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TSB GEARS UP FOR SELF-EMPLOYED MORTGAGE REVAMP

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Posted : 06 Nov 2019 at 13:35:57
Category: News

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TSB is “looking at a number of initiatives” to help more self-employed and contract workers to get on the housing ladder, Mortgage Solutions can reveal.

The high street bank currently asks self-employed borrowers to provide income details for the last three years, ruling out the newly self-employed even if they continue to be in the same line of work as their previous employment.

However, the bank told Mortgage Solutions that lenders needed to respond to changes in the way people work.

A spokesperson for TSB said: “The working environment is changing significantly as people are choosing to be self-employed in the gig economy, so we feel that there are better ways to meet their needs.

“But it’s not all about the self-employed. There are now more contractors than ever before, as well as a growing number of people who have a variable income.

“Many of these people will have a good track record, but we know sometimes their income is adjustable. We know that lenders need to respond to these changing work patterns so that they continue to help people get on the housing ladder.

“We are looking at a number of possible initiatives and hope to make an announcement in due course.”

The bank did not confirm a launch date for product or criteria changes.

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