selF-employed After swingeing government cuts in the public sector and hundreds of thousands of people being laid off in the private sector the government has been keen to boost SME activity and entrepreneurialism in the UK. The result is that the number of self-employed people in this country has gone up markedly. The result of that is that the number of people trying or need to get a mortgage with only one or two years of accounts has soared. The problem with that is that most lenders
aren’t interested unless the loan to value is ridiculously low.
GE Money Home Lending is one lender that is trying to help. Last month it started to offer self-employed customers discount, fixed and tracker mortgages with LTV up to 80% and with rates starting from 3.99%.
Although self-employed applicants will need to have been trading for at least two years and provide proof of income, customers with one year’s proof of income will also be considered if they submit
copies of recent bank statements. Gerry Bell, marketing director of GE Money Home Lending, said the decision to launch self-employed mortgages was a logical extension of the lenders product range, addressing the current demand and limited choice available to customers. “Self-employed customers will not be charged a higher rate because of their employment status,” says Bell. “They will have access to our competitively priced product range.”
Lea Karasavvas, director of London- mortgage introducer NOVEMBER 2011 35
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