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Traditionally it is a lot harder for a self employed person to obtain a mortgage than it is for an employed person. This is because a mortgage lender generally prefers to see a regular income that is guaranteed by a form of employment. Although in recent years this has changed.
While there are an increasing amount of mortgage lenders who deal with mainly the self employed, there are now a lot more lenders who are considering doing the same.
If an individual has been involved with a specific industry for a number of years this would be a huge advantage to them.
Mortgage Lenders are mainly interested in noticing how employable an individual is. In other words how much regular work the individual has. For example a plumber is more than likely to have more work than a flourishing film director. This is because they are able to show a regular, weekly income, whereas a film director may only have a few months worth of work now and then which could look more patchy.
If an individual is new to their area of business, it could prove to be a problem until they are able to demonstrate a regular income.
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