Woman with £80,000 business unable to get mortgage

A woman who runs her own business, earning £80,000 a year, has been unable to get a mortgage because she is self-employed. Eve Scragg, 36, says banks have also had a problem with her credit rating – although it is “far from bad”.

Eve set up marketing agency Fan The Flames four years ago and registered it as a limited liability company in April 2021. “I had been in marketing and design for several years, and it was at That’s when it was time to do the big thing – set something up and start my own business,” she said.

After setting up her own business, Eve and her partner decided they wanted the stability of owning their own home, reports The Mirror.

“I had accumulated my income and was at the place where I was able to get a mortgage and stop paying someone else’s mortgage by renting,” she said. She went to a mortgage broker, who looked at her accounts and initially thought Eve might get a home loan because her business was taking in £80,000 a year.

But Eve was rejected. “The issue was the credit score and that I’m self-employed,” she said. “A lot of my friends are in the same boat and think it’s not even possible for them to buy properties.”

She added: ‘Being self-employed is something lenders frown upon.

Eve’s credit score was far from bad, but as a freelancer, it still wasn’t good enough for high street lenders. “All the big banks said I didn’t have good credit,” she said. “It turned out that not having borrowed money before, which I thought was a good thing, turned out to be bad in that regard.”

She managed to get offers from two mortgage lenders, only for both to back out. “I thought we might not get a mortgage, there was a lot of tears and stress and calls to my mum, who used to do property transfers and so has a lot of knowledge,” added Eve. “It was an incredibly difficult and stressful process.”

Eve then turned to Bluestone Mortgages, which specializes in clients rejected by traditional lenders.

She managed to get a home loan and now owns a three-bedroom end-of-terrace house.

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