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How we can help you?

Below you can find the answers to the questions we get asked most about contractor-based mortgages.

We’ve put together some commonly asked questions to help give you more information about the services that we offer.

Do you have a burning question? Can’t find the answer you were looking for? Need some more information about one of our offerings? Please do not hesitate to contact us!

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Frequently Asked Questions

Yes. Our consultants have helped 1000s of contractors obtain mortgage funding during their careers. As a company, we have access to bespoke contractor underwriting that will allow you to borrow based on contract value. Find out how much you can borrow here.

No. We have access to lenders that are happy to assist from Day 1 of your contracting career and assess borrowing based on your contract value, although each lender will have their own set of criteria that you will need to meet. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options.

Yes. We have access to lenders that will be happy to assist you without company accounts, with borrowing based on your contract value. We can assist from Day 1 of your contract, although each lender will have their own set of criteria that you will need to meet. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options.

Yes. We have access to lenders that will understand umbrella payment structures. Borrowing will be based on your contract value, although each lender will have their own set of criteria that you will need to meet. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options.

Deposits can start from as little as 5% but rates tend to improve the larger the deposit available. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options.

No, we have negotiated bespoke underwriting and processes, not interest rates. We work with high street lenders to ensure you don’t get penalised for the way in which you work. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options.

Not necessarily, although it does become more difficult. One of our dedicated Contractor Specialist Mortgage Consultants will be able to review your situation and advise you of any options that are available.

There are now more highstreet lenders than ever prepared to accept a contractor mortgage application. These include well-known names such as Halifax, Barclays, Clydesdale, Virgin Money and Nationwide to name but a few. The exact lenders available to you will depend based on your personal circumstances. One of our dedicated Contractor Specialist Mortgage Consultants will be able to guide you through the options.

Instead of us telling you all the reasons why, we thought we would leave it down to our clients.

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Yes and no. Our team of experienced Contractor Mortgage specialists have access to specialist underwriting teams within the main banks and building societies, to ensure that your application is assessed on its own merits, considering the way in which you work and how you get paid. A direct application to a lender, however, can result in the wrong criteria being applied to your case and an application being declined.

Most High Street lenders now have some form of Contractor Mortgage criteria, including the biggest names in mortgage lending in the UK such as Halifax, Barclays, NatWest, Nationwide and many others. With out bespoke direct-to-underwriter process, we can ensure that the correct lender for your circumstances is identified, and you get the mortgage funding that your contract rate deserves, rather than you being shoehorned into either employed or self-employed criteria.

Unfortunately, there is no easy answer to this, except to say that for a Contractor Mortgage, you can borrow just the same amount as if you were earning an equivalent PAYE salary in most instances. There are even situations in which you could borrow more, as lenders become more aware of the earning potential of the nation’s contractor and freelancer work force, coupled with our unprecedented access to underwriting teams.

Yes. Historically, banks would only ever assess applications based upon either employed or self-employed criteria. Now, thanks to the access that we have directly to decision makers, lenders are waking up to the knowledge of there being a third way, and being able to obtain a Contractor Mortgage based upon your day rate or hourly rate, instead of either payslips or company accounts, neither of which tell the true story of your earning potential.

Yes! In many ways, independent contractors have more potential options when it comes to a Contractor Mortgage than those working solely through umbrella companies, as there is the potential to take into account salary, dividends and even net profit alongside your contract rate, to tell the full story of your financial firepower.

Yes. The lenders that we deal with take a holistic view of each application on its own merits, meaning that regardless of the length of your contract, there could be lending options available. Whether you’re on a daily rate or an hourly rate, and whether you’ve been contracting for 2 years or 2 weeks, we are confident that we can help you obtain a Contractor Mortgage.

The house buying process is no different whether you are a contractor or whether you are permanently employed. The big difference is how your Contractor Mortgage is approved and offered. With such a buoyant housing market currently, any delays in underwriting could risk losing the property to another buyer, so it is vital to ensure that your application is assessed correctly. Similarly, the relationship between your mortgage broker and your solicitor is crucial, to ensure that all parties are aware of expected timescales to ensure a smooth transaction.

Ideally you would be in contract when applying for a mortgage, as this is the easiest way of demonstrating a current income, however, with the access that we have to underwriting teams, there may be options for you to obtain a Contractor Mortgage even if you are between contracts. Give us a call to discuss your circumstances in more detail.

We deal with lenders who can approve a Contractor Mortgage even if you are a ‘day 1’ contractor, due to the bespoke underwriting arrangements that we have in place with High Street banks and building societies. While it’s true that some lenders may have a minimum period in which you need to have been contracting, being a new contractor will not necessarily preclude you from accessing a Contractor Mortgage.

Yes. With recent developments around IR35, many of our clients have reassessed their remuneration structure, to ensure that it is as tax efficient as possible considering the potential financial impact of being considered inside IR35. We can access Contractor Mortgages for you regardless of whether you contract through an umbrella company, a Limited Company or even directly to your end client.

Yes. Our bespoke underwriting arrangements include lenders who have no requirement for any trading history if you are operating through a Limited Company. A true Contractor Mortgage is based upon your contract rate, rather than any figures from your Limited Company anyway, and as such we can even arrange mortgages for those brand new to contracting.

Yes. The lenders that we deal with do not penalise you for the length of your contract, as they understand the way in which you work. With the access that we have to underwriters, we can obtain a Contractor Mortgage regardless of the length of your contract, and this is where we utilise your CV to add weight to your application, by demonstrating your working history, regardless of contract.

No! In today’s financial climate, Contractors have far more spending power and surplus income than many equivalent PAYE employees. Thanks to the hard work in building such close relationships with underwriters, we can obtain a Contractor Mortgage based upon a daily or hourly rate rather than a permanent salary, ensuring that you are not disadvantaged when it comes to rate or choice of lender.

Yes. Lenders are now realising that contracting is a far more lucrative and flexible way of working compared to permanent employment, and using our direct to underwriter approach, they have begun to embrace the nature of contracting, rather than turning you away, as may have been the case in years gone by. We can obtain a Contractor Mortgage for our clients regardless of the length of the contract.

Yes! There is more access than ever before to a wider range of lenders and products on the market, based upon your contract rate. Buying a house with a Contractor Mortgage need not be any more complicated or stressful for you than if you were an employee, and it’s why our clients trust our decades of experience in the industry to help you buy your dream home.

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