A MORTGAGE warning has been issued to Britons when it comes to SEISS support, as individuals could struggle to secure the mortgage they had originally hoped. Mortgage arrangements can be complex at the best of times, but it appears the issue has been somewhat compounded by the pandemic.
Unfortunately for some there has been a certain level of income instability due to reduced trade across the last year, and many have turned to Government support measures. While SEISS has offered vital aid to self-employed individuals, accepting this assistance could be disastrous for mortgage chances.
In 2021, research by Mortgage Broker Tools found 27 percent of self-employed mortgage loans were deemed unaffordable.
It also found the average maximum loan offered to self-employed mortgage applicants is £221,400 - a decrease of three percent from the last peak in August 2020.
But the situation has seemingly always been dire for self-employed individuals when it comes to securing a mortgage.
A 2018 survey by TotallyMoney also showed 80 percent of self-employed Britons have been rejected when applying for a mortgage. -»
In 2021, research by Mortgage Broker Tools found 27 percent of self-employed mortgage loans were deemed unaffordable.
It also found the average maximum loan offered to self-employed mortgage applicants is £221,400 - a decrease of three percent from the last peak in August 2020.
But the situation has seemingly always been dire for self-employed individuals when it comes to securing a mortgage.
A 2018 survey by TotallyMoney also showed 80 percent of self-employed Britons have been rejected when applying for a mortgage. -»
Mortgage warning: SEISS could impact approval chances as self-employed ‘disadvantaged’
![Mortgage warning: SEISS could impact approval chances as self-employed ‘disadvantaged’]()
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