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TSLE17: Self-employed run risk of de-selecting themselves – Aldermore

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  • 30/01/2017
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TSLE17: Self-employed run risk of de-selecting themselves – Aldermore
Potential self-employed mortgage borrowers are already convinced they won’t get a mortgage and this is a real challenge we need to help them get over, said Charles McDowell, Aldermore’s group mortgage commercial director.

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.”

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