Skip to main content



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

Reader Comments (0)

There are currently no comments on this article. Why not be the first and leave your thoughts below.

Leave Your Comment

Please keep your comment on topic, any inappropriate comments may be removed.

Return to index

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.


A fee of £100 may be payable after an initial assessment in order to source you an appropriate mortgage. A fee of £200 is payable when we submit an application to a lender on your behalf. We will receive commission from the lender in addition to the fee you pay. We will obtain your agreement to proceed before any fees are payable. All fees are non-refundable.

Bestmortgage4U is a trading style of John Edward who is an Appointed Representative of Mortgage
Intelligence, which is authorised and regulated by the Financial Conduct Authority under number 305330 in
respect of mortgage, insurance and consumer credit mediation activities only.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman.
Our advice is covered under the Financial Ombudsman Service.