Self Employed Mortgage
A self-employed mortgage is a residential mortgage on a home that is being purchased by a self-employed individual or someone who owns their own business. Self-employed home-buyers need much more proof when declaring their earnings for a mortgage loan than salaried employees who only need T4’s to prove their income.
To qualify for a Self Employed Mortgage, banks will ask you to provide financial documents which can prove you have both a steady income from your business and a strong credit rating to be eligible for a mortgage. These include:
- Income statement for your business which proves it is profitable
- Strong credit scores for yourself and your business, usually 600 or above
- Business contracts which show proof of future income.
- Tax receipts which prove income tax payments
- Proof of ownership for business