Loughborough Building Society has expandeditsrange of solutions for the self-employed and contractors to include borrowers who only have one year of accounts.
Loughborough Building Society has expandeditsrange of solutions for the self-employed and contractors to include borrowers who only have one year of accounts.
In many circumstances the newly self-employed have been employed in a similar role for a significant number of years before branching out on their own.
In these situations, where history can be proven, Loughborough Building Society will consider mortgage applications with only one full year of accounts/SA302s and will use their ability to individually underwrite to make a common sense lending decision.
Ashley Pearson, business development manager at Loughborough, said “I have a lot of admiration for self-employed people and ultimately they account for just over 15% of the UK workforce.
“It’s important that lenders recognise the vital part they play in the UK Economy and do all they can to help them achieve the home they’ve worked for.”
Loughborough considersretained profits as well as dividends and salary, and will take the last years share of net profit providing there is no reduction from the previous year.
Where a reduction is showing an average of the last two years accounts will be used in calculating affordability.
The society will also consider agency workers providing there is a 12 month history, professionals on fixed term contracts with a minimum of six months remaining on the contract and in certain circumstances workers on zero hours contracts.
