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Tag Archive for Mortgages
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OakNorth offers mortgages to small business entrepreneurs
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
OakNorth, the specialist business bank, is to offer mortgages to small business owners and entrepreneurs for the first time.
It believes that SME business owners are under-served by traditional mortgage lenders because they cannot prove regular income. Instead, they are often asset rich with money locked up in their businesses or property.
OakNorth will lend from £500,000 and plans to differentiate itself by offering quick turnarounds on decisions and taking a holistic view of an entrepreneur’s finances. (In exceptional cases, it will lend from £250,000).
It plans to close £260m worth of mortgages by the end of 2019, carving out a 5-10pc share of the £4.3bn residential mortgage market by year-end.
One in 10 business owners in the UK are unable to access the finance they need to purchase their first home, says OakNorth.
The six largest UK banks dominate 77pc of the mortgage market but often find it unviable to create bespoke mortgages for SME business owners. Entrepreneurs who may be asset rich but regular income poor usually find it difficult to pass the high street banks’ lending criteria, as most banks only accept established and regular payments as “income”.
The challenger bank has taken on three veteran
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Most self-employed workers think Brexit won’t affect their business
by Anna Jordan • • 0 Comments
Most (63 per cent) self-employed workers think Brexit will have no direct impact on their business, according to new research. Kensington Mortgages surveyed over 1,000 self-employed workers across the UK to analyse their thoughts and concerns over the year ahead. Of those surveyed, an optimistic 47 per cent of these self-employed workers expect 2018 to
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Benefits of a mortgage broker for small businesses
by Owen Gough • • 0 Comments
If you have started a small business or dream to have your own small business soon, you are probably taking a lot of things into consideration. There are a lot of things to iron out before you can deem your business scheme operational and profitable. However, sometimes things don’t work out exactly as you plan
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Company directors can secure bigger mortgages by highlighting net profits
by Owen Gough • • 0 Comments
You won’t need me to tell you that getting a mortgage is harder for a company director than it is for someone in a conventional job. Unfortunately, a lot of mainstream lenders simply don’t cater as well as they could do for business owners and other people categorised as self-employed. I fall into that bracket
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UK mortgage giants failing customers online, says research
by Owen Gough • • 0 Comments
Three of the UK’s biggest mortgage providers have hit rock bottom when it comes to online experiences, according to research from financial experience design agency Dock9. In a report looking at the best and worst online experiences for 19 major mortgage intermediaries, high street and specialist lenders including First Direct, Halifax, HSBC, Lloyds Bank, NatWest
The post UK mortgage giants failing customers online, says research appeared first on Small Business.
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Self-employed people struggle to get a mortgage
by Ben Lobel • • 0 Comments
Some 12 per cent of self-employed workers have been turned down for a first-time mortgage or remortgage, underling the problems of proving income and affordability for customers who are not full-time employees, according to a survey by the Nottingham Building Society. The Nottingham’s study highlights how it is not down to having a lower income; nearly
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