Low doc home loans have been designed to support people who don’t have the usual paperwork needed to secure a mortgage. The most common reason for this is because they are self-employed, so the standard tax statements and other documents aren’t as easily accessible.
If you are self-employed, then the benefits of a low doc home loan can be significant. Here are some of the most common advantages of applying for this type of mortgage.
Don’t be left out of the market
Self-employed individuals can often feel as though they’re being left out of the property market, but with a low doc loan, this no longer has to be the case. You are just as well placed to make the most of boom-like conditions as anyone else.
Find a product that suits your financial situation
As anyone who is self-employed will no doubt know, day-to-day finances can be difficult to manage. With a dedicated mortgage product, you can make sure that your chances of making repayments on your home loan are increased.
These mortgages are specifically designed with your requirements in mind, which is why they tend to be preferable to standard home loan products.
A range of different options
One common misconception when it comes to low doc loans is that a limited number of options are available – but this simply isn’t the case. Fixed and variable rate deals are available, so it’s worth weighing up the choices to find one suited to your needs.
Customised products
Any good mortgage broker will be able to determine which self-employed home loans are right for you, before giving you the opportunity to narrow down your options. There is no need for a one-size fits all solution, as there’s no shortage of products out there that can be tailored to your requirements.
