Speaking at The Specialist Lending Event, McDowell (pictured) said contractors can falsely believe it’s hard to get a mortgage, alongside the difficulties some have proving affordability due to paperwork or a reduced tax liability.
“It’s fundamental that we support these workers,” he said.
With self-employment now accounting for 15% of the UK’s employed population, or 4.7m workers up from 3.8m in 2008, opportunity continues to grow for mortgage brokers.
The self-employed accounted for 10% of mortgage completions in 2015, or 100,000 mortgages, with 20% of people saying they’d like to start their own business in the next two years.
Part-time self-employment has grown in step with full-time self employment and women are driving the charge out of employed work, accounting for 58% of the growth in numbers since 2008.
Rounding off his presentation, McDowell said: “The self-employed feel like they’re second-class citizens when dealing with the mortgage industry. The UK economy is only growing because of the self-employed currently, so we need to support them.”