More than half of Small Business Owners feel their employment status negatively impacts their property ambitions
Over half (53%) of small business owners feel their employment status has negatively impacted their property ambitions, according to research from The Mortgage Lender (TML).
Of those who felt this way, 21% said they have had to consider abandoning their homeownership ambitions altogether, whilst 17% had concerns that they would never be able to get a mortgage, and 12% pushed back their property ambitions due to fluctuating income.
Chris Kirby, Head of Field Sales at Shawbrook Retail Mortgages, comments: “It’s clear that small business owners need more support from lenders and brokers in successfully progressing through the mortgage application process. Small business owners are a fundamental cohort of the self-employed, often leading businesses in their success and direction for the future. The fact that so many feel their employment status negatively impacts their ability to get a mortgage is a sign that the mortgage industry needs to address the issue and take action. Lenders and brokers must work together to help small business owners overcome the perceived barriers to homeownership that they are encountering, as there are potential solutions available that these customers aren’t aware of, and this could enable them to move forward with their home buying plans without further delay or compromise.”
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