Self-employed? Your mortgage options explained Rising numbers in the 'gig economy' mean mortgage lenders have to change. Teresa Hunter looks at where the self-employed can turn to get a home loan

Nearly one in five workers is either self-employed or on a fixed-term or "zero-hours" contract. Since the 2007 credit crisis these borrowers have found it difficult, if not impossible, to secure a mortgage. David Hollingworth, a mortgage broker at London & Country, said: "The grow...

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Bibliographic Details
Published inDaily telegraph (London, England : 1969)
Main Author Hunter, Teresa
Format Newspaper Article
LanguageEnglish
Published London (UK) Daily Telegraph 01.04.2017
Subjects
Building societies
Employees
Employment
Fees & charges
Loans
Mortgages
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Summary:Nearly one in five workers is either self-employed or on a fixed-term or "zero-hours" contract. Since the 2007 credit crisis these borrowers have found it difficult, if not impossible, to secure a mortgage. David Hollingworth, a mortgage broker at London & Country, said: "The growth in the gig economy has seen employment patterns change and lenders are waking up to the need to adapt." Home loan hurdles The self-employed and small business owners have historically been required to produce at least two years of audited accounts to qualify for a mortgage - often three. Michelle Stevens, head of mortgage sales at Ipswich Building Society, one of the lenders with a range of loans for the self-employed, said: "It can be a problem, but over the years we have identified this group of borrowers as very creditworthy, so it seems unfair to lock them out of the market. The big banks...
ISSN:0307-1235