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Monday, February 15, 2016

MP demands more help for self-employed to get mortgages

Clwyd South MP Susan Elan Jones is calling the UK Government to do more to help self-employed people have access to mortgages.

She made her comments after the publication of a review into self-employment by businesswoman Julie Deane.

The independent report had been commissioned by the UK Government's Department of Business, Innovation and Skills.

Ms Jones (pictured) said: "15% of people in the UK are now self-employed and that number is set to grow. I think we should do everything we can to help people set up and grow their own businesses in our local area. Self-employment offers a real boost to the economy.

"I really hope the Government gives really serious consideration to some of the big barriers to self employment, including access to mortgages and parental leave, that have been identified in the report." 

Julie Deane's report 'Self Employment Review: An independent report' notes (p22): says: "Buying a house is often the largest financial commitment people will make and it is in their own interest that they are able to afford the repayments.

"Having said that, it is worrying that a number of self-employed workers have expressed that they find it difficult to obtain a mortgage. There is a risk that this could become a more widespread problem in the future given the large number of self-employed individuals (4.6m) and the fact that this number is predicted to grow.

"As the number of self-employed continues to increase, the need for a more flexible type of mortgage will become more obvious. The financial institutions that choose to address this need stand to benefit enormously.

"When such flexible financial instruments do begin to appear it will be the role of the trade organisations to signpost these so that their self-employed members can benefit from them." 

Report see: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/500320/ind-16-2-self-employment-review.pdf




 

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