How much could you borrow?
Our contractor mortgage brokers understand exactly which lenders to approach and how to best position your circumstances to them
Whether you are PAYE through an Umbrella Company or contracting through your own Limited Company, a specialist Mortgage Advisor with the right knowledge and contacts can not only make the difference between you getting a mortgage or not, but they also ensure you will obtain the best interest rate available to you.
Forget the need for Limited Company accounts, tax returns, SA302s, Tax Calculations and Overviews or payslips, a Contractor Mortgage is usually obtained by using your contract as evidence of your income and your hourly, daily or weekly rate is annualised over a set number of weeks per year to become your income for mortgage purposes. It is a vastly simplified way of evidencing your contractor income to secure the mortgage you need, be it a remortgage or a property purchase.
CASE STUDY
Mrs Matheson has recently started contracting in an IT Project Management role having previously been a permanent employee doing the same thing for the last couple of years. She was issued a 6 month contract which she is 4 months into and hoping for a renewal but nothing has been confirmed yet.
She is looking to buy her first property and wants to put down a 5% deposit. She spoke with her bank Santander and explained she is a contractor and provided them with a copy of her inside IR35 contract along with her payslips for the last 3 months. Having reviewed the contract Santander advised her that they would be unable to assist as their criteria states she needs to have been contracting for a minimum of 12 months and have a minimum of 6 months remaining on her contract. Mrs Matheson was frustrated by this experience having had to make 2 separate trips to her local Bank for an appointment with their Advisor which took 2 hours the first time and an hour the second time. She felt this ended up just being a big waste of time.
Mrs Matheson had been advised by colleagues she worked with, also contractors, that there were specialist Advisors out there who understood how contractors worked and could source mortgages specific to her circumstances. She found Contractor Mortgage Finder using a Google search and input her details requesting a call from a specialist Contractor Mortgage Advisor. Within a couple of hours an Advisor called her and put her mind at ease straight away. They explained that not only was it not an issue that she hadn’t contracted for 12 months but also the fact there were only 2 months remaining on the contract was not a problem either. Furthermore, the Advisor had access to lenders who would be able to assist straight away and offer her a very competitive rate too.