Greycoat Real Estate: Self-employed Are Afraid To Apply For A Mortgage
Greycoat Real Estate: Self-employed Are Afraid To Apply For A Mortgage
Greycoat Real Estate states nearly a third of those working independently have never applied for a mortgage. A large percentage of self-employed workers assume they would automatically be denied. At the same time, others have heard over the years how tedious the process is and have not bothered.
Greycoat Real Estate understands their concerns; in the past, self-employed people were often rejected. However, with more people running their businesses, the views of remote working and self-employed are beginning to change. Grey Real Estate emphasizes the need for people to understand the role of specialist lenders.
A specialist lender can provide different opportunities than a regular lender. Up to now, they can assess income in a way that gives more opportunities to those with a unique income structure. Greycoat real estate adds that those approved for a mortgage reveal that they needed to try more than once to secure a mortgage.
Greycoat Real Estate does admit that self-employed applicants are treated differently. They are certainly under more scrutiny than people who are employed by others. The concern with self-employed people is that their income tends to be irregular. In the eyes of a lender, that classifies them as a risk.
It may take some research, but there is help for self-employed workers, according to the reliable and successful Greycoat Real Estate agency. Specialty lenders tend to be more flexible. For example, self-employed people may not have to show two years of income. One year of income could be enough.