Most lenders happy to offer self-employed borrowers a mortgage
Self-employment has become an increasingly important feature of the UK labour market, with the latest data suggesting that around 15% of the UK’s workforce is self-employed.
The Bank of England says the rise in self-employment has accounted for around a third of the increase in employment since 2010. Their latest report also highlighted that older borrowers are the most likely to start their own business.
With the rapid increase in self-employment more people are finding it easier to setup their own companies, but they aren’t necessarily finding easier to get a mortgage.
Aaron Strutt, product manager at Trinity Financial, says: “It doesn’t have to be difficult to secure a mortgage if you are self-employed as there a plenty of lenders willing to help.
“Most of the banks and building societies will ask for two-year’s accounts as proof of income but some lenders will be happy with one year’s accounts.”
If you would like help to secure a mortgage, call Trinity on 020 7016 0790.
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