For Self-Employed Buyers: Don’t Panic
Navigating the mortgage process can feel even more complicated for those who are self-employed or have an unconventional income situation. But Sonya reassures us that it’s far from impossible.
“There’s no one-size-fits-all approach to mortgages,” she says. “Different lenders assess applications in different ways, so it’s important to work with someone who understands how each lender operates.”
For self-employed buyers, stability is key. Lenders want to see steady, consistent income. The number of years of accounts required varies, with some lenders willing to accept just one year of accounts, depending on the strength of the application.
“Securing a mortgage as a self-employed borrower may seem more complex, but with the right approach and guidance, there are options out there for you,” Sonya reassures.
The Truth About Credit Scores
Credit scores are often seen as the be-all and end-all when it comes to mortgage approval, but Sonya reminds us that while your score matters, it’s not the only factor lenders consider. “Lenders look at your overall financial behaviour,” she explains. “Your ability to manage debt, maintain a steady income, and keep your accounts in good standing can be just as important as your credit score.”
If you’re looking to improve your credit score, small changes can make a big difference. “Start by checking your credit report for errors, make sure you’re registered on the electoral roll, and use credit cards responsibly. Keeping your balances low and paying your bills on time is key.”
Empowering Solo Buyers
For women or solo buyers who feel intimidated by the home-buying process, Sonya has this advice: “You don’t have to do it alone. Buying a home solo is an incredible achievement, and while it may feel nerve-wracking at times, it’s also deeply empowering.”
She emphasises that buying a home on your own terms is more than possible. “Times have changed. Women are securing mortgages and building financial independence every day.” Sonya stresses the importance of having the right information and support throughout the process, noting that a good broker will explain everything clearly, making the process feel far less intimidating.
