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Mortgages for Contractors

Why choose a Mortgage Specialist to find you a mortgage?

Have you had difficulty in obtaining a mortgage or thought it would be impossible to get one because you are a contractor.

Before the credit crunch in 2007, contractors could apply for a self-certification mortgage, lenders didn't require the borrower to prove their income they would lend on what the contractor earned, and applications could be fast-tracked with no checks being made.

Gone are the days of self-certification mortgages, which were designed for and allowed contractors to get a loan relatively easy.  While times by be tougher, it is still possible to secure a mortgage.

The Mortgage Brain have been helping contractors secure mortgages for over 30 years. We pride ourselves on getting the best mortgage based on your contract earnings, removing the need for you provide payslips or accounts and often can access more funds than those who are employed.

So what are the problems contractors face?

Mortgage lending may be at its highest level since the financial crisis but taking out a home loan remains difficult for many and more so for contractors.

According to the Office for National Statistics, self-employment is higher than at any point over the past 40 years and there are circa 4.6 million self-employed people in the UK.  Although High Street lenders will lend to those who more well established contractors, those who are less established or who have just started contracting will have limited options.

While self-certification mortgages were designed for contractors and the self-employed they were widely abused and earned the nickname of "Liar Loans" because incomes were exaggerated in order to secure bigger mortgages, resulting in the self-certification mortgages being withdrawn.

How can we find you a mortgage?

Contractors face further problems where your you minimise your tax bill by using legitimate methods to reduce your taxable income, although this is great for tax planning, but the reality is that this affects your potential lending amount.

As an independent mortgage broker, we have over the years, been building our network with lenders who are better at understanding contractor's payment structure, using their standard multiplier as before but on your annualised contract earnings to help them determine the maximum amount they will lend you.

In dealing with contractors we know which lender will best suit your circumstance, we understand each of the lenders application process and which of those who can process your application with minimal delays saving you much valuable time, and time is money, right?

We can secure you a mortgage based on your gross contract earnings.  So for those who have just started contracting or have less than 3 years' accounts, then the good news is you can still apply for a mortgage.  All we will need from you is:

  • A signed copy of your current contract, displaying your rate
  •  An up-to-date copy of your CV confirming your employment history
  • The last 3 months' bank statements confirming your contract earnings
  • Proof of ID, passport, utility bill or driving license

And because this is all we will need, often applications are processed more quickly than standard mortgages.

Contact us for further advice or a quote.

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