Recent statistics revealed that self-employed borrowers are the least likely candidates to be approved for a mortgage, even less than those with bad credit. This means that self-employed borrowers make up 23% of customers for specialist lenders – but what does this mean to you?
Self-employed borrowers’ mortgage applications are a prime example of the need for an adviser in the mortgage process. An inconsistent income, no matter how lucrative, can lead to worthy candidates being turned down for a mortgage due to rigid the criteria used by high street lenders. Advisers are therefore crucial in finding the best deal possible for borrowers with out of the ordinary circumstances, making these borrowers an excellent pool of customers.
More complex cases provide advisers with an excellent opportunity to offer their expertise and acquire repeat business. While mainstream lenders may deem these borrowers to be high-risk, this is often not the case. Building a strong relationship with these clients will ensure that they come back for your guidance when the time comes to remortgage. It’s therefore essential that you have the best platform possible to manage these relationships and provide a smooth and streamlined mortgage application from start to finish.
Smartr365 can even help to automate admin-heavy tasks such as compliance and data entry, so that you have even more time to interact with clients, win new business and do the job you love.