Beverley Building Society has launched a ‘Bounce Back’ mortgage initiative to help the self-employed in Yorkshire and the Humber get back on their feet.
The mortgage initiative features fresh criteria aimed at helping some of the estimated 340,000-plus such workers in the area, many of whom have been affected, achieve their homeownership aspirations and get their businesses back on track
Potentially open to people with as little as one year’s trading history, the Beverley’s new product is aimed at helping both established and newly self-employed people.
The products available include the potential for owners of established businesses to start with lower, interest-only based payments for the first 12 months, to allow some breathing space for the army of professionals, contractors and tradespeople who need it.
The Society was prompted to respond after feedback from local brokers and customers highlighted a real need for solutions to help the significant number of self-employed borrowers struggling to secure mortgages because many lenders have frozen them out, viewing them as high risk.
Brokers have suggested that this view is short-sighted, however, given that in many cases a strong trading track record over all and a resilient spirit makes them strong prospects for lending despite recent developments.
Head of Lending Graham Carter explained that the product expands on the help the Society is already committed to offering people in Yorkshire and the Humber with complex incomes, including the self-employed, who last year accounted for 50% of the Beverley’s lending.
“As a smaller Society with its roots in this region, we’ve always been strongly committed to helping local people achieve their homeownership aspirations. Our approach is based on being able to take the time to really listen to people’s whole stories and make common-sense decisions on even the most complex cases, in order to do our best to help,” he said.
“Mortgages for self-employed people are among a range of niches we specialise in, alongside self-build, later-life and family-assist packages and lending on unusual properties.
“Essentially, we’re always keen to think outside the box, and do our utmost to help, and seeing the impact this crisis has had on this vital segment our regional economy, we just felt like we needed to step in, and came up with this new offering to do exactly that.”