IPSE partners with CMME to help self-employed access mortgages
The CMME helps self-employed and freelancers to secure mortgages based on their annualised daily contract rate, not just regular income
The Association of Independent Professionals (IPSE) has announced a partnership with Contractor Mortgages Made Easy (CMME) to help the UK’s self-employed access mortgages especially designed for them.
Traditionally, mortgage lenders base their decision to lend on regular income whereas the CMME helps freelancers and self-employed people to secure mortgages based not only on regular earnings, but on their annualised daily contract rate.
This means that IPSE members will now have greater access to securing a mortgage and expert mortgage advice at, what IPSE reports to be, “the most competitive rates available”.
The news comes four months after Barclays relaxed its rules for entrepreneurs looking to secure a mortgage for the first time.
In February, the high street bank announced it would now consider applications from business owners with two years of trading accounts, rather than the three years typically requested. If a customer then meets its appropriate risk criteria, Barclays said it would be able to lend them up to five times their total combined income.
Industry experts have also noted that it’s getting easier to get a mortgage as an entrepreneur. Last month, Startups’ published an article in which Lee Murphy suggested “many lenders have now standardised they way they judge affordability [for mortgages] and the pool of lenders and products available [to business owners] is growing all the time”.
On “making mortgages easy”, Chris Bryce, IPSE CEO, commented:
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“Freelancers and contractors have very specific financial needs, and we know we can rely on Contractor Mortgages Made Easy to provide our members with sound, sensible and expert advice. They understand both the mortgage market and the specific needs of freelancers and contractors, putting them in the perfect position to advise and support our members.”