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Getting a loan usually requires proof of employment which can be a stumbling point for self employed mortgage seekers. It might be easy enough to forge a pay stub (like you actually pay yourself) or an employment history, but whos going to take your word on your pay?

The best route for self employed mortgage seekers is to make copies of past income tax records. It will give any lender a credible example of the amount of money you bring in each year. Most lenders will require three years of income history, an easy enough task for someone who has been out of the traditional work force for a while. Most often it is the new comers to self employment that need a mortgage.

If you are new to the self employed market, it could be a bit tougher for you to find a mortgage tailored to your needs. Try to think of ways to prove your income that might be a little outside the box. A lender might be willing to take a letter from companies or individuals that you have contracted out with as proof that you have income now and will have income in the months to come.

The greatest way to get a self employed mortgage is to have some collateral (like a retirement account or savings account) that could offer a potential repayment option. The interest from these might be enough to secure the mortgage payment each month.

Lenders look at a number of factors before they give their money to a client. Finding the right path for self employed mortgage is not always easy. Call or visit several lenders to see if they are willing to work with a self employed customer. It may take some time and some tinkering, but it is possible to find an option for the self employed mortgage seeker.

Kathryn is a freelance journalist specializing in small business finance. She has recently written guides on how to get a self employed mortgage and also writes for finance publications covering UK mortgages news.