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Flexible Mortgages for Self Employed Folks

Aug 28, 2007
More and more people these days are becoming aware of the possibilities of self-employment. Research suggests that the numbers of self-employed people will certainly increase in the near future. Self-employment has many advantages such as flexible working hours, the option of taking on only as much work as one pleases, and the possibility of higher pay while being answerable to oneself. Given these advantages, we should not be surprised that people have begun to look at self-employment to be a good job option.

However, along with all the advantages that come with self-employment it has its own share of disadvantages. For starters, a self-employed person might not have a secure salary. There may be a windfall one month and a zero amount the next month. It is not the most secure form of working. If one is self-employed one cannot afford to ignore the troubles that are inherent in working this way.

Again, it is one thing to tell people who are self-employed the need to be able to deal with the insecurities of an irregular income. How about the people who work with them? Take the instance of buying a house. If a person has a full-time job which pays a fixed salary at the end of the month, he should not have too much trouble in stumbling upon a great bargain. However, when it comes to a person with an irregular income, lenders will not be too eager to take the risk of loaning him the amount. Moreover, it may not be possible for a person with an irregular income to pay the same amount every month on a mortgage throughout the year. That is the reason why all self-employed individuals are pleased to think about a flexible mortgage.

Now, a flexible mortgage is specifically suited for people that are self-employed. On the negative side, these loans charge a considerably higher rate of interest. However, the advantages outnumber the disadvantages. A flexible mortgage does not require the borrower to repay a specific amount each month. The borrower is allowed to pay as much or as little as he likes depending on his monetary situation that month. Then, after having paid a certain amount of the borrowed amount, the borrower would also be permitted to borrow from the paid-up amount. This would lead to the mortgage period carrying on for a longer time, but it would eliminate a lot of stress from the mind of the self-employed borrower. The self-employed person can now easily buy a house.
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