The self-employed revolution

Are you a part of it?

There is a growing ambition in the UK to become self-employed, with a recent survey by lender Aldermore discovering that 9.3 million British workers are planning to become their own boss.

The good news for these budding entrepreneurs, is that lenders are responding to this growing need.

Almost three in 10 British workers now aim to become self-employed in the future, an increase of 14% from 2017. This represents 5 million people, which suggests the industry is on the brink of a self-employed revolution.

This new wave of ambition seems to be paying off, with over half of those currently self-employed revealing that they now earn more money than in their previous job. But there are still lingering concerns that self-employed people will struggle to get a mortgage when the time comes.

When asked about the process, seven in 10 self-employed workers believed it was harder to secure a mortgage. Common concerns included having enough evidence to verify income, as well as a general feeling that lenders are less accommodating to those who are self-employed.

But more lenders are now responding to these concerns, and looking at not just their criteria, but how they approach lending to the self-employed in general. Many are now considering each applicant’s circumstances on an individual basis, especially those with complicated borrowing scenarios who need specialist support.

If you are self-employed and want to discuss the latest ways that lenders can help, or simply want to discuss your current borrowing, then contact us today and we can go through your options.

 For more information speak to our adviser today!