Self-employed mortgage loans
If a permanent worker or a civil servant currently already have serious difficulties to be granted financing, whether mortgage or personal, it is easy to imagine how complicated it is for a self-employed.
However, once we have selected the best mortgages, with the help of a bank comparator like iAhorro.com, there are some keys that will help us get the mortgage loan we need:
In an ideal world the manager who serves us would know the world of business management and would be able to analyze the qualitative aspects that make our bar or engineering firm a good business. The reality is that they usually don’t have much of an idea of how businesses in our industry work.
Getting a mortgage while self-employed is no easy task. But neither is being self-employed, and if we have come this far it is because we are very capable in our field. Let’s take courage and patience and understand that the process of applying for a mortgage takes time and effort. It’s not personal, it’s business.
If you do not have a regular income or simply do not want to deposit your salary in the same bank where you apply for financing, your best option is to get a mortgage without a salary, but is it really viable?
The first scenario (and the most advantageous when it comes to obtaining financing) is that you have a fixed contract and that you receive a salary every month. In that case, you may not want to ask for a mortgage in the bank where you receive your salary, for example, because their offers do not seem interesting to you, if so, the banks may not refuse to grant you a mortgage without a direct deposit of your salary (the new mortgage law prevents them from closing the doors because you do not comply with such a requirement), but they could charge you a higher interest rate than those customers who do respect this requirement.
If you are self-employed, you will most likely not be able to prove that you have a regular paycheck. However, this does not mean that you will not be able to get financing for your future home, especially if your business is doing well.
As a self-employed person, at the time of requesting a mortgage loan, you must demonstrate that you have sufficient payment capacity. In this case, it is best to go to the bank well prepared, with documentation that reflects in as much detail as possible the income you have and the guarantees you can provide.
Is it impossible to get a mortgage if you are self-employed? The answer is no. However, before knocking on the door of the branch with the arguments prepared, the first thing is to be well informed of the requirements that the bank asks for. As minimum, it is necessary to have very clear that the income of the activity that is carried out is going to allow to assume the monthly payment of the mortgage, besides to count on previous savings.
When a bank analyzes the risk of granting a mortgage to a client, it takes into account variables related to labor stability and the effort that the loan installment is going to suppose with respect to the income. For this reason, it is convenient to put on the table all the documentation that demonstrates that it will be able to face the payment of the loan month by month and will not become a risky client.
If you have found the house you like, now is the time to contact the banks to ask for a mortgage loan with which you can buy it and, therefore, have all the documentation to ask for a mortgage. Negotiations nowadays are much simpler, and the procedures are much faster, but for everything to go smoothly, it is necessary that you have all the documentation ready to ask for a mortgage.
These official documents are essential to do any kind of procedure and, of course, the bank will ask you for this documentation to ask for a mortgage. You have to present them because they are necessary to prove your identity and demonstrate that you are who you say you are.
The bank wants to know your solvency, and in order to be able to analyze it, it must first be aware of your income and its stability. That is why you will always be asked to present this documentation to apply for a mortgage.
If you are self-employed you will have to present the documents that prove that you are registered with the Social Security and the IAE, and it is possible that they will ask you for documents that prove that you are up to date in the fulfillment of your obligations with the Treasury and the Social Security.