Buying their dream home is probably the most important step in anyone’s one’s life – for a whole host of reasons, some of them financial, some of them emotional. We are proud of our homes, and may spend thousands of pounds on improving them, but in the end home is the place that we share with family and friends.
But for the self-employed, business owners and entrepreneurs, trying to secure that dream home can be a painful experience. These buyers risk disappointment when they go to a high-street bank for a mortgage. Whether they want to buy a property or remortgage an existing one, they may well be in line for stress, anxiety, and endless delays.
Ever since the Financial Conduct Authority banned self-certified mortgages in 2014, applicants have had to prove the affordability of the loan they are seeking.
Yet almost every lender has a different set of criteria,so the mortgage market becomes a minefield for the self-employed. Getting a mortgage becomes even more time-consuming and painful when you factor in the search for the right mortgage terms,not to mention actually finding your dream home.
What surprises almost all self-employed people is that, though they end up with the same mortgage as everyone else, they have had to jump through many more hoops to achieve it.
In The Self-Employed Mortgage Guide, Gary Das shares his ‘ACTIVE’ framework for giving the self-employed, business owners, and entrepreneurs a head start when they start the search for their dream home. This book has been written from first-hand experience to guide you through the journey to get the home of your dreams.
The Active Framework
Preparing your accounts and income figures is the first and most important step, along with working out your budget to make sure your mortgage is affordable both now and in the future.
Every lender assesses income differently, so with the right information you can not only make sure your income is presented correctly, but also identify when the ideal time to apply is.
There are many different products on the market, so it’s vital that you understand the options and choose the right one. Knowing what documents you need will allow you to make a comprehensive and persuasive application.
Hunting for the right property can be tricky and Gary has some valuable pointers to help you find the right one for you, with regard to type and location, and from the perspective of ensuring you can make money from it.
Once you’ve submitted an application, the next stage is ‘full and final acceptance’: your mortgage offer. The book takes you through exchange and completion, and advises on how to speed up the solicitor’s part of the process.
Your home can also be a key element in developing your business, enabling you to make money through property. Gary sets out how you can benefit from investing in property, from improving your own home or going into partnership with others on new ventures.
The ACTIVE framework brings clarity to the confusion to make sure every application ends in Victory and teaches you thereafter how to be entrepreneurial with the future of your property.
Order or download your copy online on Amazon
Author: Gary Das
Release Date: December 2017
Publisher: Rethink Press