Contractor Mortgages Needn't Be Complicated
If you're a self employed contractor then finding a mortgage to buy a home or remortgage your current property can be a long and complicated procedure. So why not get in touch and let me take the hassle out of the entire process by carefully understanding your personal situation then tailoring expert mortgage advice to give you the best contractor mortgage options possible.
Blueberry Mortgages - contractor mortgages explained
If you're a contractor then you probably have enough to worry about already so why not let me help arrange your mortgage. I will take the time to fully understand your situation and then I'll tailor make some contractor mortgage recommendations that will enable you to carry on with the important stuff in life.
Contractor mortgage FAQ's
What is a contractor mortgage?
If you are self employed and working on a fixed term contract it may be possible to secuer a mortgage based on the value of the contract rather than your previous year or years’ tax returns. This is useful if you are newly self employed as there are lenders who may base their lending decision on the value of the contract rather than last year’s self assessment accounts
Can I get a contractor mortgage?
Every lender has different criteria so it is difficult to generalise but if you have a been a contractor for a while then it shouldn’t be a problem but even if you are new to self employment then, as long as you have a history of working in a similar field, then it may still be possoble to get a contractor mortgage
How much can I borrow?
This really depends on your situation as a lender will assess how much you can borrow based on how much you earn minus any committed expenditure but as a loose rule of thumb, it is possible to get around 4.5 times your annual salary as a loan.
I pay myself through a limited company, can I still get a contractor mortgage?
This depends on the set up but in theory there is no reason why you can’t find a lender who will consider you as a contractor rather than a company director
I have just started contracting, can I get a mortgage?
If you have a history of working in the same field, at least 2 years, then there is a good chance we will be able to find you a contractor mortgage
What interest rate will my mortgage have?
If a lender is happy to work off your fixed term contract then you are basically considered employed for the purposes of the loan and so you will be able to get rates comparable to any on the high street, depending on your credit history and deposit etc
What if I can't get a contractor mortgage at the moment?
Once I understand your situation it may turn out that you’re not in a position to get a contractor mortgage but I will carefully explain why and what you need to do to put yourself in a position to get one in the future. I will also take the time to outline any other options you may have
Why Use a Mortgage Broker
Although I offer a completely free, no obligation mortgage consultation there is a charge if you would like me to apply for a mortgage on your behalf, so why use a mortgage broker instead of going direct to a high street bank?
Making the wrong choice about your mortgage can cost you hundreds – even thousands of pounds – more than you need to pay. And because mortgages are awash with additional fees and charges, it’s all too easy to get tripped up. That’s why it makes a lot of sense to go with a mortgage broker.
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Mortgage brokers possess a wealth of valuable market knowledge and experience, in addition to having to be formally qualified to give advice on financial products. And independent mortgage brokers help you find the best mortgage deals available on the market – not just from a single provider.
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They know which lenders are comfortable with unusual circumstances and they will offer advice and guidance throughout the mortgage process, they will also act as your advocate with the mortgage lenders, making it less stressful. They are also particularly useful if you are in an unusual position.
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They might have exclusive deals with lenders, not otherwise available and they’ll help you take all the costs and features of the mortgage into account, beyond the interest rate. They often complete the paperwork for you, so your application should be dealt with faster and should only recommend a mortgage that is suitable.