If you are self employed and struggling to get a mortgage then you are not alone. In fact, there are 670,000 of you who feel “discriminated against.”
A new report shows us quite clearly that self employed people are still finding it tough to get a self employed mortgage.
The report concludes that lenders are “failing self employed people” and that “more needs to be done.”
Take London as a perfect example, where roughly 250,000 people can’t move to a nicer home because of their employment status, even though many make a decent amount of cash.
Some self employed 6 figure earners struggle to secure a mortgage, while their employed counterparts are laughing all the way in and out of the lenders office.
This has led 670,000 of you to stand up and say I am not going to take this anymore. You are saying that you are sick and tired of being discriminated against and you just want to get on the property ladder or move to a nice house without being treated like an ugly duckling.
This includes all types of self employed people – contractors, freelancers, work from home professionals, gig economy workers, and small business owners. All of you are struggling to get a self employed mortgage.
The report suggests that 51% of people who work for themselves find it difficult to provide the information necessary to even complete a mortgage application. They can’t even get their foot in the door. It is almost like a closed shop…an insiders club with a sign at the front that says “no self employed people allowed.”
That hasn’t stopped self employed people fighting back and continuing to bang on the door. The mortgage lenders can hear the banging, but are they prepared to do anything about? In the opinion of us here at UC, we say there needs to be changes and it needs to happen fast.
For example, in London alone there are 150,000 people who are living in rented accommodation who have the means to get on the property ladder with a mortgage and buy their own house. However, they are effectively “mortgage prisoners” because their application gets declined instantly.
In our opinion many of these mortgage lenders are still stuck in the 1990’s…while outside it is the 2010’s…soon to be the 2020’s.
Self employment is the big thing right now and it will continue to get stronger throughout the 2020’s and into the 2030’s and 2040’s and beyond.
Mortgage lenders need to wake up and start to work out ways they can accommodate the millions of frustrated and discriminated against self employed workers of our nation.
