Self-employed are missing out on saving, says Stafford Railway

Self-employed people are missing out on huge savings on their mortgage repayments because they are too busy to hunt for a good deal and concerned about rejection, says Stafford Railway building society.

The perception that self-employed people struggle to get a mortgage with a competitive interest rate still exists but is finally fading away as more and more people become their own boss, the society says.

Chief executive Mike Heenan says: “The days of self-employed people having to pay sky-high interest rates are coming to an end. It is simpler than ever for them to switch to another mortgage lender. Many company bosses still worry that they might be rejected after their business finances are probed.

“This is an image that many high street lenders are keen to purport so they can hike up their interest rates. There are over 3 million self-employed people in the UK and they should shop around for a good rate on their mortgage just like everyone else does.”