capitalfortune

Call us today to speak to an expert

0207 7 100 400

Lending and Self-employment- what are the chances?

 
  A survey by the ONS found that self-employed individuals made up fourteen per cent of the work force, with temporary/free-lance workers making up an additional six per cent. Despite some of these self-employed and temp workers being professionals, some may be finding it more difficult to get offered a mortgage than those employed by a company.
  This is in part due to new practices and rules which mean many lenders require in-depth income records; and require information going back at least 2-3 years. Moreover, this creates an issue for those just starting out on the self-employment path, as some start-up businesses have fluctuating incomes overs the first few years. In some cases company directors can also take a smaller salary to help boost company profits.
  
  While many lenders are willing to accept applications for mortgages for self-employed people, some remain cautious when offering a loan. This means some self-employed people have taken on the advice of mortgage brokers to help them find the better deals.
 

As featured

Newsnight
The Mail Online The Guardian
The Independent

Our customers have rated our service

Feefo logo

Awards from

Awards All
Awards All
Awards All
Awards All