The Mortgage Lender has today announced it is launching a new residential product aimed at supporting the self employed and borrowers with complex incomes.

The real-life lender is introducing a new category, RL0, with fixed rates from 2.84%. This category is available across purchase and remortgage ranges and will cater for those individuals with complex income who, because of their employment circumstances, may traditionally struggle to access finance on the High Street.

There are approximately 4.3million self–employed workers in the UK, and this number has been growing steadily in the last year.[1] On top of this, many workers in the UK would now be classed as having ‘complex income’ such as contractors or those with multiple income streams or variable income. However, despite rising numbers of individuals having a ‘complex income’ many can still struggle to access a mortgage.

The impact of the pandemic on earnings has also impacted those self–employed workers with 51% of self–employed people surveyed by The Mortgage Lender in March 2021 believing it is now more difficult for self–employed people to get a mortgage compared to a year ago.

Steve Griffiths, Sales and product director at The Mortgage Lender comments: “The self–employed and those with untraditional income streams are becoming more and more common in the UK- but the lending industry has failed to adapt as quickly to this trend. Our new RL0 product range will offer competitive pricing for borrowers that  don’t have adverse credit history but do have complex incomes. We are pleased to be supporting these customers by taking a RealLife approach to affordability such as using pre covid accounts where appropriate, as well as 100% of bonus and overtime for employed borrowers.

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