Leigh, Underwriting Team Manager
If you were to sit down and think what the most searched for term used by brokers looking for a residential mortgage was, what do you think comes out on top? Where they can find the best rate? Something to do with how much of a deposit they need? Or maybe a question about term lengths?
Well, according to Knowledge Bank1, the broker-only online mortgage criteria search system, it’s actually ‘one year’s accounts’.
‘One year’s accounts’ has appeared in the top three searches for residential mortgages every month of the last year, and in 13 of the last 14 months that Knowledge Bank has tracked brokers’ activity. In five of those months it was the most searched for aspect of lender criteria.
Perhaps it shouldn’t come as a surprise when you consider there are now nearly five million self-employed people in the UK2. What the research shows is that mortgage lenders who accept self-employed borrowers with one year’s accounts continue to be one of the most needed facilities for brokers in the current market.
However, despite there being more people working for themselves than ever before, many of them are still struggling to get the mortgage they need because their circumstances are deemed to be too complex or unpredictable.
Fortunately, as the UK’s leading specialist lender3 we understand the challenges and complexities of these cases. In her blog back in July, Business Development Manager Claire Aston explained why we can provide solutions to customers who fall outside of mainstream lenders’ criteria.
We accept customers with one year’s figures and will take other income sources, such as pension contribution and car allowances, into consideration.
Here are just a few other reasons why you should consider us if you’re approached by a self-employed customer who’s looking for a residential mortgage.
1 ‘One year’s accounts’ top broker search for 12 months in ‘underserved’ market
2 EMP14: Employees and self-employed by industry
3 BVA BDRC Project Mercury Report Q3 2019