Using a mortgage broker can help improve chances of a self-employed application being accepted as we will guide applicants through the process, including ensuring they have all the relevant documents needed, but will also be able to highlight deals that are more likely to accept applications from those who are self-employed.
With some high street banks turning away self-employed mortgage applications from those who have taken out government Covid grants during the pandemic, and a recent industry report revealed that 35% of borrowers are unsure if they will get a mortgage due to being self-employed, many consumers may feel that being self-employed is a barrier to homeownership.
In fact, the research found that although 23% of borrowers were unsure if they could get a mortgage if they were self-employed, a further 12% believed that being self-employed would result in a mortgage rejection. Meanwhile, some self-employed applicants have found that high street banks have turned down their mortgage applications due to taking out the government’s self-employment income support scheme (SEISS) grant. Although being self-employed may make it harder than an employee to get accepted for a mortgage, being self-employed is not a complete barrier to homeownership.
If you run a business and are currently considering your mortage options then please get in touch. Initial enquiries are free are you are under no obligation.
Comments