What Are My Options As A Self-Employed Borrower?
When it comes to sorting out your options for home loans, things can get a little bit tricky if you are a self-employed or seasonal employee.
For those in this situation, it can often be more difficult to produce the amount of paperwork required for a normal mortgage product - which is why it’s important to take a step back and really canvas your options, to ensure you still walk away with the mortgage that suits your needs best.
Low doc (short for ‘low documentation’) loans are one alternative that many self-employed or seasonal employees turn to in order to solve their housing finance problems, as they do not require the same level of financial paperwork which other loan types are usually associated with.
This type of loan can be very helpful, but it may also come with risks such as extra fees or charges - and for that reason, if you’re considering taking out a low doc loan it’s important to get targeted advice that will guide you through the process as you narrow down your options.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today to get started on the home loans process.