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New figures suggest that Britain is on the cusp of a self-employed “revolution”. According to a new report from lender Aldermore, just over four million British workers will become selfemployed at some point in the future. One in ten also intend to make the transition in the next six months, but a quarter said they would need to become redundant before making the decision.

Aldermore are determined to help this “entrepreneur nation” with their borrowing needs, so have reviewed their current self-employed lending criteria. They have decided to reduce the number of years’ accounts needed for a residential mortgage application from two years’ to one*. Aldermore believe this change will deliver support and flexibility to self-employed borrowers, both new home purchasers and those looking to remortgage.

Bank of Ireland has also altered its lending criteria to support a growing need for professional self-employed contractors. The lender will now consider contractors who have been trading for at least 12 months, a shorter trading period than is required under the standard criteria*. As with other lenders, Bank of Ireland are reacting to a changing “employment landscape”, which looks to be shifting in the direction of self-employed workers.

If you would like to know more about how lenders are changing their criteria to help self-employed borrowers, talk to our adviser today to arrange a meeting.

*Additional criteria may apply for applicants

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