"It was clear we had to update our policies to reflect the changing employment trends and differing types of borrowers."
Recent figures from the ONS show that there are nearly five million self-employed people, an increase of more than 50% since the turn of the millennium.
The Yorkshire is also encouraging entrepreneurs with a ‘side hustle’ to review their revenues as this additional income could be used to support a mortgage application.
Charles Mungroo, senior product manager, commented: “We know the UK workforce is evolving and with one in seven people currently self-employed, it was clear we had to update our policies to reflect the changing employment trends and differing types of borrowers.
“Moving from three to two years’ evidence, means we’re now able to support a much broader range of customers including those that are in the early years of their new ventures along with those who have additional income coming from a self-employed source.
“We understand that trying to navigate the home buying and mortgage process can be daunting for those who are self-employed, be that they are long-standing or just starting out in their new ventures, and we want to help support them to get the most suitable mortgage for their needs.”
