Mortgage struggles for the self employed

A quarter of those have been refused a mortgage, which accounts for 3.5 million people, while one in ten were unable to get a mortgage from any provider.

Currently 4.6 million people (15%) of the country’s workforce are self-employed.

Men (37%) are more likely than women (22%) to be self-employed at some point in their lives, as are those in Scotland (35%), London (32%) and Eastern England (33%).

Keith Street, head of Kensington, said:

“It’s very clear from our research that not only are the self-employed the fastest growing part of the UK workforce, but that the prospect of being refused a mortgage is a real threat and an understandable concern for them.

“At Kensington we have the underwriting expertise to make individual lending decisions for people whose circumstances are not easily assessed by a tick-box automated approach.

“We believe that self-employed workers can benefit from this approach and the guidance offered by a professional mortgage adviser. Our message is clear – if you are self-employed, your mortgage options are not limited to the high street.”

Kensington estimates that by 2054 the self-employed will make up almost a third (30%) of the UK’s workforce.