The Cumberland Building Society has expanded its support for self-employed borrowers, aiming to remove obstacles that often make securing a residential mortgage more difficult.
The lender said it intends to ease the challenges faced by the self-employed, a group now numbering more than four million across the UK. Many continue to encounter barriers due to fluctuating earnings and stricter documentation requirements imposed by some providers.
The Cumberland requires only one year of accounts for residential mortgage applications, compared with the two years commonly requested elsewhere. Eligible customers can access its full range of residential products, including first time buyer schemes, home mover loans and remortgage options.
The building society lends to sole traders, partnerships, contractors, limited companies and limited liability partnerships, provided the applicant holds at least a 25% shareholding where applicable.
PEOPLE-FIRST APPROACH
The Cumberland said its model relies on personal relationships and individual assessment rather than rigid automated decisioning. Its specialist mortgage team reviews each case on a one-to-one basis and can consider wider circumstances alongside credit files.
The lender added that when potential issues arise, it will work with the applicant to resolve them rather than decline the case outright, contrasting this with processes that depend on fixed computer-led criteria.
LOCAL SUPPORT
Terri Lorimer (pictured), mortgage hub manager at The Cumberland, said: “The self-employed community forms a vital part of the local economies they are based in, offering important services which keep our communities moving.
“Yet too often they are treated as higher risk when it comes to borrowing.
“We want to reduce the barriers they face when applying for a mortgage, which is why we look beyond the numbers and develop a relationship with our customers to see the full picture of their circumstances, taking a responsible approach to understand their needs and affordability.
“With dedicated mortgage advisers who will take customers all the way through the mortgage journey from start to finish, we’re on hand to support individuals acquire the right lending which works for them.”
The lender offers flexible appointment times, including early mornings, evenings, weekends, telephone and in-branch meetings. Face-to-face consultations are available in Barrow, Kendal, Dumfries, Workington and at English Street in Carlisle.
Throughout the process, customers work with the same mortgage adviser from initial discussion to completion. Lorimer added: “Whether you’re a freelancer, contractor, or small business owner, we would welcome hearing from you for your mortgage needs.”
