Freelancers claim mortgage lender bias
- 4 January 2022
- Posted by: Editor
- Category: news
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.
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.
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