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16 July 2021

BBC News Story: Mortgages refused for self-employed who took Covid grants
https://www.bbc.co.uk/news/business-57843756

After reading this article, whilst it is factually true, it does not provide a balanced view, as many building societies have been extending help to those who are self-employed, contractors and those on furlough.

Saffron Building Society have a range of products for the self-employed and contractors, which has been as busy as ever with applicants from mortgage brokers and financial advisors. In fact, these products are in review with additional improvements.

Saffron, along with many other societies, have improved the number of people assessing and underwriting to allowing each applicant a chance to tell their individual story and make a case for their acceptance.

John Penberthy-Smith, Chief Commercial Officer at Saffron Building Society comments:

“Whilst it is true that many high street banks and larger lenders have tightened their application process for self-employed and furloughed applicants, that is not true of all lenders. Saffron Building Society have a range of self-employed and contractor mortgages and we have seen consistent applications with our case-by-case, common sense approach. Working closely with brokers, we have accepted many self-employed, contractor and furloughed employees as our underwriting and intermediary team work closely during the application to get as much detail about their individual situation as possible. Although it may look bleak, I would advise you speak to a quality broker who will know of great lenders who can help you by taking the time to understand your situation. Now and in the future, as situations continue to change.”