I wouldn’t say it’s harder to get a mortgage if you’re self-employed, but it’s less straightforward than for
an employed person. You’ll find that lenders will ask you for more documentation. They’re potentially going
to look at your income a little bit more closely, compared with an employed person who will just have to
provide payslips and maybe some bank statements.
Check out online resources
There are many online resources to help you look for internships. CyHire is a great tool to find employers who
are recruiting Iowa State students. You can search for positions by your college or major, upload your resume,
view career fair information and more. You can even automate your CyHire search to have new opportunities
emailed to you. LinkedIn is another great tool to connect with people and to find internships in different
cities and states. Through LinkedIn you can also connect with alumni of Iowa State University.
Attend career fairs
Career fairs are a great way to network and to create connections with people in the work force. Through
networking you are able to share your resume and network for yourself with others. Connections are important for
finding job opportunities.
There are even lenders who in some scenarios would accept the self-employed from day one. For example if someone
who had one year’s accounts as an accountant decided to be a self-employed builder, they might struggle because
there’s no work experience history. But an employed accountant moving to become a self-employed accountant is
more likely to be accepted with a year’s accounts. Imagine a doctor that has worked for the NHS for five years
is buying into a local, established practice. Many lenders would consider that from day one because the practice
already has history. So it is definitely possible to get a mortgage with one year’s accounts, and sometimes
less.
You don’t see an internship at a business or organization you want to work for? Contact the business or the employers. This shows them that you are motivated and willing to go the extra mile.
Find something that works for you
Looking for an internship that intrigues you and will help you improve your skills and connections is important
when making a final decision. While there are both paid and un-paid internships, there may be scholarships you
can apply for if you decide to take an un-paid position, so don’t discount an opportunity if it will ultimately
help you gain valuable experience.
When you have a delinquent loan, expect frequent calls and emails from your lender urging you to make payments. Lenders prioritize collection efforts while the deadline is fresh in your mind. As delinquency continues, it becomes more challenging for lenders to collect the debt.
Self-cert mortgages are not a good idea – back in 2008 a major factor in the credit crunch for the mortgage
world was self-cert, and so they’re not available anymore.
One thing to do before you apply for a mortgage if you’re self-employed is to have a look at your credit score
and register on the electoral roll. Some lenders might score you more harshly when you’re self-employed as the
risk to them is higher.
