Top Comments
‘Welcoming back self-employed borrowers will not be as smooth as we like’ – Star Letter 16/04/2021
Each week Mortgage Solutions and its sister title Specialist Lending Solutions pick the top comment from our readers.
This week’s comment was in response to the story: Changing tax year means lenders can no longer put off self-employed borrowers – JLM.
Sox said: “It will surely be sensible for all lenders to still request the last three business bank statements, and I will certainly still be asking my clients for them.
“I’ve heard recently of a case that declined because the client took out a government grant as advised by his accountant; despite the fact his business was doing okay for the last three months.”
Sox added: “The reasoning behind this was when you apply for the grant, you have to declare that you are still suffering financial difficulties – which he technically was not.
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“You shouldn’t ‘have your cake and eat it’ but hundreds of people and businesses have over this period. I’m not sure the welcoming back of the self-employed with open arms will be quite as smooth as we would like.”