{"id":6395,"date":"2020-07-01T11:34:46","date_gmt":"2020-07-01T11:34:46","guid":{"rendered":"https:\/\/thebusinessculture.co.uk\/hey\/the-beverleys-bounce-back-mortgage-initiative-for-regions-self-employed\/"},"modified":"2020-07-01T11:53:05","modified_gmt":"2020-07-01T11:53:05","slug":"the-beverleys-bounce-back-mortgage-initiative-for-regions-self-employed","status":"publish","type":"good-news","link":"https:\/\/thebusinessculture.co.uk\/hey\/good-news\/the-beverleys-bounce-back-mortgage-initiative-for-regions-self-employed\/","title":{"rendered":"The Beverley's \u2018Bounce Back\u2019 mortgage initiative for region\u2019s self-employed"},"content":{"rendered":"

Beverley Building Society has stepped in to help self-employed people in Yorkshire & The Humber rebuild their lifestyles and businesses as a result of the COVID-19 coronavirus pandemic.<\/strong><\/p>\n

<\/strong>The Society, based in Beverley\u2019s Market Place, is responding to demand from local customers, including brokers, by offering its \u2018Bounce Back\u2019 mortgage initiative. It features fresh criteria aimed at helping some of the estimated 340,000-plus such workers in the area, many of whom have been affected, achieve their homeownership aspirations and get their businesses back on track. Nationally, latest figures show that there are around five million self-employed people.<\/p>\n

Potentially open to people with as little as one year\u2019s trading history, the Beverley\u2019s new product is aimed at helping both established and newly self-employed people. The products available include the potential for owners of established businesses to start with lower, interest-only based payments for the first 12 months, to allow some breathing space for the army of professionals, contractors and tradespeople who need it.<\/p>\n

Recent Office for National Statistics (ONS) figures suggest that the household incomes of self-employed people in the UK were significantly worse-affected than the employed, in terms of household income, due to COVID-19. For example, between 3 April and 30 April, 60 per cent of self-employed workers reported a drop in income compared to 22 per cent of the employed, due to temporary falls in business and enforced lockdown closures.<\/p>\n

The Society was prompted to respond after feedback from local brokers and customers highlighted a real need for solutions to help the significant number of self-employed borrowers struggling to secure mortgages because many lenders have frozen them out, viewing them as high risk. Brokers have suggested that this view is short-sighted, however, given that in many cases a strong trading track record over all and a resilient spirit makes them strong prospects for lending despite recent developments.<\/p>\n

Head of Lending Graham Carter explained that the product expands on the help the Society is already committed to offering people in Yorkshire and the Humber with complex incomes, including the self-employed, who last year accounted for 50 per cent of the Beverley\u2019s lending.<\/p>\n

Product details at a glance<\/strong><\/p>\n