30 May 2023

Why Kent Reliance could be just the job for self-employed workers

By Liza Campion, Head of Corporate Accounts, Kent Reliance for Intermediaries

Imagine you’re called by a client who’s struggling to secure a residential mortgage with a mainstream lender.

You find out they’re a self-employed sole trader who set up their own plumbing business 18 months ago. Although their business has gone from strength-to-strength since its launch, they’re still finding the high street lenders are reluctant to lend to them.

It’s never been easy for self-employed workers to secure a residential mortgage, with many lenders deeming their circumstances as being too complex or unpredictable.

Fortunately there are lenders who understand the challenges self-employed clients can often face.

Here at Kent Reliance for Intermediaries, we see the potential in every case. Our strength lies in our common-sense approach and willingness to consider cases that fall outside of standard criteria.

Take your plumber client, for example.

During your conversation you discover they earned £35,000 in the first year of trading and are projected to earn £45,000 in their second year. While some lenders prefer the ease of calculation that comes from dealing with employed clients who receive a consistent income, we accept self-employed applicants with a minimum of one year’s accounts and we can work on a projection for year two based on an uplift of up to 30% of the first year’s figures.

We also accept contractors with no minimum income, as long as their application can evidence at least one contract renewal, with a minimum of 12 months of sector experience. We can also accept clients on a PAYE contract basis too, provided their contract has been renewed at least once and there’s at least six months to run.

It’s just part of our wider residential mortgage offering which enables us to support a wide range of different client types. Whether they’re self-employed, an entrepreneur, someone who earns their income from multiple sources, are a newly qualified professional or enjoy a high net worth income, we could provide solutions for the most complex of scenarios.

What’s more, our national BDMs are empowered to support you, so you can rest assured knowing your self-employed clients are in experienced hands.

To find out how we could help your self-employed clients get the residential mortgage they need, speak with your local business development manager, call our broker liaison team on 01634 888276 or contact us on Live Chat.

Correct at time of print 24 May 2023.


For adviser use only. Please note this content has been supplied by our lender partner and as such, is their responsibility. No party shall have any right of action against Legal & General in relation to the accuracy or completeness of the information in this article.