Mortgage lenders shun the self-employed with Lower lending and Big deposits

Bigger deposits, more paperwork and black marks if you took a bounce back loan during lockdown. These are some of the problems many self-employed are facing on the High Street at the moment.

Even though many self employed people may earn more than salaried employees, some lenders have lowered the amount they can borrow. Many of the big name lenders are also asking for increased amounts of paperwork, bigger deposits and even refusing to accept any self employed income at all if they have taken financial support from the Government. All this is also adding processing time the lenders take with applications.

Now more than ever it is important to get organised if you are, or will soon be, looking for a mortgage when you are self-employed. It is, therefore, vitally important to get advice from a mortgage broker that has access to all of the market, not just a select few lenders. Experienced brokers will know exactly which lenders will be able to help your individual circumstance and save you time and money in the process.

If all of this relates to you get in touch with Nigel, Rachel or Selina as we can help.

We are Mortgage Smart!