Target your mortgage application at contractor friendly lenders
As contractor mortgage experts we have access to a wide range of specialist mortgage deals and have helped lots of contractors become savvy with their mortgages.
We can secure you a mortgage based on your contract rate.
Get advice on the most suitable deals for you.
Mortgages for contractors
Contractors tend to be savvy individuals, professional experts in their field, financially astute when it comes to their remuneration and tax affairs and good income earners. Despite this, many mortgage lenders regard contractors as mortgage misfits meaning freelance contractors often experience difficultly securing a mortgage, particularly compared to those in full time salaried employment.
As contractor mortgage specialists, we work with mortgage lenders who see contractors in a positive light, viewing them as desirable customers. Contact us today for an initial appraisal of your situation. We can help you get a mortgage with income and affordability calculations based on your contract rate whether you're a first time buyer, next time buyer or looking to remortgage.
Modern lenders needed for a modern workforce
There has been an upsurge in the number of people working as contractors, particularly within the IT sector. Official figures from the ONS indicate the number of contractors in the UK now stands at around 1.9 million – a rise of more than a third since 2008. Despite the rapidly changing nature of the UK workforce during the past decade, many mainstream lenders have failed to move with the times and update their attitudes towards borrowers whose profiles don't conform to the stereotypical PAYE employee working in full time salaried employment. Instead they continue to take decisions based on traditional methods, excluding significant numbers of hardworking aspiring homeowners.
The good news is a new breed of modern, forward thinking lenders have entered the market offering innovative products that are needed to help the diverse working population. These lenders judge each application on its merits and will base affordability calculations for contractors on their daily rate of pay.
Get professional advice
Being a contractor can make it harder to find the right lender and, as a result, professional advice can be extremely valuable. Some contractor friendly lenders are available directly on the high street, but many will only be available through a regulated mortgage adviser. It is therefore worth seeking the advice of an adviser who can talk you through the most appropriate mortgages for your circumstances and also give you access to a wider selection of lenders.
Whether you contract through an umbrella company, as a sole trader or operate as a director of your own limited company, contact us today for a free no obligation quote.