The language used around mortgages in the UK is increasingly becoming more and more complex. Many people feel short-changed by what’s on offer, but new research reveals that self-employed people in the country are actually the most hard done by.
A survey of more than 2,500 self-employed Brits, by Kensington Mortgages, has revealed that more than two thirds (68%) of self-employed individuals feel disadvantaged by their “self-employed status” when trying to get a mortgage. Additionally, almost half (48%) felt the perceived or actual difficulty they experienced during the mortgage process had put them off being self-employed.
The most recent Office of National Statistics (ONS) reports on trends in self-employment record 4.8 million people in the UK who currently class themselves as self-employed. 22% of the people surveyed – which nationally would amount to 1 million people – who do not currently own a home do not think they will ever be able to.
Aston spoke to Vicki Harris, chief commercial officer at Kensington mortgages to discuss the data in more detail.