How Much Mortgage Can a Self-Employed Get?
The amount of mortgage a self-employed person can get largely depends on how much income they make monthly. Upon applying for a mortgage, a lender will require self-employed applicants to show proof of up to two years of income to determine if they are able to make the monthly mortgage repayments. If a self-employed applicant cannot provide the required proof of income, there are other loan options available to apply for. Varying lenders will have different requirements as far as financial documentation when applying for a mortgage, so shopping your options is the best way to verify you are getting the best deal.
Low-documentation and no-documentation loans are great ways for self-employed potential borrowers to successfully apply for a loan without needing to provide in-depth financial statements typically required by banks. At Mortgage House, our lending specialists are prepared to assist self-employed potential borrowers in finding the best loans available and successfully gaining approval for a mortgage.
All lenders require some form of proof of income, whether that be two years of in-depth financial statements and tax returns or three weeks of pay slips. Keeping an up-to-date collection of financial statements when self-employed is the best way to ensure you have all required financial documents when the time comes to apply for a mortgage.
Before you go, take a look at our Mortgage Borrowing Calculator to get an estimate of your independent borrowing power and mortgage repayments. Reach out to our professional lending specialists at Mortgage House today for specialized mortgage assistance.