Mortgages For Contractors!
Lets Find The Right Contractors Mortgage For You!
Contractor Mortgage Specialists, We search whole of market to offer our customers the best Moving Home Mortgage deals and rates.
Technically, the mortgages available to contractors are the same as more traditional PAYE employees.
However, when it comes to lenders accessing applicants, being a contractor, can sometimes make the process more complex. Contractors can be seen as riskier applicants because their income can potentially be less consistent than PAYE employees.
Recently, some lenders are coming to realise that more people are turning their back on conventional employment and are looking to become independent professionals. Now, more than ever, the rates available to contractors are comparable to their PAYE counterparts.
At Amber Mortgage Solutions we have a superb team of specialist mortgage advisors who can help you find the best contractors mortgages available. We will guide you through the whole process and work with our lenders to ensure you get the best deal.
How We Work
Helping to tick all the right boxes for your new Self Employed Mortgage
- To start with please either call us or complete the above application form.
- One of our specialist contractor mortgage consultants will be in touch with you to discuss your application.
- After we have your details, we will search the market for the best schemes to suit you.
- We will then talk you through the details of your mortgage.
- 100% Secure, Confidential and hassle free.
We’ll concentrate on helping you compare Self Employed mortgage rates with the following in mind:
- Fixed, tracker, discount and variable rate mortgages
- Repayment and interest only mortgages
- Free survey and cash back deals
- Early repayment charges
How are contractor mortgages calculated?
Often the accountants of contractors will ensure that their net income is be low by retaining money within the business. From a tax efficiency perspective this is great, however, the opposite is true in relation to mortgage applications.
Traditionally, mortgages have been calculated based on annual salary which can negatively impact the amount contractors can borrow. However, many lenders have changed their assessment criteria for contractors and instead of looking at accounts and payslips they will look at your true earning potential.
Lenders will calculate the amount you can borrow based on your annualised daily contract rate. Each lender will have a different qualifying criteria but usually you will need to provide proof of a current contract and also show that you have consistently been under contract.
Even though changes have been made by many lenders towards a better understanding of contractors finances, it can still be difficult to secure a loan from high street lenders. At Amber Mortgage Solutions we are connected to specialist lenders and can help you collate all the relevant documentation so your application is as smooth as possible.
Just call us today on 01702 619 221 to talk to one of our advisors.
You may also be interested in: –
Worried about applying for a contractors mortgage with bad credit?
Mortgages can be daunting at the best of times, and borrowers with limited experience may not be sure how to get a mortgage with bad credit which is also known as an Adverse Credit Mortgage. When looking online mortgage searches often return results for grade A credit scores and showing mortgages that you won’t probably qualify for.
Contractors mortgages can be arranged for people with bad credit in the following situations:
- No credit history
- Low credit score
- Late payments
- Missed mortgage payments
- Debt management Schemes