The Yorkshire Building Society is cutting the number of years’ evidence required from those who are self-employed from three years to two years.
In response to the changing workforce in the UK, the Yorkshire has reviewed how much evidence is required from self–employed borrowers.
Charles Mungroo, senior product manager, said: “We know the UK workforce is evolving and with one in seven people currently self-employed it was clear we had to update our policies to reflect the changing employment trends and differing types of borrowers.
“Moving from three to two years’ evidence, means we’re now able to support a much broader range of customers including those that are in the early years of their new ventures along with those who have additional income coming from a self-employed source.”
The Yorkshire is also encouraging entrepreneurs with a so-called ‘side hustle’ to review their revenues as this additional income could be used to support a mortgage application.
Mungroo added: “We understand that trying to navigate the home buying and mortgage process can be daunting for those who are self-employed, be that they are long standing or just starting out in their new ventures, and we want to help support them to get the most suitable mortgage for their needs.”