menu close
Service Times arr-up
Service Times Close arr-up arr-down

Our service and turnaround times

Figures accurate as of 20th September 2021
Dips Reviewed

Dips Reviewed

within 24 hours

Applications Reviewed

Applications Reviewed

within 48 hours

Documents Assessed

Documents Assessed

within 48 hours

Valuations Assessed

Valuations Assessed

within 48 hours

Telephone average wait time

Telephone average wait time

29 seconds

The Word On The Street
Monday 16th of August 2021

Self-employed homeowners struggling with debt

A third of self-employed homeowners have increased their unsecured debts and a quarter have deferred mortgage payments to prop up their finances during the Covid-19 pandemic according to research by The Mortgage Lender.

The survey, which was carried out in March this year among 1,000 self-employed homeowners, or those who want to own their own home, revealed unsecured debts, including personal loans, credit cards, and overdrafts, have risen by an average of £2,312 over the last year.

And a quarter (25 per cent) of the panel said they had taken a mortgage payment deferral, 16 per cent had taken a break of up to three months and nine per cent had deferred payments for between four and six months.

81 per cent of self-employed people in the UK kept up payments on their unsecured debt but 9 per cent missed credit card payments, 5 per cent reported an unpaid personal loan and 8 per cent failed to keep up payments on other debts.

A deterioration in their finances meant that 55 per cent felt they would not be able to borrow the amount they currently owe on their mortgage if it was based on their last year’s earnings.

The Mortgage Lender sales and product director Steve Griffiths said: “The last year has been hard for everyone but the self-employed feel as if they have been disproportionately hit by the pandemic increasing personal debt and deferring mortgage payments just to get by.

“Nearly 60 per cent of the people we asked felt their experience of the pandemic was worse than an employee and the majority didn’t receive any financial support from the Government.

“Nevertheless, there are millions of self-employed people contributing to the economy and the economic recovery. It’s vitally important there is a thriving, competitive specialist mortgage sector that is able to provide criteria and products that meet the needs of this segment of the population to prevent them from being locked out of the housing market or trapped in a home that no longer meets their needs.

“When we launched our residential range earlier this year it was with people like the self-employed, those with complex income and credit impairment in mind.”

Written by Cara Donnellyof The Mortgage Lender

Fancy another?

There’s plenty more where that came from. These ones are on us.

Wednesday 15th September 2021

TML tops residential charts and offers self-employed a mortgage lifeline

The Mortgage Lender has unveiled market-leading two and five-year residential fixed rates…
Read more triangle-right

Thursday 9th September 2021

TML adds HMOs to its Limited Edition BTL products and cuts rates

The Mortgage Lender has cut the cost of its five-year Limited Edition…
Read more triangle-right

Tuesday 7th September 2021

Majority of self-employed received no Government support

The majority of self-employed people in the UK have received no Government…
Read more triangle-right

Get in touch

There’s always someone here for you, all you have to do is holler and we’ll come running.

Contact Us triangle-right

Already applied or have a mortgage with us?

If you want to be our friend or are already one of the family then just click the right button and you’re off.

Visit our customer site triangle-right