Scottish Building Society helps entrepreneurs get onto property ladder
The Scottish Building Society has launched a dedicated mortgage that it hopes will allow Scots entrepreneurs to get onto the property ladder.
The loan package has been designed to recognise the “challenges” many start-ups face in demonstrating to traditional lenders using automated credit scoring that they have a regular income.
For businesses with only a one-year history looking for an 80 per cent loan, the new “Entrepreneur Mortgage” factors in projections for the next year – providing turnover and profit are flat or rising.
Paul Denton, chief executive of the Scottish Building Society, said: “Scotland has a vibrant community of entrepreneurs essential to the country’s economic growth. However, as they build their business, many find it hard to navigate the automated lending criteria of mainstream lenders to secure loans.
“We look at the big picture. Our underwriters treat each case individually.”