Mortgages for Contractors

Not at all, where technically you are self-employed and most lenders will want you to provide these for proof of income, there are lenders which may use gross earnings based on their calculation of your current day rate

For example

Day rate x 5 x 48 = £ Income

This will definitely increase your affordability to those lenders who will use your income from self-employment for maximum loan calculations.

Potentially yes. Some lenders allow some time off between contracts, continuous history is preferable but not always essential. It all depends on the lender and your circumstances and getting it right first time.

Some lenders will consider issues with your credit file, though there are restrictions. To avoid the disappointment of a declined mortgage you should speak to an ams: specialist.

Some lenders do have this criteria but not all. We ensure we only look at placing you with the right lender for your circumstances.

This is a common occurrence for IT contractors and we deal with it daily. It is best to get the right advice before you apply as lenders take a different view on this case by case.

Most lenders will prefer an end date and an amount of time remaining on the contract however it does depend on your circumstances and career to date. There may be options for this type of contract.

Absolutely, criteria change massively when discussing your options on a BTL basis.

Not necessarily though the criteria around this differs lender by lender. It is important if you are making use of the agencies umbrella company to apply to the right lender.

ams: will have this discussion with you from the very start of your mortgage journey and would never recommend anything that is not affordable. As all of our advisors are also protection specialists we will also discuss these needs going forward.