Aldermore loosens self-employed criteria

The specialist lender has changed its requirement criteria in order to accommodate the needs of self-employed borrowers.

The amendments include mortgage applicants now having to provide one year of accounts prepared by a suitably qualified accountant, and the lender using only the latest figures rather than an average of the last two years.

Aldermore will consider mortgage applications from first-time buyers, existing homeowners and landlords, including the self-employed, private limited company directors, sole traders, contractors, consultants and professional partners.

Charles Haresnape, group managing director of Aldermore, said: “There’s a growing demand for a tailored approach for self-employed applicants and their needs.

“As they often do not fit the ‘norm’ for many high street lenders, it can be a real challenge for them to receive the financial support they need to buy a home.

“We have always listened carefully to our brokers and customers to ensure our product range can offer the best possible solution for each applicant’s unique situation.

“One in four Aldermore mortgages comes from a self-employed person and I feel the change to our mortgage criteria will help make the process much easier for our self-employed customers to apply for a mortgage, while providing them with the support they need.”