Mortgages: Self-employed

HM Treasury written question – answered on 21st March 2017.

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Photo of Rachel Reeves Rachel Reeves Labour, Leeds West

To ask Mr Chancellor of the Exchequer, what plans he has to improve the access of self-employed people to a mortgage.

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

The Government is committed to increasing competition in banking and creating an environment in which firms compete to offer a range of products that suit the varying needs of their customers.

The independent Financial Conduct Authority (FCA) rules do not prevent self-employed customers from getting a mortgage. The FCA’s rules recognise that lenders should have flexibility to decide what evidence of income they can accept from self-employed customers for the purposes of an affordability assessment.

There are a wide variety of mortgage products available in the UK and lender’s policies will vary so self-employed customers may benefit from shopping around.

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