I thought I would take this opportunity to update our CIS readers with a recent success story. Chris contacted us as he has already been declined by most of the high street for a mortgage. His problem was that although he is self-employed he had just started as a CIS contractor with a building firm. Every bank that he approached told him to come back once he has 2 years of accounts as previous job was employed. After completing a fact find on the customer our advisors told him that he only needed to wait 1 more week to get his third invoice from the contracting firm and this would be enough for a mortgage.
He waited a week and sent our advisor the three months of invoices and corresponding bank statements. Chris was paid £170 day and worked 6 days a week for 3 months. This meant that his useable income for a mortgage was £53,040 and he was able to borrow though our CIS mortgage advisors £265,000.
It took the transaction 6 weeks to go through before Chris could move in and there were no shortage of colleagues in the construction firm to help renovate his new home