Mortgage Applications for the Self Employed
“Mortgage applications are tough. Even more so for the self-employed. A lack of PAYE, limited trading history, and sporadic or multiple incomes – to name a few barriers – are some of the reasons why a rejection may happen. Over a third of self-employed workers have been rejected by a high-street lender, according to research by Kensington Mortgages.”
“Over a third of self-employed workers have been rejected by a high-street lender, according to research by Kensington Mortgages. Additionally, more than two-thirds (68%) felt disadvantaged by their employment status when applying, and over a quarter considered taking on a full-time job to increase their chances of acceptance.” Mortgage Introducer, October 18, 2019.
At Cotswold Independent Financial Services, our independent mortgage advisers can talk to you about a variety of different mortgage products. We have a much wider remit where we can search to find a mortgage which matches your background and employment conditions, and we have current knowledge as to who is offering what. Therefore, we regularly work with our self-employed clients to find a deal with which works for them.
In summary, when it comes to financial planning, there are more considerations to make if you are self-employed. Our team are experienced in this area of planning and can talk you through the areas you need to consider in putting your plan together.