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The self-employed sector has become renowned for its many obstacles when it comes to securing finance, especially since the regulator’s Mortgage Market Review (MMR) tightened affordability criteria and made it increasingly difficult for self-employed borrowers to be considered by mainstream lenders. As such, the BBC recently stated that self-employed individuals should be receiving more support across all areas of their occupation – including running a business and accessing necessary funds. Which, as the increasing growth of self-employment across the UK has proved, is of great importance for the subsequent benefits to the economy as a whole.
A review commissioned by the government from a leading entrepreneur has called for similar rights to those of company employees to be given to the sector, focussing on a strengthened support system to close the gap between the self-employed and employed. Calling for the market to provide more support to self-employed customers and the specialist lending so often required, the review seeks to wipe away the sweeping generalisation adopted by many lenders that complex or multiple income streams spell trouble.
In our eyes, this outlook is outdated and unrepresentative of the many opportunities available to the self-employed, especially when approached in the right way. Often deemed as inconstant or unstable when calculating affordability, we understand that navigating your financial journey with a complex income stream can be tricky and typically require alternative financial solutions.
Although an increasing need for support is headline news for some, this is something that has always resonated through our work at Enness with a huge majority of our clients being self-employed with more complex circumstances. That’s why we’ve recently published a brand-new Self-Employed Mortgage Guide, to offer advice and information to any existing or potential clients so they can determine the best options available when securing a mortgage.
Some analysts believe that many of the newly self-employed are those who previously lost their jobs as a result of the financial crisis, yet with the majority now finding it a positive choice. The fact, therefore, that many self-employed individuals are unsure of how to go about securing a mortgage is wholly understandable.
Because of this, we are firm believers in ensuring our clients are as informed and prepared as possible, so we’ve outlined everything you need to know about the challenges of getting a mortgage when self-employed, what lenders look for, useful information and of course, how we can help, in this digestible guide.
We will always strive to provide the best support, solution and access across the market for our clients, as well as keeping up-to-date with any market movement and trends. So if you are self-employed and looking for a mortgage, you can download our Self-Employed Mortgage Guide below, or you can contact one of our expert brokers, who will be happy to chat through your options with you.