Why mortgage tech could be a saving grace for self-employed borrowers

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With a growing number of lenders viewing lending to self-employed individuals as a risk too big to take, can mortgage tech help these borrowers through their purchase journeys? Digital affordability calculators and built-in sourcing are amongst the tech features that can help finding complex products quicker and easier than ever before. Take a look at how our features are helping the intermediary market to cut inefficiencies in specialist cases.

As we continue to navigate a period of intense demand, it’s vital that the industry reflects on the vital role that technology can and should play in the homebuying process. This is especially crucial as advisors are also facing an increase in complex cases, with many lenders tightening lending criteria in line with the higher level of uncertainty in the UK economy.

Many advisors are particularly struggling with assisting self-employed borrowers with their negotiations on the property ladder. While some lenders are discounting the 20/21 set of accounts for self-employed borrowers who have suffered an unprecedented loss of earnings, many lenders still consider them a risk too big to take in the current economic climate.

Our built-in sourcing feature and one-click DIPs remove the legwork and complication from the early stages of the application process. Out platform also offers task automation and direct applications in order to cut time spent on avoidable admin like re-keying data, leaving advisors with more time to progress complex cases. Smartr365 users can also benefit from the high-level insights provided by our user-friendly analytics tool, which highlight both the successes and pitfalls of your business to help advisors to better serve customers with complex cases.

We know that time is invaluable to our diligent users so we’re working hard to introduce further time-saving features over the coming months. Follow us on LinkedIn to be the first to know about our latest platform developments, here.