as a self employed individual.

I was a little worried about what sort of interest rates I would find because I was of the opinion that as I am not permanently employed that would mean that I would be somehow discriminated against and all the mortgage deals for freelancers would come with either a high demand for a very large deposit or the interest rate would be double the rate offered to people who identify themselves as your regular employee.

It is possible to find a good mortgage for self employed workers
It is possible to find a good mortgage for self employed workers

It is a difficult time to be looking to buy a property during these unbalanced economic times but I was fortunate enough to receive a little bit of money from a relative who recently passed away. This is my chance to get onto the property ladder so that I can stop wasting money on renting a room in a house that I am currently sharing with other people. I love the guys and gals that I am living with but I feel that it is time to have my own space now and to have a home to call my own. I know that I have to take the opportunity to purchase something now, otherwise I could be in danger of unwittingly spending the money.

It is so easy to get a little bit relaxed about having to find work for yourself when you know you have a tidy pot of money just sitting in a bank account with very easy access. I don’t want to look back at my bank balance in a year’s time and find that I have squandered my one chance of getting onto the property ladder. So I am making a start of doing a little bit of online research for good quality mortgage deals for self employed people. Hopefully I will be able to get some good quotes and fulfil my dream of purchasing my own home sometime soon.

I am fortunate enough that I get regular work in my field so I am not worried about being unable to pay my mortgage each and every month. A mortgage for self employed people should be straight forward to apply for. All I need to do is enough online research to find the best possible deal.


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  • Tiptopcat profile image

    Victoria Virgo 8 years ago from London, UK

    jmell - thanks for stopping by.

    I got the company I worked mostly for to agree to give me a rolling contract, which helped enormously when I contacted mortgage companies.

  • Jmell profile image

    Jmell 8 years ago from El Paso, Texas, USA

    So what have you discovered? I know when I bought my first "home", I wasn't able to secure a mortgage for the amount I needed, so I made arrangements with the owner to receive payments until such time in the future that I was able to "refinance."