Self-employed mortgages are designed for those who receive their income from business or self-employment rather than an employer that pays a salary. This is because self-employed persons usually have a fluctuating income, while regular employees usually receive a regular income.
A self-employed mortgage is a non-traditional mortgage and can be accessed by people who run full-time or part-time businesses comprising partnerships, incorporations, and sole proprietorships. Self-employed individuals who are incorporated must own the corporation and receive a salary or dividend from it to qualify as self-employed.
The benefits of a self-employed mortgage include: