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More mortgage options for self-employed

Good news for those of us who are self-employed, work freelance, rely on short contracts or just have an irregular income, as the Birmingham Midshires announces a range of new self-certification products.

The move comes in response to an increasing proportion of the workforce abandoning traditional work patterns and environments. With PC ownership now virtually the norm rather than the exception, there has been a big increase in the number and range of work opportunities open to people who want to work from home. However, the mortgage industry has failed to recognise these trends, resulting in more people being marginalized by the big lenders.

As Steve Sandiford, of Birmingham Midshires commented, "People no longer have jobs for life and employment is increasingly cyclical with many people on irregular incomes or short-term contracts."

The new range of self-certification mortgages will be available on properties up to £500,000 and will utilise daily interest calculations. However applicants must provide a letter from their accountant certifying they have been trading at least 12 months. An arrangement fee of £299 is payable on the loans.