Contractors Mortgages explained.

A contractor mortgage is nowhere near as difficult to obtain nowadays, and actually now is different from a mainstream mortgage application purely in terms of how the lender assesses your eligibility for the mortgage. This additional consideration is purely because the underwriters for the lenders have to be certain you can afford the loan repayments on an ongoing basis,not just in the short term.

Across the UK, and across many different industries contract work is becoming more normal, and many of these jobs are being taken on a self-employed basis. This means the “employee” is being paid a daily rate, and being left wholly and independently responsible for their tax and national insurance payments.  The most common industries where this applies are traditionally IT, Telecoms, engineering and construction, although this list is growing more extensive annually as more and more companies employ their staff in this fashion.

Contractors Mortgages have been designed to help out those people who do not have a long track record or history, and are especially helpful to (as the name implies) those working on a contractor basis.

It works in such a manner that the lender will consider giving a good mortgage rate with consideration on records from the past year only, and not three years like the contractors mortgages of the past.

Special considerations are put forward when it comes to contractors mortgages, which make it easier for self-employed people to apply and be accepted. This type of loan is very popular, and many people are enjoying the benefits of a house purchased via a contractors mortgage.

Is it a good type of mortgage to have? Actually, the rates and terms offered no longer differ greatly from those available to people in more mainstream employment. This is because as demand for this type of loan increased, so did the options and offers available from the lender – the more demand there is for a service, the greater variation there will be in the offers to try to attract those in the marketplace.

Greater demand always leads to an improvement in standards and availability of choice, and that’s certainly been the case within the UK mortgage market over the past few years. Now, simply by providing a little extra information and meeting some fairly simple extra criteria, people employed on a day rate basis for just one year can get a favourable rate on a good mortgage product.

With the right advice, you can overcome any issues around your mortgage application and find the right mortgage that’s available at the best rate for you. There are lenders with whom some requirements are not always essential, such as monthly payslips for example, whilst other lenders will work on the value of the contract rather than your net profit, or even include salary and dividends together when calculating eligibility. Lenders have now realised that contractors can be safe borrowers with a stable income, they just had to change their criteria and become more open to accepting different types of proof of income. So, in summary, getting a mortgage is totally possible if you are a contractor, and what’s more, you can get that mortgage at a great rate from a great lender too.



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