Self employed people have found it difficult to get finance for their home on mortgage or remortgage. The problem is the self employed person minimizes their income for tax reasons however they earn more. Another problem is that most self employed persons don't maintain certified accounts and thus cannot provide the required earning proof to a mortgage lender. A number of employed mortgage deals are not available in the high street for the self employed.

Mortgages and remortgages are one of the biggest headaches for the self employed. Mortgage brokers and lenders in UK offer competitive rates and flexible mortgages specially designed for the self employed. Several self employed mortgage products are available to fit your personal circumstances. HSBC’s new EIBOR based mortgage is open to both employed and self-employed customers.

There is a specialized mortgage product called a self certification or self cert mortgage or remortgage for the self employed. Self-certification mortgages are also known as “self-employed mortgages” or “non-status mortgages.” A wide range of self certification mortgages or remortgages are there to help the self employed regardless of their financial situation or past credit history, even if they have no proof of income. The self certification or self cert mortgage application just asks you how much you earn per year. The earning proof and accounts are not required. The application process for self-certification mortgages will usually involve some form of credit scoring and proof of income requirements which may include - statement of earnings from the applicant, declaration of income from an accountant, credit searches, mortgage statements, and landlord references.

The self employed mortgages or remortgages provide the benefits - borrow up to 90% of the value of your home; repayment terms of 10 years, 15 years, 20 years, 25 years up to 30 years, mortgages/remortgages with no proof of income or poor credit; quick, hassle-free application process; no upfront fees and no obligation advice; competitive rates; quick payout often completing in/under 4 weeks on Fast Payout mortgages.

Professional advice should be sought from a qualified mortgage broker or advisor in order to help you select the right self-certification mortgage product based on your individual circumstances. The mortgage lenders are now offering some of their cheapest deals exclusively to direct customers in their branches and on the internet rather than through brokers. But this doesn’t mean that you should avoid mortgage adviser completely. The best plan is to visit price comparison websites, check out the High Street and also visit a mortgage broker to make sure you fully understand what type of product is best suited to you. This is particularly important if you have more complex borrowing needs, such as if you require a mortgage that allows you to underpay and overpay from time to time, or if you are self-employed. Brokers can highlight all the pros and cons of a mortgage deal and many do not charge a fee for their service, so they need not add an extra layer of cost to the process.

If you go online, there are many price comparison sites such as Moneysupermarket, and calculator tools on sites like Moneyfacts.co.uk or the Financial Services Authority's own Money Made Clear comparison tables, that enable you to estimate the cost of mortgage repayments over time. Self employed can find Fast Homeowner Loans or Fast Guaranteed Loans at the fastest growing online lenders. But be sure to consider only the secured loan options. “Remortgage Self Employed” is one of a few online services who specialize in remortgages for the self employed.