Precise Mortgages revamps self-employed criteria
Most lenders require at least two years, and in some cases three years, of accounting information from self-employed people compared to just one year of employment history for those on PAYE contracts.
Alan Cleary, managing director of Precise Mortgages, said: “Performance of our mortgage book coupled with evidence collated by our credit team show that the extra information being demanded from self-employed applicants is not justified.
“Self-employed Brits are growing in numbers and play a large part in the much improved employment figures the Country is now enjoying.”
Available for first charge purchase and remortgage other changes include no minimum trading period and second charge residential rates from 4.95%.