Are You a Contractor and Unsure How to Get a Mortgage?
There are a number of benefits that come with being a contractor, but it can appear to have its challenges when it comes to finding the right mortgage, particularly if you’re a first time buyer.
As a contractor you have more flexibility and independence, however, it provides an unwanted feeling of uncertainty when it comes to buying a home. It can be a daunting thought that you are going to miss out on the milestone opportunity of buying your own property, however, it doesn’t have to be that way.
There’s no need to lose hope just yet, as we are on-hand to help provide you with affordable contractor mortgages best suited to your needs.
Don’t Be Singled Out for Your Career
Just a pre-warning, if you try and seek contractor mortgages from regular high street lenders, you may be met with disappointment. It’s important to remember that standard mortgage advisors and brokers are not specialists in providing contractor mortgages and it’s likely that they are going to be unable to help provide you with a mortgage. They lack knowledge on contractor mortgages and key contractor-friendly contacts within the lender’s underwriting teams.
It can be frustrating, if you work as an IT contractor for example, as your daily rate can be quite substantial and you could be a good mortgage candidate.
Working as a contractor, it’s likely you’re paid a day rate and may need a few years of accounts to secure a mortgage deal. Many lenders often deal with PAYE cases or a mortgage based solely on accounts, so may be unsure how to deal with those paid a contract rate.
We Won’t Treat You Differently
You think that you may struggle with obtaining contractor mortgages as you do not have a regular salary from employment. Because of this, you are under the impression that you can’t apply for mortgages at all. However, this is just a myth as contractors are able to access the same wide range of mortgage options and competitive rates as salaried employees when they use specialist brokers, like us who specialise in advising contractors on the best kind of mortgage for them.
Mortgage Brokers with a Difference
Unlike standard mortgage lenders, we understand that contractors represent a growing part of the UK’s workforce, and we want to make it as easy as possible for you to find the right mortgage.
You’ll be surprised at how many mortgages lenders are willing to help you even if your income jumps around. You might even find that with our help, you can be offered a higher loan than permanent employees would get. Regardless of what kind of contractor you are, we can help provide you with the most suitable contractor mortgages for your needs.
Don’t Worry If You’ve Been Declined Elsewhere
Just because you got declined for a mortgage with a high street lender, you shouldn’t take it personally. Contractors tend to fall outside of many lenders’ criteria, so it’s possible that’s why your mortgage application may get turned down. However, if that happens or it has happened in the past, do not despair, we are here to help you.
We help provide exclusive contractor mortgages tailored to contractors, so we help ensure that you don’t miss out on a life-changing event in your life. So if you’re a contractor or freelancer, it can be invaluable just picking up the phone and having a chat with us.
Then, one of our helpful team members can help find you a lender that accepts mortgages from people in the same boat and help navigate you through the application process.
Believe it or not, contractors can access the same rates in the market like everyone else. Rates are dependant on factors such as deposit size, income, the period of borrowing, type of mortgage and whether you are a first-time buyer.
We can help you access the best deals and advise you on the most competitive mortgage interest rates to cut through the noise for you. We can also provide professional help to get you the best deal as a first-time buyer, if you are remortgaging your existing property, investing in buy-to-let property, or using the Government Help to Buy scheme.
Get In Touch
So if you’ve previously struggled with obtaining a mortgage in the past, there’s no need to struggle anymore. With our expert help and guidance, we can put you on the path to owning your own home with contractor mortgages.
You would be surprised at how much we could help you on your journey. However, in order to help you, we need to know your individual circumstances to be able to provide you with the most useful help for you. So call us today.