I'm a contractor with bad credit, can I get a mortgage?

Most lenders have very little tolerance towards bad credit issues and your situation is complicated even further if you happen to earn your living working on short term contracts.

Before the credit crunch there was a raft of lenders offering mortgages to those with previous and existing credit problems, including bankruptcy and serious arrears. This sector of the market was all but wiped out during the downturn with many lenders closing down, but there are still mortgage options available for those with minor or moderate past credit problems, particularly if they are now resolved.

Mortgage rules have tightened substantially and lender requirements and criteria are far tougher than they were compared to the peak of 2007.

Mainstream lenders will often take a very dim view of any credit problems but some specialist lenders will offer mortgages to contractors with a blip on their credit record, especially when the borrower is getting back on track.

The first step is to check your own credit file with a credit reference agency such as Experian or Equifax to see what lenders see when they run a credit check. You could have County Court Judgements against your name that you are unaware of, particularly if you have frequently moved house.

If you're a contractor with bad credit such as CCJs, defaults, missed payments, previous bankruptcy, IVA or have been in a debt management plan (DMP), professional advice can be extremely valuable. As well as being able to tailor our advice according to your situation, we will be able to talk to lenders about any quirks. This can save a lot of wasted time, cost and heartache in finding a lender that is likely to be more amenable.

Even with a bad credit score there are lenders that are able to consider your application. Some of these lenders are available direct to consumers on the high street, but many are only 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.

Not all borrowers are the same, but luckily not all lenders are the same either, and you could find a mortgage solution out there if you look in the right place.

We will guide to you to the right mortgage from the right lender

As a mortgage broker who focuses on providing mortgage guidance to contractors, we will advise you of your options and help you secure the mortgage you need.