{"id":9552,"date":"2020-07-20T10:21:07","date_gmt":"2020-07-20T09:21:07","guid":{"rendered":"https:\/\/www.impactsf.co.uk\/?p=9552"},"modified":"2022-01-27T08:05:36","modified_gmt":"2022-01-27T08:05:36","slug":"self-employed-not-stop-getting-mortgage","status":"publish","type":"post","link":"https:\/\/www.impactsf.co.uk\/index.php\/2020\/07\/20\/self-employed-not-stop-getting-mortgage\/","title":{"rendered":"Being self-employed should not stop you getting a mortgage"},"content":{"rendered":"\n
\"self-employed\"<\/figure>\n\n\n

There are many concerns in the current climate relating to job security and especially how lenders look at the self-employed following lockdown with regards to consistency of ongoing income and customer base.<\/p>\n

The growth of self-employment, contracting and the gig economy has continued to challenge and change the make-up of the UK workforce over the past few years. Government statistics for 2019 saw the number of self-employed people rise to 4.93 million, some 125,000 more than a year earlier and this is a number which is only expected to grow.<\/p>\n

We\u2019re seeing a greater number of clients who are not only self-employed<\/h3>\n

As a specialist mortgage broker, we\u2019re seeing a greater number of clients who are not only self-employed but who have a variety of income streams and different ways in which they generate their income. As the raising of the Stamp Duty threshold is set to encourage more first-time buyers into the housing market, and homemovers to take the next step up the housing market, it\u2019s vital that mortgage brokers are adept at meeting the ever-changing demands of such borrowers.<\/p>\n

Moving forward, an even greater proportion of homebuyers will have a non-traditional income history and many differing forms of current income for lenders to contend with. Despite this sustained shift, it largely remains the case that those with a salaried or traditional source of income are far more likely to be eligible for mainstream mortgage deals than those with complex income scenarios. Having said that, there also remains a misconception that those missing out on the perceived favourable terms of high street lenders are unable to get a mortgage. Thankfully, there are a healthy number of lenders – some on the high street, many more not on the high street – who have competitive product ranges and flexible criteria in place which can service the needs of the self-employed workforce or those with multiple income streams. A large proportion of these products are available through specialist lenders and some can only be accessed via a mortgage broker.<\/p>\n

The rise of self-employment and the gig economy<\/h3>\n

It\u2019s always been slightly more complicated for self-employed people to obtain a mortgage and \u2013 especially over the short-term – this may get even tougher when you consider additional Covid-19 complications. The rise of self-employment and the gig economy will undoubtedly continue. And with many underlying lending restrictions still in place, especially at higher loan-to-value levels, this really does magnify the importance of good, professional advice in helping self-employed clients and those with more complex incomes to achieve their homeownership goals.<\/p>","protected":false},"excerpt":{"rendered":"

There are many concerns in the current climate relating to job security and especially how lenders look at the self-employed following lockdown with regards to consistency of ongoing income and customer base. The growth of self-employment, contracting and the gig economy has continued to challenge and change the make-up of the UK workforce over the […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"slim_seo":{"title":"Being self-employed should not stop you getting a mortgage - Impact Specialist Finance","description":"There are many concerns in the current climate relating to job security and especially how lenders look at the self-employed following lockdown with regards to"},"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/9552"}],"collection":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=9552"}],"version-history":[{"count":0,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/9552\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=9552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=9552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=9552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}