Your Business and Industry

12 November 2021

Choices for your clients with 1 year of accounts

A softening of criteria amongst lenders is reported to have seen brokers challenged with a rush of newly self employed applicants with just one year’s worth of accounts.

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.

Making the complex straightforward – try our affordability calculator here

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.

Contact your BDM


Recommended Articles

Your Business and Industry

20 Jul 2021
Mark Whitear

What is the new ‘Specialist Residential?’ - The future of underwriting and product choice for your client

Your Business and Industry

01 Mar 2021
Foundation Home Loans

2021 buy to let profitability, yield and voids

Your Business and Industry

11 Jun 2021
Foundation Home Loans

Buy to let landscape 2021 – latest portfolio size and yield report

Request a call back

We have recently changed our panel to ULS - please click here to check your solicitor is on our panel.