Mortgage for self-employed is often turned down by banks and financial institution. Since the new rules came in affect by our finance minister, mortgage for self-employed is becoming more and more tough. There are many conditions that financial institutions look for financing a home loan to a self-employed and often these conditions are tough to meet. Like 20% down payment high income notice of assessment and etc.
There are many ways to get mortgage for self-employed, banks will not tell you these ways but a mortgage agent knows as there are hundreds of lenders who will give you the home loans even if you are self-employed. And do not have high income in notice of assessment.
Self-employed do not show high income for many reasons first is more profitability, to pay less taxes most of their income is shown as expanses and are claimed in their tax returns to bring down the income so they have to pay less tax and get the tax exemption benefits and other benefits from different schemes and opportunities designed by the government to support countries employment opportunities and economic growth. Many lenders understand this but this does not means that the self-employed is not making money or he cannot afford his home many of the self-employed work from home and even deduct their mortgage payments from tax claims where as a employed person cannot in this case self-employed can very well afford all this scenario are well evaluated by the different lenders as per their needs of putting their money in market for mortgage properties.