Yorkshire Building Society makes changes to required evidence for self-employed
Yorkshire Building Society is reducing the number of years’ evidence required from those who are self-employed from three years to two.
These changes have come after recent figures show that there are nearly five million self-employed people in the UK, an increase of more than 50% since the turn of the millennium.
Charles Mungroo, senior product manager at the Yorkshire, said: “We know the UK workforce is evolving and with one in seven people currently self-employed, it was clear we had to update our policies to reflect the changing employment trends and differing types of borrowers.
“Moving from three to two years’ evidence, means we’re now able to support a much broader range of customers including those that are in the early years of their new ventures along with those who have additional income coming from a self-employed source.”
The Yorkshire is also encouraging entrepreneurs with a ‘side hustle’ to review their revenues as this additional income could be used to support a mortgage application.
Mungroo added: “We understand that trying to navigate the home buying and mortgage process can be daunting for those who are self-employed, be that they are long standing or just starting out in their new ventures, and we want to help support them to get the most suitable mortgage for their needs.”