Plenty Of Help For Freelancers In The Job Market
Finance provider GE Money has announced the launch of a new range of mortgage products
aimed specifically at helping those who are self-employed to get onto the property ladder.From the start of next month the firm will offer a range of discount on fixed and tracker mortgages, with loan to value rates of up to 80 per cent. GE Money said that interest rates will start from 3.99 per cent.
It's argued that self-employed workers are currently faced with a limited choice when it comes to mortgage products, and often have to provide accounts dating back three years if they dont want to be faced with paying high interest rates. This also means that freelancers who have not been established for three years, or have adopted tax-saving measures which results in less income being displayed on their accounts, can run into problems.
GE Money said it will look for applicants that have been trading for two years and can provide proof of income, although applicants who have been self-employed for one year will still be considered, providing they can show bank statements.
Gerry Bell, Marketing Director of GE Money Home Lending, said: "Launching self-employed mortgages is a logical extension of our product range to ensure it is addressing the current demand and limited choice available to customers. Self-employed customers will not be charged a higher rate because of their employment status. They will have access to our competitively priced product range."
With this decision being one thats been welcomed by a number of industry experts, Andrew Montlake, Communications Director at London-based mortgage and financial advice firm Coreco, told Mortgage Introducer: "The self-employed are a group of people who have every right to feel hard done by due to the many criteria changes from several lenders. These are the very small business owners who need to be supported during current economic conditions and for those who have started their own business in the last few years, many are struggling to get finance. The more lenders that come back in to this area of the market with a sensible offering the better."
Canadian Linda Crawley found working as an in-house designer was not for her, and after deciding to become a freelance, has never looked back. Speaking to the Ottawa Citizen Newspaper, she said she has learnt valuable lessons along the way, including tips on how to get started and how to keep work coming in. Crawley said one of the most important things someone new to freelancing should do is let others know what you're doing, whilst also adding that it's very much up to the individual to go out and seek work.
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