Kent Reliance has announced that it will now consider residential mortgage applications from professional self-employed applicants who have been trading for a minimum of 12 months, down from 36 months.
‘Professional' applicants include doctors, lawyers or accountants or those who hold other professional qualifications. Applicants must have a minimum 12 months track record in the same sector as their current business, with a projection for second year income from an accountant.
Kent Reliance, the specialist mortgage lender for intermediaries, says there are many credit-worthy individuals within this group who are not supported by mainstream lenders.
The Bank of England’s last quarterly bulletin of 2015 logged 700,000 new self-employed professionals since 2008 – almost 15% of the UK’s workforce.
Simon Butler, Associate Director for Contractor Mortgages Made Easy said: “This comes as further good news for many of our clients looking for residential lending, since Kent Reliance already support many of our contractor clients based on their contract day rate with buy to let property.
“This relaxation of lending criteria for self-employed professionals may offer further options for many of our clients that fall into this bracket with only 1 year of limited company accounts available – especially for specialist lending. This also follows after their announcement to support contractors looking to purchase buy to let property through a limited company.”
Kent Reliance are useful for those who want to purchase a buy to let (or remortgage their existing property as a let to buy) but have a chequered contracting history. There is no minimum income or restrictions on gaps in contracting or contracting experience, only the current contract is required.
Adrian Moloney, Director of Sales at Kent Reliance for Intermediaries said: “The self-employed are making up an increasing proportion of the modern workforce. Despite the financial success of many within this group, this hasn’t yet been reflected in the mortgage market. We are looking to change this, supporting self-employed professionals, and their brokers looking to place these cases.
“We’ve had feedback from brokers that they find these type of loans especially hard to process, so we are widening our criteria to increase our flexibility in this market, which will aid both distributors and their clients. These changes support our commitment to be a specialist, personal and flexible lender for those who are not effectively served by mainstream providers.”
Article By: Bradley George, Senior Mortgage Consultant at Contractor Mortgages Made Easy
Media Contact: Ratchelle Deary, Public Relations Manager
Tel: 01489 555 080