Biggest lenders urged to support the self-employed
The Mortgage Hut’s managing director Chris Schutrups has urged the UK’s biggest mortgage lenders to support ‘niche markets’ like the self-employed.
As it stands 15% of workers are self-employed – and they currently have lenders such as Bluestone, Kensington, Atom and Secure Trust to choose from.
But Schutrups said: “While the future looks uncertain with Brexit on the horizon and house prices softening, the large banks should be embracing niche markets, as they are growing in line with economic changes.
“The major lenders need to adapt to the changing workforce and respond to new trends in employment if they are to maintain and grow their market share.”
He added: “The challenger banks have been able to grow their market share, as they can respond to market opportunities quickly.
“They have adopted the latest technology to aid distribution, are well capitalized and offer good customer service.
“These specialist banks have a real opportunity to take share from the larger lenders, who are under pressure from low interest rates and are more risk-averse.”