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
Wednesday 25th of August 2021

UK’s self-employed fear mortgage misery

Self-employed people are pessimistic about their chances of securing a mortgage while four in ten say they have been forced to turn their backs on being their own boss to improve their chances according to the latest research by The Mortgage Lender.

The research among 1,000 UK-based self-employed people, who either own their home or want to, was commissioned by the real-life lender in March.

It revealed 30 per cent of self-employed people believe changes to their finances during the pandemic will negatively impact their ability to get a mortgage in the future.

And 55 per cent of existing mortgage holders fear they wouldn’t be able to secure a loan for the amount they currently owe if their borrowing was based on self-employed earnings over the last year.

These fears mean 39 per cent of self-employed people in the UK are reconsidering their employment status and 43 per cent have applied for an employed role over the last year.

Those living in the South East were the least hopeful about their chances of securing a mortgage, with 60 per cent believing it’s now more difficult than ever for self-employed people.

A belief that was echoed by 55 per cent of self-employed people in the North West, 52 per cent in Wales and the West Midlands, and 51 per cent in Scotland and East Anglia.

The Mortgage Lender sales and product director Steve Griffiths said: “Our research has exposed a feeling among self-employed people that the mortgage market has closed its doors to them.

“Forty-seven per cent said they have been deterred from even applying for a mortgage because of their self-employed status.  And 43 per cent of those aged between 18 to 34, and 36 per cent of those aged 35 to 44 believe their chances of being given a mortgage in the future have been scuppered because of the financial impact of the pandemic.

“With an estimated 5m self-employed people in the UK before the pandemic, it doesn’t make for lenders to turn their backs on them.

“As a specialist lending sector, we have to adapt and provide products and criteria that cater for borrowers whose circumstances have been challenging over the last year. Our real life lending products do just that, catering for people who are different, whether that’s through self-employment, those with complex incomes, or indeed those who have been furloughed and are facing an uncertain future.”

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