We provide
Mortgages
For
Contractors
If you are tired of being rejected by banks that fail to understand the concept of fixed term contracts, we can help secure mortgages for contractors
Mortgages for contractors are different. For many people, the chance to work as a contractor rather than being employed comes with a great deal of advantages. However, the downside is that working on a fixed term contract basis can make it harder to find a mortgage. In recent years, many high street lenders have been unsympathetic to contractors. Thereby resulting in the number of mortgage products available to these individuals falling. One of the main issues is that some high street lenders fail to understand that an individual working under a contract doesn’t exactly fit into the employed or self employed category. Unfortunately with some lenders, if you are unable to fit their rigid criteria exactly, they will not lend.
However, there are still a number of ‘open minded’ lenders. Lenders that recognise contractors are low risk borrowers, who are able to show a history of consistent levels of income. As well as specialised skill sets in sought after industries. And we know who they are.
Our mortgages for contractors advice process
Step 1: We listen
It’s important for us (and you) to take the time to get to know each other and to make sure we understand what you would like to achieve. It’s a cliche, but no two people are the same. And we want to make sure our advice and service is tailored to you.
Step 2: Our initial thoughts
After that, we’ll provide you with some details. Things like how much we think you can borrow based on your income flow and what kind of loan to value lenders who provide mortgages for contractors will be prepared to offer you.
Step 3: We search the whole mortgage market
We’ll then move on to search the entire available mortgage market for you. In addition to negotiating you the best rate, we’ll take into account other things like lender service levels. It’s all part of having an expert on your side. We can even arrange an Agreement in Principal for you with a lender so you know exactly how much you can borrow.
Step 4: Completion
We finalise your mortgage and you get ready to pop a cork (or two).
Making it easy
Our mortgage advice process
Step 1: We listen
It’s important for us (and you) to take the time to get to know each other and to make sure we understand what you would like to achieve. It’s a cliche, but no two people are the same. And we want to make sure our advice and service is tailored to you.
Step 2: We provide our initial thoughts
After that, we’ll provide you with some details. Things like how much we think you can borrow and what kind of a mortgage deposit you’ll need to buy that dream home. We’ll also suggest the best type of mortgage for you, looking at fixed and variable rates.
Step 3: We search the market for you
We’ll then move on to search the market for you. In addition to finding you the best rate, we’ll take into account other things like lender service levels and affordability calculations. It’s all part of having an expert on your side. We can even arrange an Agreement in Principal for you with a lender so you know exactly how much you can borrow.
Step 4: Completion
We finalise your mortgage and you move in. Alas, we can’t guarantee the moving experience will be easy, but at least you are safe in the knowledge that you have the most appropriate finance for you.
Mortgages for Contractors
Case Study
Case Summary
Our applicant worked as an analyst for investment banks. However, rather than working in full time employed positions, he secured fixed term contracts. Usually with a minimum term of one year, where he was paid a daily rate. His income was paid into a Limited company from which he took a salary and small dividends. This then caused issues when trying to raise a mortgage, as he didn’t take enough income from his business to support the loan he required. With self-employed applicants, a lot of lenders will only look at the salary and dividends an applicant takes from their company.
Our Solution
We introduce business to several lenders that are happy with individuals who work on fixed term contracts and are paid via Limited companies. These lenders are happy to use the daily rate and multiply it by 5 days and 46 weeks to determine their income. We were able to secure an 80% mortgage, so that the client could purchase his new home.
The numbers
Mortgage Calculators
Our useful mortgage calculators can help you work out the key numbers without any hard questions.
