How taking a Covid grant could ruin your chances of getting a mortgage

This mirrors the rules of the furlough scheme which pays employed workers 80% of their monthly salary.To be eligible for a SEISS grant you must declare that your trading has been damaged by the coronavirus pandemic and your profits have been reduced.

Andy Chamberlain, director of policy at IPSE, said: “The self-employed sector has been financially devastated by the pandemic: in many cases because of the gaps in support for them.“It is more difficult for the self-employed to get mortgages at the best of times; the discriminatory approach of certain lenders now seems to be making it nearly impossible for many freelancers who received government support.

Here's some advice from the experts at IPSE on what you can do to boost your chances of getting accepted for a mortgage. Understand the lending landscape before you apply. Some lenders won’t even consider business owners and freelancers so either do your research before approaching the bank or ask a broker to do it for you.Meanwhile Nationwide and Halifax say where borrowers have taken SEISS grants, each case is looked at individually.

Mr Butler said: “We need clarity from lenders on when borrowers can apply for a mortgage after their business has reopened.

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