Demand for specialist mortgages in the UK is being driven by the strong interest of self-employed workers.
Contractors, freelancers and others who work for themselves now make up the highest proportion of specialist mortgage business, according to the latest figures from the Paragon tracker index.
There has been a sharp increase in the number of self-employed workers in the UK, with a 24 per cent increase over the past decade, reveals official figures from the Office for National Statistics (ONS).
“It seems clear from this latest research that complexity around employment and income are the most significant reasons that intermediaries review the options available from specialist residential lenders,” explained John Heron, managing director of mortgages at Paragon.
“Customers with these characteristics are more likely to benefit from the detailed individual approach to underwriting that lenders in this segment of the mortgage market can deliver. With employment patterns continuing to become increasingly diverse and complex, we may well see this area of the market expanding going forward,” he added.