These results come from Knowledge Bank’s criteria tracker for September. The tracker revealed the searches that brokers actually conduct, and the prominence of searches for ‘self employed – one year’s accounts’ is a strong indication of the types of clients brokers are working with. Despite the number of self-employed people in the UK falling by roughly 700,000 in the year following the first lockdown, according to Statista, there has been a slight increase in the past few months.
The reality is that self employed borrowers with one year’s worth of accounts, or who only want to use their latest year of accounts, have always had options available to them through specialist lenders such as us.
Also in the residential market, financial difficulties have been a trend for the past six months, with at least one term such as ‘missed payments’ or ‘defaults’ featuring in the most-searched terms in the residential arena since March, a trend echoed by the use of our F2 and F3 credit tiers.
It’s positive to see criteria softening across a variety of lending propositions as the self employed community deserve access to as many borrowing options as possible, and specialist lenders will continue to lead the way when it comes to the more complex residential borrowing scenarios which many mainstream lenders are unable to consider.
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