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Three in five self-employed say housebuying is impossible: Aldermore

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Three in five of the self-employed think they will never manage to buy a house, according to new research into buyer sentiment carried out by Aldermore.

For the self-employed, 62 per cent think they will never manage it.

Raising a deposit was listed as the biggest obstacle to homebuying by 32 per cent of the self-employed surveyed.

Meanwhile 14 per cent said securing the mortgage was the biggest challenge.

Almost a third (32 per cent) said they had to give up being self-employed to get a mortgage.

The index also found that 67 per cent of total aspiring homebuyers think they will struggle to buy a home.

When asked what could be done to improve the lot for first time buyers, the key request is to address rising house prices (46 per cent).

For two in five (39 per cent), extending the Help to Buy schemes would be the best form of help.

Thirty-seven per cent of the self-employed want to see better mortgage products on the market.

Aldermore commercial director, mortgages, Charles McDowell says: “First time buyers are the driving force of the property market but our Index reveals just how hard it is for them to get on the ladder, even more so for those who are self-employed.

“Low levels of confidence amongst these groups will have ramifications further up the housing chain so it’s imperative that more is done to support both segments of our society, particularly with levels of self-employment continuing to rise in the UK.”

To help, Aldermore will cut the number of years accounts a self-employed borrower needs for a residential mortgage – from two years’ to one.

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