24 Nov Are you self employed and taken a SEISS grant since 14th July?
Lenders are changing their strategy on lending to self employed people who have taken a second grant since 14th July 2020.
This grant money is designed for people that are truly struggling because of the pandemic. If you have applied for the SEISS grant you are declaring that your business has been impacted by Covid-19. Therefore you can not go on to apply for a mortgage saying that you haven’t been affected and some where along the line you are either lying to the government or to your potential lender.
Therefore some lenders are now not accepting income to assess a mortgage application if you have applied for or received a SEISS grant on or after 14th July 2020.
This will mainly affect soletraders and partnerships and should not affect Limited Companies, because Limited Companies were not able to apply for them.
If you are unsure, please talk to a broker who will be able to advise accordingly.