For a long time many lenders shied away from having any specific criteria or approach where contractors were concerned, but this is no longer the case as more and more lenders have got on-board with having an offering for contractors.
If your contract value is based on a day rate then it’s quite likely we’ll be able to base your affordability around this after annualising the figure, the multiple (ie. x5 days x48 weeks) will vary from one lender to the next. Some lenders will work off your accounts, others will be more appropriate if you work under an umbrella company. Some require 12 months experience contracting, some 2 or 3 years – others are more interested in your industry experience… We could go on, but you get the idea.
Equally if you're a CIS contractor / sub-contractor (Construction Industry Scheme) then you may have experienced problems in the past with lenders or even other brokers not understanding your setup properly, or not knowing how to maximise your borrowing potential when applying for a mortgage. We have lenders who will look to work off your day rate for affordability, and even if your credit history is less than perfect or if you only have a small deposit, there are lenders who will be more appropriate for you.
Having had a huge amount of experience in helping contractors from all backgrounds and knowing the different lender’s criteria very well, we are confident in being able to help you get the borrowing you require, and with the best lender to suit you – so if you’re a contractor or work under the CIS scheme and either need a new mortgage or to remortgage, just get in touch.
Send us a message and we'll call you to discuss your requirements and explain the next steps.
We will always cover the cost of an initial consultation, so feel free to get in touch!