CIS Mortgages – Don’t Pay Over The Odds!
If you’re a contractor working in the Construction Industry then you may have had difficulty trying to get a mortgage from a high street bank. Despite you earning the level of regular income that would meet all of the criteria for a permanent worker, you are seen as a high risk by a lot of the mainstream mortgage lenders. This can be very frustrating, especially if you have had a regular, good income over a long period and the lender is unable to take this into account.
There are a wide range of factors that influence mortgage lending criteria and terms of employment play a heavy role in determining whether a mortgage is approved. Due to the way that self-employed contractors set up their accounts, some lenders will penalise contractors by applying higher interest rates or even decline mortgage applications based on their employment status.
Many lenders will require that your current employment is a continuous contract of at least 12 months, with 6 months or more still remaining. In the ever-changing world of contracting, this simply isn’t always possible but the high street banks won’t entertain even you if you don’t meet this criteria.
This is where CIS mortgage specialists come into account. With a more flexible approach to mortgage lending, CIS mortgage specialists can generally provide you with a better deal than standard lenders. They don’t penalise you for the way that you prepare your accounts, instead they will find a deal that suits your personal circumstances.
As specialists, they fully understand the sometimes uncertain nature of working on contracts but are able to see that it doesn’t mean that you won’t be able to afford to pay a mortgage. They also know that contractors can earn large salaries and therefore are prepared to offer you a mortgage amount that reflects your true salary. They do this by using your daily gross salary to calculate how much they will lend you.
It really isn’t easy getting a mortgage as a Construction Industry contractor but fortunately there are a number of lenders who see past the employment status of a potential borrower and see the hard facts and figures that prove that contractors are valuable customers.
Don’t let high street banks charge you high interest rates when you can get a good mortgage deal elsewhere from companies that totally value the custom of contractors.