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Getting on property ladder is a challenging and life changing experience. There are various schemes that are available to help you when trying to get your first home. The government offers some and lenders offer some directly.
Being an entrepreneur and running your own business should not be a hindrance to you when applying for a mortgage. Therefore, below are some tips and utilize to ensure you are well prepared before you decide applying for a mortgage.
TIP 1 - Write off fewer expenses in the two years leading up to the property purchase. The result is you pay more personal taxes. The outcome is your income will be higher which will easily qualify you for the mortgage amount that you are looking for.
TIP 2 - Utilize a certified accountant when submitting your taxes. Lenders prefer self-employed income submitted through a professional. The benefit to you is, a certified accountant has the experience and awareness to process your taxes in an effective manner which will benefit you personally and as a business.
TIP 3 - Ensure you and your mortgage broker focus on presenting stated income. Stated income is based on you being in the same profession for at least two years previous to being self-employed. Lenders look at your industry and average income of someone in that same prfession would make during the same amount of time.
TIP 4 - Documents that you need to keep safe and ready for your application are items such as bank statements, showing consistent deposits, list of all personal debts, and any other the lender specific requirements. It is important to call and ask each lender as each may have slightly different requirements.
TIP 5 - Avoid applying for bankruptcy in relation to your business. If you do, it's not the end of the world as there are lenders that specialize in lending to customers in such circumstances. Just be prepared that a higher interest rate may be offered, given the risk lenders may attribute to those who have declared bankruptcy.
TIP 6 - Clean credit history. Ensure you pay your outstanding debt in time, you have no missed payments, and you continually drive down your outstanding debt to show you are responsible when managing your debt.
TIP 7 - Begin saving for your down payment now. The larger the down payment the less you require in borrowing and will open more options for you when you are ready to apply.