Is it harder for self employed borrowers to get a loan?

There are a lot of benefits to being self-employed. You’re in charge of your career, you can potentially earn more money and you have the satisfaction of delivering a service you can be proud of. However, there are also some drawbacks to self-employment. One such drawback is arranging finance – typically, PAYG borrowers don’t face as many hurdles as self employed borrowers, so here is what you need to know if you’re self-employed and looking for a mortgage or loan.

Firstly, it’s important to speak with a mortgage broker. A mortgage broker can help you understand what loans are available to self-employed borrowers and how to go about applying for them. They will also be able to explain any potential benefits or pitfalls of taking out a loan as a self-employed borrower.

Secondly, it’s important to be aware that self-employed borrowers may need to provide additional documentation when applying for a loan. This is because lenders will want to see proof of your income and employment history. A mortgage broker can help you understand what documents you’ll need to provide and how to go about obtaining them, before assisting with the loan application process and dealing directly with the lender on your behalf.

If you’re self-employed and looking for a mortgage or loan, then it’s important to speak with a mortgage broker and be aware that you may need to provide additional documentation. With our help, you can navigate the process and find a loan that meets your needs.