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Government urged to help self-employed

The Government is being encouraged to do more to support freelance and self-employed workers who are facing significant loss of income due to the impact of the coronavirus.

In total this section of the working population adds up to around five million people, with freelance mortgage advisors who work with estate agents and mortgage company networks being among them. Martin Stewart from the independent mortgage advice firm London Money estimates that roughly half of all advisors are freelance workers and is warning that their businesses will be affected until things return to normal.

He went on to say that although both product transfers and remortgages remained as viable areas of business, there would still be the same number of advisors competing for much less actual work during this crisis.

The Government has already committed to providing employees who are temporarily unable to work because of the virus restrictions with 80% of their salaries. This is set to give these workers a maximum of £2,500 a month in financial support. Self-employed workers whose incomes have been hit by it were initially only offered the option of claiming universal credit worth £94 per week, with this stark difference attracting a great deal of criticism from freelancers, although more supportive measures were announced by Chancellor Rishi Sunak last Thursday..

Becky O’Connor, a personal finance specialist at Royal London, said that while many of the worries of employees had been addressed by these measures, more was needed for the self-employed.

CeMAP mortgage advisor training is designed to provide freelance advisors with the expertise needed to make a success of their careers.

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