If you are self employed there is no reason why you should not apply for a mortgage loan to purchase property. The banks or money lenders will require you to produce certified bank statements to prove what your monthly or annual income was since you were in business. They will also want a written plan of your intended development in the near future. The amount of people you employ will also give them an indication of how big your business is. They will assess all this information and if they find that you are operating a stable business you will be given a loan.

Many applicants who have a bad credit history might be apprehensive to apply for a loan to purchase property as they think that this factor will count against them. Banks and lenders are not entirely unsympathetic towards these applicants as the loan is secured against the home and they will be able to sell it at any stage that you did not pay off the loan every month.

Shop around before you decide who you will give your business to. Compare interest rates and loan charges. The loan charges on this loan are quite high so see if there are any lenders who are willing to negotiate these rates. Check online for lenders who advertise their interest rates. There are banks that periodically advertise a reduced interest rate for a short period of time in the local newspapers. Watch out for these as this could be a huge benefit if you could cash in on a discount.