Half of freelancers believe they will face unjust scrutiny by lenders to secure a mortgage. Research provided by mortgage broker CMME and the Association of Independent Professionals, they surveyed over 500 freelancers finding that roughly 20% believe that lenders would treat them fairly, 50% believe that this will not be the case.
1 in 10 freelancers expect to purchase a property in the next 5 years. 38% managed to obtain a mortgage in 2021 a rise of 57% from 2020 but found the process difficult. This had been compounded by the effects of the pandemic and the introduction of the government Self Employed Income Support Scheme (SEISS).
However changes are occurring as a survey conducted by the Intermediary Mortgage Lenders Association stated that of the 24 mortgage providers that participated in the survey, roughly around 90% said they would accept applications from self-employed borrowers.
Call today and speak to one of our team for more information and help with finding the most suitable finance package that meets your needs and suits your specific circumstances.
Alternative options available
Commercial mortgage lenders will only lend against ready to use property. They will not lend against property which needs to be refurbished unless the business is going to pay for the refurbishment themselves and the refurbishment itself is mostly cosmetic.
Bridging finance is generally the type of lending used where a borrower intends to refurbish a commercial property and requires funding towards that we well as the purchase. If bridging finance is required, the business will need a deposit of approximately 35% and LA Bridging can also secure lending towards refurbishment which can be as much as 100%.
If bridging finance is required, LA Bridging is able to organise a long term commercial mortgage once any refurbishment is near completion.
Where a business is looking to purchase or refinance a large portfolio of buy to let residential property, they are often told they need a commercial mortgage but what they actually need is a multi-unit buy to let mortgage which LA Bridging has access to from its lender panel.
Solutions for Business Growth
Commercial Bridging
Bridging Finance
Commercial Mortgage
Bridge to Let
Development Finance
Option to Purchase
Commercial bridging for business, investment or development
Criteria overview
- Competitive and flexible rates
- Up to 100% LTV with additional security.
- Terms from 3 to 18 months
- Adverse credit considered
- Loans from £25K to £50M
- 1ST and 2ND charged lending
Contact us today for your bridging finance, buy to let mortgage, commercial mortgage, bridging loan for house purchase, HMO purchase, emergency cashflow loans, auction finance, bridging loans for property development, bridging loan mortgage, business bridging loan, commercial development financing.
