In a global survey, it has been found that the use of online mortgage services by self-employed people has increased significantly. The major reason for this is that such mortgage services help a self-employed person to find a suitable mortgage lender with flexible terms and conditions. A lot of people managing their own businesses have been making use of such online mortgage services in order to find a mortgage lender in a limited time.
Usually, lenders don’t offer a mortgage to self-employed people for they have an inconsistent cash flow especially in the beginning years of their business. And in order to persuade mortgage lenders to get lending for buying a house, the self-employed people need to show at least 3 years of their payment accounts. However, for people working in other companies on salary, it simply becomes easier to get a substantial amount of mortgage from mortgage lenders.
With the use of online mortgage lending services, self-employed people get an opportunity to arrange meetings with high street mortgage companies to find mortgage advisors within 1 year of self-assessment. It is evident from the use of this self employed guide mentioned here. Due to the use of online mortgage lending services, it has become possible to meet mortgage advisors and mortgage brokers easily without paying much amount of money.
In the UK, about 35% of people believe that they will not get a mortgage due to their low income and 33% of people find a mortgage lending process too much hassle. This prevents them from accessing effective mortgage lending services available in different parts of the nation.