Securing a mortgage when self-employed isn’t as difficult as some might imagine – although you will need to provide some proof of self-employment and demonstrate your incomings and profits.
Below Nima Ghasri, Director at regulated property buyers, Good Move offers helpful tips on how to get a mortgage approved when self-employed.
Lenders will look at your average profit – so have proof
If you’ve had highs and lows of income and your earnings vary dramatically from year to year, you might need to provide more evidence to a lender. Lenders will look at your average profits, so if the previous year has been a little bit leaner, you may need to prove that you can guarantee future income, with proof of new clients, or contracts. Alternatively, proof that you have a significant amount of savings (separate from your deposit) may help to get you approved for a self-employed mortgage.
Thousands of work coaches will be hired under a new government employment programme to help those who have lost their jobs during the pandemic, amid fresh warnings of an unemployment crisis as the furlough scheme ends.
The £238m job entry targeted support (Jets) scheme will help jobseekers who have been out of work for at least three months. It will be available to people receiving the “all work related requirements” universal credit payment, or the new style jobseeker’s allowance.
The Department for Work and Pensions says Jets will “ramp up support” to help people back to employment, with specialist advice on how to move into growing sectors, as well as CV and interview coaching. It is recruiting an additional 13,500 coaches to help deliver the programme.
The move comes as economists forecast a sharp increase in unemployment this winter, with employers such as Rolls-Royce, Marks & Spencer, Debenhams, Boots and
The Regal cinema owner, which began reopening in July after COVID-19 lockdown restrictions started to ease, employs 37,482 people across 787 venues in the U.S., Britain and central Europe, with 546 sites in America.
“We can confirm we are considering the temporary closure of our