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Increasing numbers of people have now woken up to the possibilities of self-employment. Research suggests that the numbers of self-employed people shall be increasing with every passing day. 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 without having the headache of long commutes. Given these advantages, one need not be surprised that people have begun to look at self-employment for earning their livelihood. However, along with all the advantages that come with self-employment it has a set of disadvantages of its own. For starters, a self-employed person might have to cope with not having a steady pay. There may be a windfall one month and almost nothing for the following months. It is not the most secure form of working. If one is self-employed one must not be oblivious to the problems that are inherent in working this way. Again, it is one thing to tell people who are self-employed that they will need to cope with the insecurities of an irregular income. How about those who need payments from 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 finding the perfect mortgage deal. However, when it comes to a person with an irregular income, lenders will not have the incentive to take the risk of loaning him the amount. Moreover, it may not be possible for a person with an irregular income to not default on monthly installments on a mortgage throughout the year. That is the reason why all self-employed persons are pleased to have the option of 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, there are more advantages than disadvantages. A flexible mortgage does not require the borrower to repay the same amount every 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 given the option of borrowing from the paid-up amount. This would lead to the mortgage period carrying on for a longer time, but it would lessen the financial burden from the mind of the self-employed borrower. Self-employment is no longer a major barrier to availing of personal finance. Looking for a home mortgage? We help people get mortgages, even if it means bad credit mortgages. Visit us today.
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