Freelancers claim mortgage lender bias

Half of freelancers believe they will face unjust scrutiny by lenders to secure a mortgage.  Research provided by mortgage broker CMME and the Association of Independent Professionals, they surveyed over 500 freelancers finding that roughly 20% believe that lenders would treat them fairly, 50% believe that this will not be the case.

Half of freelancers believe they will face unjust scrutiny by lenders to secure a mortgage  Freelancers claim mortgage lender bias 1a

1 in 10 freelancers expect to purchase a property in the next 5 years. 38% managed to obtain a mortgage in 2021 a rise of 57% from 2020 but found the process difficult. This had been compounded by the effects of the pandemic and the introduction of the government Self Employed Income Support Scheme (SEISS).

However changes are occurring as a survey conducted by the Intermediary Mortgage Lenders Association stated that of the 24 mortgage providers that participated in the survey, roughly around 90% said they would accept applications from self-employed borrowers.

Call today and speak to one of our team for more information and help with finding the most suitable finance package that meets your needs and suits your specific circumstances.

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LUMI BRIDGING SOLUTIONS IS A TRADING NAME OF FEINGOLD FINANCIAL SERVICES LIMITED
Company registration number 05087823. FCA registration number 303451. Data protection registration number Z8766562

Registered office: Europa House, Barcroft Street, Bury, BL9 5BT.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE SECURED AGAINST IT.