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Historically, obtaining a mortgage or re-mortgage, when you’re self-employed has meant that the application process is not necessarily as straight forward as for someone who is employed.
With the recent trend towards a gig economy, many people are finding themselves self-employed for a finite period of time where historically they may have been employed. Nowhere is this more apparent than in the IT industry, where individuals are finding themselves employed on short-term contracts as a matter of course.
As technology improves there is a trend towards a more mobile workforce and work can be completed anywhere. This means that companies can select the best suited individual for the job, without geographical boundaries, providing a larger pool of talent to choose from.
The gig economy in the UK now accounts for 4.7 million workers, having more than doubled in the last 3 years, meaning that employment in its traditional form is becoming more precarious. With as many as 1 in 10 adults now working on gig economy platforms.
With this shifting nature of the job market, it may seem the ability to re-mortgage is becoming ever more difficult. However, lenders are now recognising this new paradigm and are changing their processes to reflect it. This includes the need to only supply one set of accounts with your application.
You will find the opportunities for mortgages and re-mortgages across the Gig Community are readily available.
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