IT CONTRACTOR MORTGAGES

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

As IT contractor mortgage specialists, we understand that in recent years it has become difficult to get a mortgage if you are an IT contractor. That’s why we have in house mortgage experts who specialise in this area.

As experts in IT contractor mortgages, ams: understand that in recent years it has become difficult to get a mortgage if you are an IT contractor. That is why we have in-house mortgage experts who specialise in mortgage-friendly services for IT Contractors.

We have experienced IT Contractor mortgage brokers who can provide you with access to mainstream and niche lending sources and help you make a compelling case to the lenders. Navigating the multitude of mortgage options can be overwhelming when you are attempting to select the most suitable based on your unique circumstances.

Income calculation support

We can assist you in using your day rate contract to calculate your income for lenders. This is an alternative approach to using the payslips from self-employed accounts or umbrella payroll, which most mortgage applications for the self-employed will require.

With a dedicated mortgage broker, ams: will work to simplify and reduce the anxiety of the mortgage process. We will communicate with underwriters on your behalf, taking away the worry of dealing with complicated terms and jargon.

Please don't hesitate to get in touch with our staff if you need some unbiased guidance about day-rate contractor mortgages. Contact us at 0121 720 9291, fill out this online form, or set up a callback, and we'll get back to you as soon as possible.

Our brokers are awaiting your call now!

CALL US NOW 0121 4000 052
Tick icon

Based on your proved income

We will base our work on your proven income from self-employment.

Tick icon

Rolling contract support

If you are on a rolling contract, we will provide expert support and advice.

Tick icon

Bad credit? No problem!

We have experience in securing with low credit scores, CCJs, IVAs and other bad credit situations.

INFORMATION TECHNOLOGY CONTRACTOR MORTGAGE FREQUENTLY ASKED QUESTIONS

If you are an IT Contractor, we will help in finding a lender willing to provide a mortgage offer.

Can I only supply my SA302 (evidence of earnings) or limited company accounts as proof of income?

No, not necessarily. Mortgage lenders require proof and evidence of income since you are self-employed. However, ams: have access to more flexible lenders that use your gross income calculated using an estimation of your earnings per day (also called “day rate”).

Working this through lenders will calculate your current day rate, based on five days per week x forty-eight working weeks per year = £ Earnings.

This calculation makes it easier for mortgage lenders to calculate the maximum loan amount based on your self-employment income.

Will taking breaks and time off in the middle of contracts affect my ability to receive a mortgage offer?

It is possible that some lenders may accept a gap in employment in certain circumstances. As a part of our expert role, we will check (and have existing knowledge) with our lenders to understand what they require, as continuous employment is usually the preference.

I also have some bad credit, can you help me?

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.

Is it correct that there is a minimum income requirement for IT contractor mortgages?

Not all lenders have these criteria, however, ams: will make sure to find you IT contractor mortgages through lenders that closely suit your needs.

Will my switch to a new accountant and the revised way I submit my accounts have any implications on my mortgage application?

It is typical for IT contractors to face this issue, and it is something ams: encounter regularly. Before you apply for a loan, it is a good idea to get appropriate advice since lenders evaluate such cases on an individual basis.

I have a rolling type of contract, without a fixed end date. Is this, OK?

Most mortgage lenders prefer to know the expiration date of the contract and how much time is left to run. It is possible though to find alternatives to this contract type.

Do you provide any mortgage services for Buy to Let properties?

Yes, the criteria to be considered when making a buy-to-let investment decision can vary greatly.

Will there be any problems with me using the umbrella payroll company provided by my agency?

It is important to apply to the right lender, as the criteria for this will vary between lenders. If you are using an umbrella company, this is especially important.

I am concerned about making mortgage payments as I am not a permanent employee and am unsure of what I can afford. What should I do?

We will talk with you about this here at ams: from the outset of your mortgage application.

We would never suggest a mortgage that is too expensive and beyond your affordability. As all our brokers are also protection specialists, we will also discuss these needs going forward.

How much can I borrow as an IT contractor?

The amount you can borrow for IT contractor mortgages will depend on a variety of factors, such as your income, credit score, and your deposit amount. Generally, lenders will look at the average of your last two to three years of income to determine how much you can afford.

A generally accepted rule for mortgages is that borrowers can lend between 4-5x their annual income. Therefore, it is so vital that the mortgage lender acknowledges your entire income. If you would like to obtain a greater amount than 5x your annual salary, embarking on a joint mortgage application with someone else should boost the mortgage offer that amount lenders are able to provide.

Creditors will look at the joint incomes when determining the loan amount for a joint mortgage, which should result in a higher mortgage offer. It is important to remember, the higher the mortgage will be.

Other factors such as your debt-to-income ratio and employment history may also be taken into consideration.

MORTGAGE CALCULATOR

HOW MUCH CAN YOU BORROW?

As a guide, you could potentially borrow around:

The figure above is calculated based around current lender criteria and may not be representative of the actual figure you may be able to borrow.

Want to find out more? Call 0121 4000 052

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"

TALK TO THE MORTGAGE EXPERTS

WHY YOU SHOULD CHOOSE AMS

We’ve helped many people across the UK secure mortgages, whether they are a foster carer, contractor or someone who has been refused on the high street.

Svg+xml;charset=utf
"IF WE CAN’T HELP
IT’S NOT POSSIBLE"

We have expert brokers on hand to help you every step of the way, you will find that if we cant help at ams: then generally it’s not possible!

Svg+xml;charset=utf
WE’RE NOT JUST GOOD,
WE’RE AMAZING

With hundreds of independently verified 5 star reviews, we pride ourselves on our service.

Svg+xml;charset=utf
WHOLE OF MARKET
MORTGAGE BROKERS

We have complete access to the entire market, giving you access to every current deal available. Including those from specialist
lenders.

Svg+xml;charset=utf
ACCESS TO EXCLUSIVE
MORTGAGE RATES

We have access to exclusive mortgage rates that you won’t find at mainstream and high street banks

WE’RE NOT JUST GOOD, WE’RE AMAZING!

Read what our clients say about our service

MORTGAGE HELP & ADVICE

Adobestock 309433366 Guides
June 20, 2023

How to get a mortgage with CCJs & Defaults

If you are wondering, "Can you get a mortgage with a CCJ?" the answer is yes, it is possible. For many though, with loans or credit cards, missing any payments…
Adobestock 291576434 Mortgages
June 8, 2023

What is IR35 & How Can it Impact My Mortgage Application?

Note: Learn more about “What is IR35” in this blog article, which has been updated in June 2023, following recent discussions about discussions to changes to IR35 by the UK…
Adobestock 309433366 Mortgages
September 30, 2022

What is a Bad Credit Score in the UK?

As specialist mortgage brokers, we are frequently asked “What is a bad credit score?” and “What is bad credit?” We explore these topics in this latest article. In the UK,…
SEE ALL ARTICLES