Specialist Lending - February 2017 

Guide to self-employed mortgages

  • To understand the effect the credit crisis had on the self-employed mortgage market.
  • To ascertain how house prices and Brexit may affect self-employed borrowers.
  • To learn ways to help self-employed clients get on the housing ladder.
Guide to self-employed mortgages


Self-certification mortgages were evicted from many lenders' arsenal of mortgage products as a result of the credit crunch.

Since the 2008 crisis, during which many lenders retrenched and tightened their lending criteria, there have been subsequent pieces of legislation that have made it tougher for self-employed people to get mortgages.

There has been the Mortgage Market Review in 2014 from the FCA and, in 2015, the European Union's Mortgage Credit Directive put greater onus on lenders and brokers to show proof of earnings and suitability.

This guide will explain what advisers need to do now to help their self-employed clients get onto the mortgage ladder or remortgage today, what sort of effect Brexit talk and house price increases have had on the self-employed, and top tips for advisers taking on self-employed clients.

Contributors of content to this guide are: John Phillips, group operations director for Spicer Haart and Just Mortgages; Jane Benjamin, head of relationship management for Sesame Bankhall Group; Jamie Smith-Thompson, managing director of Portafina; Charles Haresnape, group managing director of mortgages for Aldermore; Donna Hopton, founder of the Cherry Forum; Matt Andrews, managing director of Bluestone Mortgages; Buster Tolfree, commercial director for mortgages at United Trust Bank; Matthew Bird, independent financial planner for Seer Green Financial Planning; Keith Street, vice-chairman of group lending at The Northview Group; Robert Sinclair, chief executive of the Association of Mortgage Intermediaries; Louisa Sedgwick, director of sales for Vida Homeloans; and Which? Mortgage Advisers. 


In this guide

  1. Ms Hopton says that, with the crunch and the advent of more stringent stress-testing, all lending has to be done on what basis?

  2. Mr Tolfree says the race to the interest floor has done what?

  3. How does Mr Sinclair describe the current mortgage market in terms of providers and products?

  4. In Aldermore's broker survey, how many said self-employed clients were blaming Brexit directly for a lack of confidence about getting onto the housing ladder?

  5. How frequently does a lender's criteria change, according to Mr Phillips?

  6. What should the SA302 form be submitted alongside?

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