Being self-employed , and not having a regular or provable income needn't prevent you from getting mortgage that you need, there are specialist lenders in market who offer mortgages for these circumstances.

There are lenders that will offer you a mortgage on basis that you self certify your income, nevertheless, you'd still need to have a sizeable deposit to put down to lessen lenders risk. For this deposit of 15-20% lenders do not check employment records or ask for your accountant to clarify your earnings.

Mortgage lenders will want to see three years audited accounts from a certified accountant before they consider a mortgage for self-employed. If you do not have three years accounts you may be able to get a self-certification mortgage by declaring your income. You have to provide a certificate from your accountant for your last few years' mortgage statements.

Some specialist mortgage lenders have targeted self-employment mortgage market by providing some solutions that offer a more flexible approach to match working pattern of someone who is self-employed. This means that they accept that when you are self-employed you may enjoy periods of high income but you may also suffer from periods of low income. Your mortgage should reflect that, enabling you to overpay and underpay when you need.

Those with a reasonable amount of deposit but unable to show their true earnings would suit this type of mortgage.

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The biggest advantage of a fixed rate is that irrespective of fluctuations in interest rates, your monthly repayments remain same throughout period of fixed rate - usually six months to five years.

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from rises in interest rates. However, you would not benefit from any reduction in lenders standard variable rate.

Fixed rate mortgages generally incur a penalty if redeemed within fixed rate period.

The advantage of a fixed rate mortgage is that you know exactly how much your mortgage will cost, and for how long. If interest rates on your mortgage rise, well fixed rate will not. Conversely, however, when mortgage rates drop, your fixed rate mortgage will not drop with them.

The key benefit of a fixed rate mortgage is that you are able to accurately budget your repayments for a set period of time. In addition, fixed rate mortgages are an excellent option, if it becomes apparent that interest rates may be rising over coming years, as you can protect your mortgage repayments against rises by choosing a fixed rate mortgage.

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