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Surge expected in self-employed seeking loans

26 May 2010
Written by rosalind renshaw

With the axe falling on 50,000 jobs in the public sector, mortgage introducers are likely to be faced with a surge of self-employed customers.

According to YouGov research for Kensington Mortgages, nearly one in four of current self-employed people have worked for themselves for under two years. It put the number of newly self-employed at 1.2m.

But total numbers of self-employed are likely to rise sharply, giving themselves and their mortgage advisers a headache, with the clampdown on self-certified loans and requirements by lenders for proof of income. 

Charles Morley of Kensington said newly self-employed people would find it very difficult to get mortgages.

Charcol’s Ray Boulger said that lending criteria could get tighter, with lenders due to start repaying the £300bn owed to the Government as early as next January. Some £178bn was taken up by lenders through the Special Liquidity Scheme and £134bn was taken from the Credit Guarantee Scheme.

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