An entrepreneurial nation

Jessica Nangle

February 17, 2017

One in seven British workers want to become self-employed at some point in the future and more than a fifth say it has always been their ambition, an Aldermore report has found.

The entrepreneurial dream is close for some, as one in 10 workers are looking to make the transition to self-employed in the next six months.

Charles Haresnape, group managing director of mortgages at Aldermore, said: “Taking the step to become self-employed is a brave and bold decision and we love the fact that in the UK more and more people are doing so.

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“However, we know that whilst it can open the door to many amazing opportunities, it can be a risk, with uncertainty and financial instability from start up.”

A quarter of those in the report claimed that they would only consider becoming self-employed if they were made redundant from their current job, whilst 20% claimed being unhappy in their current place of work would be the driving factor.

Earning more money was the most cited driver in the report which was most prevalent amongst those aged 25-34, after 48% claimed money was their primary motivation.

Following a review of its self-employed mortgage criteria, Aldermore has taken the decision to reduce the number of years’ accounts a self-employed borrower must provide when applying for a residential mortgage from two years to one.

Haresnape added: “We want to make things easier for aspiring entrepreneurs by trying to ensure some security when it comes to home-buying.

“All too often self-employed borrowers do not fit the ‘norm’ for many lenders and it can be a real challenge for self-employed to receive the financial support they need to buy a home.

“This is why we are working to simplify the process of applying for a mortgage. Aldermore has a human approach to lending, and out specialist advisers consider each case on an individual basis.”

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