Archive: 1 in 8 rejected when applying for self-employed mortgage
According to research from the Nottingham Building Society, almost 1 in 8 self-employed people have been rejected when applying for a mortgage. This is despite nearly half (48%) earning about the same or more than in their previous employed position.
This news about self-employed mortgages was reported on the What Mortgage website on 4th October 2016.
What this means for home buyers and home owners
Adam Nanson, Independent Mortgage Adviser from Your Mortgage Expert, comments:
“The Responsible Lending Review that was published by the Financial Conduct Authority found that there was no evidence that mortgage companies were being prevented from offering self-employed mortgages. Yet, despite this, the self-employed reported in this survey that they feel they are being penalised when it comes to applying for mortgages.
“Our experience from speaking to self-employed people is that they often have been rejected by mortgage companies in the past. But this is often due to them applying for mortgages via the conventional route. However, it might be that the self-employed have to look beyond their high street bank to secure a mortgage.”
How Your Mortgage Expert can help
“At Your Mortgage Expert, we have a great deal of experience in helping self-employed people and contractors secure a mortgage offer. We know which mortgage lenders are more sympathetic to self-employed people and specialise in self-employed mortgages. We also know what type of information they often like to see in order to accept an application from a self-employed person.
“We don’t charge for the initial consultation and you won’t have to pay us a penny until you complete on your mortgage. And, we will work hard for you to get you the most suitable offer for you.”
To speak to Adam Nanson about your next mortgage, ring him now on 01722 322683 or complete a contact us form and let him know when he can call you back.
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. SECURING SHORT TERM DEBTS AGAINST YOUR HOME COULD INCREASE THE TERM OVER WHICH THEY ARE PAID AND THEREFORE INCREASE THE OVERALL AMOUNT PAYABLE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
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