15 March 2017
Self-employed borrowers and contract workers need a mortgage that, like their working hours, gives flexibility.
There were around 4.8 million self-employed people in the UK at the end of 2016, this is up from 4.6 million in the same period in 2015 and 4.5 million in 2014. In addition to this, there are also just over 1 million workers holding down a second job in the UK, according to the Office for National Statistics.
Self-employed borrowers therefore currently represent just over 15% of the UK workforce but many of these borrowers may not fit the tick box approach taken by some other lenders.
Scottish Widows do not have a one-size fits-all approach and instead offer bespoke underwriting for multiple income streams. So whether their additional income is from bonuses, profits or company dividends, they can help. You can start by looking at their mortgage affordability calculator.
Scottish Widows Bank could enable your customers to borrow up to 90% LTV of the purchase price or valuation of their property – whichever is lower.
What’s more, with offset built-in to all of our mortgages, self-employed borrowers who might be saving for their tax bill, or could benefit from instant access to their savings for their business or investment, as well as reducing their monthly mortgage payment or term.
You can show customers their simple two-minute film “Introduction to Offset” to demonstrate how it works. http://www.scottishwidows.co.uk/extranet/products/mortgages/offset
It doesn’t matter if your customer is newly qualified or has spent many years in their profession – whatever stage they’re at, Scottish Widows Professional Mortgage (which also caters for some trainees) is flexible enough to adapt to their needs.
Both mortgage ranges also include the option for borrowers to repay the loan on an interest-only basis.
If the customers main mortgage is less than the agreed maximum amount available to borrow, they can also apply for a further advance once their mortgage has been with them for six months.
Visit their broker portal at: http://www.scottishwidows.co.uk/extranet/products/mortgages