Industry must help self employed

Ryan Fowler

November 26, 2014

This call comes after news that Labour shadow ministers have recently met with business leaders in a bid to tackle a crisis in self employed access to mortgages and pensions.

Momentum had been gathering to address these concerns in recent months but the Dudley said the fact remains that too many lenders continue to withdraw the welcome mat when it comes to self employed and contactor applicants.

Jeremy Wood, chief executive at Dudley Building Society, said: “The self employed community continues to face an uphill struggle when it comes to lending aspirations, whether through the purchase or remortgage marketplaces.

“There is a time when we, as an industry, have to say enough is enough. Why should this integral component of the UK economy continue to suffer and be discriminated against?

“Thankfully some lenders are beginning to respond positively, however the regulatory regime does not help in this respect by putting the onus on lenders to ensure a satisfactory ‘client outcome’ which has been translated into more cautious assessment.”

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