A recent survey has shown that as many as 68% of contractors believe that they are being punished by financial services for being self-employed.
As a result, the IPSE and specialist mortgage provider for contractors CMME have published a manifesto calling on the government and the mortgage industry to end discrimination against the self-employed.
The IPSE/CMME report found that 19% of contractors believe they are treated unfairly by lenders and 38% say the process of getting a mortgage is either somewhat or very difficult.
Andy Chamberlain, Director of Policy at IPSE, said, “After decades of frustration, unfairness and prejudice, it is finally time for the government and the financial services industry to wake up and end the discrimination against self-employed workers. For too long, freelancers have found it far too difficult to access a mortgage, with lenders unfairly shutting down mortgage applications and forcing thousands off the housing ladder for being self-employed.
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Email Jaime“While the Self-Employment Income Support Scheme was a lifeline for thousands of freelancers during the pandemic, our research has shown that 2 in 5 (40%) people who accessed the program believe that they could be penalised in a mortgage application. We are therefore calling for the government and the industry to solve this issue and ensure that those that needed SEISS to survive aren’t financially damaged long term.”
Mike Coshott, CEO at CMME, added, “As we come out of the pandemic, it is paramount that self-employed workers can confidently access mortgages and other financial products, without fear of judgement and prejudice for being a freelancer. For too long, contract workers have found it far too difficult to access financial support and following increased uncertainty during the pandemic, it has never been a more important time to alleviate the barriers that freelancers face.”
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