FINANCIAL & LEGAL


Diffi culties accessing a self-employed loan? Together can help


Promotional Feature Despite signifi cant growth in the UK gig economy over recent years, new research suggests that the mainstream banking sector has failed to keep up with the fast pace of change, as one in five self-employed warn that difficulties obtaining bank fi nance could force them back to full time employment.


According to a survey of self-employed


professionals and directors from across the UK by specialist lender Together in partnership with the Federation of Small Businesses (FSB), 88 per cent of self-employed workers said high street lenders need to make fi nance more accessible, while 78 per cent called for the mainstream banks to change the way


they classify the risk of providing a mortgage or loan for someone who is self-employed. Worryingly, 61 per cent believe the self-employed


are unfairly disadvantaged by the high street banks, while one in fi ve (19 per cent) said that diffi culties in obtaining fi nance from traditional lenders could force them back into full-time employment. In addition, a signifi cant 79 per cent said


the mortgage or loan application process is more diffi cult for the self-employed than for full time workers, with more than two thirds confi rming that ‘proving their income’ was the most challenging part of the approval process. Sole traders, consultants and self-employed directors of limited companies are among those who feel unfairly disadvantaged by high street lenders. Richard Tugwell, director at Together,


said: “If you are self-employed and fi nding it diffi cult to borrow, talk to specialist fi nance providers that will take a more individual approach, as you’ll fi nd that whilst requirements vary with diff erent lenders, there are tailored products out there, so don’t be put off at the fi rst hurdle.” Dave Stallon, commercial director at


the FSB, said: “It’s concerning that hard- working, entrepreneurial people who have


decided to go it alone say they will be forced back to work for someone else, for the simple reason that they may not be able to access fi nance. “We’d want to see easier access across the board


and, given the continuing growth in the numbers classed as self-employed, it’s a case of the sooner the better.” Together provides funding on residential,


commercial and semi-commercial properties, land and developments, working with all kinds of customers, from SMEs and LLPs to sole traders. Whether for residential investment, a commercial acquisition, or to release equity, Together can help customers to access the fi nance they need.


GET IN TOUCH!


Call Together on 01612 105103 or visit online at togethermoney.com


Mortgages that work for the self-employed


Whatever self-employed job you do, we’ve got a mortgage that will work for you.


That’s because we take a flexible approach to lending and consider all income sources, accept 12 months trading history and offer interest only options up to £1 million.


togethermoney.com


For example: A loan of £120,000 payable over 15 years on our variable rate for the loan term of 15 years at our current rate of 6.37% (variable) would require 180 monthly payments of £1,088.61 plus a redemption administration fee of £150.00. The total amount payable would be £196,099.91 made up of the loan amount plus interest on the loan (£66,618.97), processing fee (£3,000.00) and arrangement fee (£3,000.00) plus interest on these fees (£3,330.95) and the redemption administration fee (£150.00). The overall cost for comparison is 7.4% APRC representative. The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.


Your home may be repossessed if you do not keep up repayments on your mortgage.


To find out more call 0161 210 5103


PLEASE NOTE !! This is a low resolution proof. NOT indicative of fi nal positioning


within the publication. Your advert will be place as per your booking.


38 Be Your Own Boss distributed with


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