HomeOwners Alliance logo

Become a member today to access our home helpline, discounted conveyancing, expert advice & legal service

  • Become a member today - benefits include:
  • Exclusive members property helpline
  • Discounted conveyancing and free legal advice
  • Save time and money with your move - JOIN TODAY

Freelancers fear mortgage rejection

In this fortnight's mortgage round-up, consumer journalist Christine Toner looks at why freelancers fear mortgage rejection, how borrowers are seeking certainty and the increasing appeal of cashback mortgages


Freelancers fear mortgage rejection

Around one million freelance workers are considering quitting because they fear they will struggle to get a mortgage, new research has revealed.

In a survey by The Mortgage Lender, one in five freelancers said they were reconsidering their employment situation because they had either been refused a mortgage or worried that they would be as a result of being freelance.

The research claimed banks are discriminating against self-employed people, despite 4.9 million people in the UK working for themselves.

If you’re worried about getting a mortgage, see our guide on being self-employed and buying a home for top tips and advice.

Borrowers seeking fixed rates

More and more borrowers are opting for fixed-rate mortgages as uncertainty about what will happen post-Brexit takes hold.

According to figures from Experian, in November 84% of mortgage shoppers were searching for fixed-rate deals, up from 74% in September.

Amir Goshtai, managing director of Experian Marketplace & Affinity, said: “Mortgage shoppers have switched their attention to fixed-term mortgage deals to protect themselves from any future rate rises.

“But it’s important for potential homeowners to consider all their options – after all, buying a house is likely to be the largest purchase anyone will make.

“If people are either on a standard variable rate, or approaching the end of their introductory deal, then now is the time find the next mortgage as the potential savings are significant.”

Want to make sure you get the very best deal available? Get free, unbiased advice from our partners at London & Country today. You can even start the process online and speak to an adviser at any point.

Cashback deals on the rise

The number of mortgage deals offering cashback incentives is increasing, according to Moneyfacts.co.uk.

There are currently 1,459 residential products available with cashback offers, almost two-and-a-half times more than the number in November 2011, when it stood at 627. According to Moneyfacts these deals now make up 29% of the overall mortgage market, up from 19% in 2011.

Darren Cook, finance expert at Moneyfacts.co.uk says: “Buying a new home or remortgaging your existing deal can be an expensive process. An offer that contains cashback may help to soften the immediate costs that this process incurs.”

But Paula Higgins, chief executive at HomeOwners Alliance warned that borrowers shouldn’t be too swayed by incentives.

“Don’t be lured in by offers of cashback. Look at the cost of the mortgage overall. It’s essential to seek unbiased advice from a broker and consider all factors before choosing a mortgage,” she says.

Today’s best mortgage deals

Click below to see more best buys to see the full range, or speak to London and Country for fee-free expert mortgage advice on 0800 073 2326

Leave a comment

* required

No Comments

No comments yet.

Become a member today

Become a member of the HomeOwners Alliance:


✓ To Ask an Expert
✓ Access our Home Helpline
✓ Free Legal Advice Line
✓ Fee free mortgage advice
✓ Discounted conveyancing
✓ Unbiased advice

Join today >

Latest Tweets

  • HomeOwners Alliance
    Are you looking for a reliable tradesman to get your home tip-top before the festive season? Come to our website an… https://t.co/6mG7Qp58ii

    13 November 2019

  • HomeOwners Alliance
    With more rain forecast for the rest of the week, why not check if your property is at risk of flooding, sign up to… https://t.co/VZcBkpHv2C

    12 November 2019

  • Follow us on Twitter >


Looking for fee free mortgage advice?

We’ve teamed up with the UK’s leading fee-free mortgage broker to provide you with expert advice.✓ UK’s leading fee free mortgage broker

✓ Compare 1000s of mortgages

✓ Fully qualified advisers

✓ Winner 2017 What Mortgage Awards

Find out more >

It’s as easy as
1 – 2 – 3
to get cheaper energy

1. Enter a few details about your energy supply

2. Find out how much you could save

3. Compare deals & switch online to reduce your bills

Compare & Switch Now >

Sign up to our FREE weekly newsletter

for the latest news, advice and exclusive money saving offers