Jon Cooper, director of mortgages at Aldermore, comments:
“The homebuying process is difficult enough but even more so for those who don’t fit the standard profiles of some high street lenders. For those who are self-employed, contract workers or those with irregular income, getting a foot on to the property ladder often comes with more hurdles and setbacks, which can be disheartening.
“It’s concerning many first time buyers are giving up being self-employed in order to get on the property ladder. Entrepreneurship is key to our economy, and we shouldn’t penalise borrowers on this basis. It’s a positive that over recent years, we’ve seen more lenders willing to be more flexible. At Aldermore, our human underwriting approach allows us to dig into the detail of a borrower’s finances to better understand their financial situation and help them realise their homebuying dreams.”
**Ends**
Notes to editors
1Research conducted, on behalf of Aldermore bank, by Opinium between 17th – 28th June 2024, among 2,000 Prospective First Time Buyers and 500 Actual First Time Buyers.
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