If you’re searching for a competitively priced mortgage deal, but are frustrated by the lack of help on the high street, then look no further.
We’ve negotiated special terms with several leading lenders that cater to your needs. As such, we can arrange contractor mortgages based on your contract rate alone.
We’re different from some of the traditional mortgage brokers you’ll come across. We don’t try to do a bit of everything.
Instead, we concentrate on helping contractors and self employed individuals secure competitive mortgages.
This is achieved by hiring the best people and developing strong relationships with lending institutions. This combination helps simplify what qualifies as relevant earnings for lending purposes for contractors.
How we can help
We know how incredibly frustrating and time consuming it can be trying to explain your income structure to a High Street lender.
As a Limited Company contractor, your trading accounts won’t necessarily reflect your true earnings. Similarly, if you operate through an umbrella structure, your payslips may raise more questions than answers.
We can secure you a prime rate mortgage based on a multiple of your contract earnings alone.
To calculate your gross annual contract earnings, multiply:
- your daily contract rate by the number of days you work in a week
- that total by 48 weeks (weeks worked per year)
As a mathematical expression, it would look like this:
(Your Daily Contract Rate) x 5 x 48 = Gross Contract Earnings (GCE)
How much could you borrow?
To generate the mortgage offer you can generally expect, multiply your Gross Contract Earnings by 4.5.
Therefore, a contractor earning £300 per day (£72,000 GCE) could potentially borrow £324,000 to buy or remortgage a property.
There’s usually far less hassle too. High Street banks expect three years’ worth of trading accounts to assess your borrowing criteria.
By using “contract-based underwriting“, you need only provide copies of your signed contract document, CV and your three most recent bank statements.
Packaging your contractor mortgage
Selfemployedmortgages.com will work with you to compile all the documentation required by the underwriters. This is a prerequisite to show them that you have ongoing contracts at a good rate of pay.
Obviously, your credit score and history have importance as well.
Once we’ve compiled the relevant documentation for your mortgage application, this will be directly packaged to the key senior underwriters within the lenders’ centralised processing centres.
This direct approach, dealing only with the decision makers, bypasses any involvement with bank branch employees or customer service representatives.
Your typical mortgage clerk has neither the right knowledge nor experience for dealing with contractor mortgages.
For more details and to help calculate how much you could borrow, please complete the mortgages enquiry form. One of our trained staff will get back in touch shortly.
I need a mortgage quote
It takes just half a minute to fill in our Mortgages Enquiry Form. Once complete, one of our friendly advisors will contact you forthwith to discuss the best self employed mortgages available for you.
We look forward to hearing from you and to helping you secure that up-until-now elusive contractor mortgage.