The Times - HSBC gives mortgage help to the self-employed
HSBC has eased the demands it makes on self-employed borrowers to provide evidence that their businesses are thriving despite coronavirus, as lenders make rate cuts across the market.
The Times highlights the lender will now ask for three months of bank statements as well as two years of accounts. This brings the way the self-employed are assessed closer in line with employed borrowers, who are typically asked for three payslips or three months’ bank statements.
Aaron Strutt, product director at the mortgage broker Trinity Financial, told The Times: “This brings HSBC’s policy in line with other lenders and is a further sign of an increasingly competitive market.”