Subcontractor Mortgage
Advice
08000 306705
Subcontractor Mortgage Advice
08000 306705
Published 19 Jan 2017

Are you are contractor that has experienced difficulty getting a bank to approve a mortgage? You’re probably feeling frustrated with the whole application process and the criteria that banks apply to what they deem to be high risk borrowers.

The average salary of a contractor is thought to be over £30,000 per year, which is higher than the national average salary in the UK. Taking this into account, it doesn’t seem reasonable that contractors are penalised by high street banks who either offer mortgages at increased interest rates, or decline their applications altogether.

There is very little flexibility or understanding shown by the majority of banks, which is why it is usually necessary to turn to a contractor mortgage specialist to get a good mortgage deal. Not only do they understand that your accounts are not the best way to ascertain whether you are suitable as a mortgage borrower, they will not penalise you for being a contractor by applying inflated interest rates.

Whilst many mortgage lenders will stipulate that contractors must have a 12 month contract and still have 6 months remaining, contractor mortgage specialists can offer a more flexible alternative. Depending on the nature of your work, long contracts are not always an option or a preference, but that does not mean that you are unable to prove an adequate amount of income that shows you can afford to pay off a mortgage.

The majority of contractor mortgage specialists will take your daily rate into account and calculate your potential borrowing limit based on this. Standard mortgage lenders don’t seem to be able to adapt their stance on criteria so if you go into a branch of a high street bank, don’t expect to get a mortgage deal that reflects your salary. Even if you are able to provide evidence of your last 5 years of earnings and they show a consistent and high level of income, you will still find that their rigid checklist counts you as high risk.

Contractors shouldn’t be penalised for their profession, so don’t let high street banks take advantage of their lending power. For every bank that refuses to change their approach to contractors applying for a mortgage, there is a contractor mortgage specialist waiting to help you with a good mortgage deal where you don’t have to pay over the odds.

Your home may be repossessed if you do not keep up repayments on your mortgage
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