Unlocking Homeownership Dreams for Self-Employed Couples

In an era of evolving employment patterns, the number of self-employed individuals in the UK has been steadily increasing. However, many self-employed borrowers face challenges when securing a mortgage due to their unique financial situations. This case study focuses on the inspiring story of Freddie and Faith First-home, a young couple with an entrepreneurial spirit who overcame obstacles on their path to homeownership. Their mortgage broker and Bluestone Mortgages played a pivotal role in helping them achieve their dream of purchasing their first home.

As of 2023, the number of self-employed individuals in the UK has reached a staggering 4.49 million. This figure highlights the growing significance of the self-employed workforce and the need for financial solutions tailored to their specific circumstances. Despite their entrepreneurial success, self-employed individuals often face difficulties when applying for a mortgage, as traditional high-street lenders tend to have stringent criteria that may not account for the complexities of self-employment.

Freddie & Faith’s Journey

Freddie and Faith First-Home, a couple driven by their shared passion for love and weddings, decided to venture into the wedding planning and stationery industry. With their combined expertise and unwavering dedication, they built a thriving business that quickly gained popularity. However, when they decided to purchase their first home, their self-employment status presented a hurdle many high-street lenders deemed insurmountable.

The Role of the Mortgage Broker

Freddie and Faith’s mortgage broker recognised the limitations of high-street lenders and explored alternative options to help the couple fulfil their homeownership aspirations. They knew that as a specialist lender, Bluestone accepts self-employed customers that have been trading for a minimum of 1 year. Where applicants have been trading for less than 2 years, they only require an accountant’s certificate or SA302 to verify their income. 

The Power of Specialist Lenders

Bluestone Mortgages’ commitment to understanding the unique circumstances of self-employed individuals has resulted in numerous success stories. By bridging the gap between the self-employed workforce and homeownership, specialist lenders like Bluestone have transformed the lives of many individuals and families who would otherwise be labelled as “Unlendable” by traditional lenders.

The case study of Freddie and Faith showcases the transformative impact that specialist lenders such as Bluestone Mortgages can have on the lives of self-employed individuals aspiring to become homeowners. With the number of self-employed individuals in the UK on the rise, financial institutions must adapt to the changing landscape of employment and provide accessible mortgage solutions tailored to the needs of this growing sector. By embracing innovative lending practices, specialist lenders empower self-employed borrowers to achieve their dreams of homeownership.

If you’re wondering how you can serve a growing market of adverse cases but aren’t sure where to start – click here to download our complex credit toolkit to start your journey.