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12% of self-employed borrowers rejected for home loans

12% of self-employed borrowers rejected for home loans

Nearly one in eight self-employed customers has been rejected for first-time mortgages or remortgage products, according to the latest research.

Nottingham Building Society has found this to be the case despite nearly half (48%) of respondents earning about the same or more than in their previous full-time job.

Such a scenario highlights the problem of proving income and affordability for the self-employed.

In May, the Financial Conduct Authority in its Responsible Lending Review found there was no evidence that mortgage companies were being prevented from lending to self-employed borrowers by new affordability rules.

However, mortgage brokers believed that lenders needed to do more to support the self-employed with 86% calling for more choice for this sector.

Ian Gibbons, senior mortgage broking manager at Nottingham Mortgage Services, felt being your own boss should not mean you couldn’t apply for a mortgage, but the study showed it could still be an issue.

“Lenders are responding with new mortgage deals for self-employed customers being launched regularly, so there are options available and demand.

“The key to ensuring that you do not struggle to be accepted is to get expert independent help and to explore the full range of options.”

Nottingham Building Society also found that around 14% of self-employed people had been rejected for credit cards, while 10% had applications for unsecured loans turned down. 

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