If you are self-employed, work as a contractor or freelancer then applying for a mortgage can be extremely difficult. Or if you are a Limited Company Director or business owner you may not have a fixed monthly salary. The flexibility of when you work and the ways you are paid can make it difficult for lenders to understand your income. Limited company structures, umbrella organisations and offshore tax arrangements can be complex.
Some lenders have barriers that restrict contractors from being accepted for a mortgage, these are:
- Thinking your dividend drawing and salary make up your “take-home pay”
- The requirement to see a minimum of 2 years of trading history
- Not using your gross contract earnings to assess your suitability for a product
But here at 177 Mortgages, we have a specialist team with extensive knowledge of the contractor mortgage market. You can read some examples of the clients we have helped in our case studies. We have access to the whole mortgage market and have relationships with specialist lenders and a real understanding of what they require. We have also worked hard to help lenders understand how contractors work to ensure they make a more informed assessment during the decision-making process.
Are you a Limited Company Director? We specialise in helping company directors get their ideal mortgage.
Are you a Business Owner? We’re here to help as our expert team understands all types of complex company accounts to ensure business owner mortgage applications are accurate.
Are you a day-rate contractor? As a contractor, a limited company is incorporated to act as your payment structure, and we use your contract rate as the basis of your mortgage application.
This also applies to umbrella company workers and independent professionals. We can use your limited company income or your day rate, our specialist advisers will look at your case and decide which lender will be the best for you based on which income choice works best for your circumstances.
We will help you find a self employed mortgage that is suited to the way you work and the way that you are paid. And unlike most contractor mortgage brokers, we also offer this expert service completely fee-free!
To discuss your borrowing needs, call us on 0800 098 7177 or book a callback.
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