Cooper’s parents died in 2021, and their house was last year valued at $750,000, so – as
things stand – he and his sister will have to hand over most of that to the bank. He
says he feels certain his late parents did not realise that that $42,500 loan could
spiral to close to $500,000 and “cost their kids their inheritance”.
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.
You should still be able to get a mortgage with just one year’s accounts. The majority of
lenders usually want two years’ history as self-employed, but some will accept a year’s
self-employed income.
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.
As brokers we’re here to help. We’ve got a really good understanding of which lenders are
most suitable for every type of client.
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.
Thankfully not, but we have seen some companies try to set up self-certs abroad. I would
avoid those companies like the plague.
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.
