An independent worker can access a mortgage loan. The question is, is your business organized to make the best business possible?
Last year I met Laura. He has had a flower shop for eight years. She started making vases and taking them home. Now he also organizes marriages and parties. He has a special ability to buy flowers and foliage at the best prices.
When we spoke the first time
He told me that he had good savings and great frustration: he believed that as a freelance worker, he could not buy a house, he could not access a mortgage loan.
Yesterday, he called me to tell me that they had already disbursed the loan and he would move to his new house with his family. I was overjoyed.
What was the strategy to get Laura to get a mortgage loan approved?
Basically this: accumulate sustainable income.
As an independent worker you must understand the bank’s business: the financial institution is interested in lending money, that is one of its most important sources of income. The point is: can it lend to you? Is it safe to lend?
The only way to prove it is to present valid documents about your business and your income.
The bank is not interested if you earn a lot or a little. It does not qualify that. You are interested in calculating that what you earn will be enough to comfortably pay the credit installments. In addition, by law, you must have documented the source of your clients’ income.
In Laura’s case, it was necessary to organize the flower shop accounts a bit. After understanding your situation, we suggest you formalize the business further.
- Invoices would be the key to demonstrate sales.
- Preparing contracts with the brides would serve to show future income.
- Formalizing the business with hotels where it provides services to fix the vases of restaurants and lounges, would be perfect as service location contracts.
Requirements for independents
Financial institutions are clear that independent workers category 4, which are not payroll, are very interesting clients. You can view it in checking accounts and savings accounts. They handle a lot of money.
What you have to do?
According to your type of business, banks have designed requirements.
- For example, if you are a shareholder and that is the source of your monthly income, it would be sufficient to present the latest affidavits and the balance sheets of the companies of which you have shares.
- If your business is the rental of real estate , rental contracts work as a requirement, payments to SUNAT and, of course, HR and PU certificates to prove that you are the owner.
- Merchants can submit the latest sales tax payments and the affidavit of the company’s taxes.
- Microentrepreneurs can deliver the operating license (if they are of a special regime) or the constitution of the company (if they already belong to the general scheme). RUC payments or affidavits / PDT for the last two years.
- The professionals , the receipts of fees of the last three months and the contracts of lease of valid services.
As you can see, the requirements are nothing from the other world. Now, you can do the same as Laura: understand that buying the house with mortgage credit is an equal or more important business than the florist. In that order of ideas, Laura had to align the strategies of both businesses. To demonstrate good income, obtain the desired credit amount and a good rate, it was very important to present a good billing and frequent income in bank accounts.
Laura did it. Any independent worker can organize to access a mortgage loan.