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Mortgage lenders misjudge self-employed professionals

man banging head against big blackboard containing mathematical equationWhat is it that mortgage lenders don’t understand about self-employed earnings? They’re not all as complex as advisors seem to make them.

For permies, it’s different: they present their P60, bank statement and a few wage slips, and: Bingo!

As long as their salary covers what they want to borrow and they have a good credit score, their mortgage is in the bag.

But, take your accounts (or worse, your contract) to that same branch and what do you get?

You meet with a stony wall of silence, or indifference. A frozen glare blankets the advisor’s face, making them look even younger than they are…

…and you’re doomed! You know it. They know it. The rest of the branch staff know it as you take the walk of shame and rejection on your way to the door.

Yet we all still go through this application ritual, just to be polite.

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