Contractor Mortgage
Advice
08000 306705
Contractor Mortgage Advice
08000 306705
DTECH-App

It is estimated that around 1 in 5 workers in the UK now self-employed, or working on a zero-hour contract, the mortgage market has finally woken up to the need to rethink some previous assumptions.

Until recently it was common practice for a lender to demand a minimum of two years accounts when assessing a mortgage application from someone self-employed; and even then, they’d impose a higher rate of interest. But that is all changing.

The fact is, patterns of employment have shifted significantly and many self-employed workers now earn as much as, or more than, the average earner in the UK.

However, some banks still don’t treat self-employed mortgage applicants as they should, so if that is you, you need to be proactive.

Many of our clients come to us because, in the past, they were left feeling as though their custom doesn’t count.  Even if an offer was forthcoming, they were faced with strict criteria and unfair terms and conditions, often including an additional rate of interest to pay.

But High Street banks have woken up to the fact that the population of self-employed workers now offers a huge market – some 4.6 million people in the UK in 2015, and growing year by year (Office for National Statistics). Specialist self-employed mortgage providers offer an alternative solution, and the good news is that 120,000 self-employed borrowers did secure a mortgage in 2017.

Whether you are looking for a mortgage as a first-time buyer, or you want to move house, the whole process doesn’t have to be as difficult as it was.

We understand your working status, and through our panel of specialist lenders we can provide more choice and greater flexibility. A number of specialist lenders will now offer a mortgage based on trading records for just 12 months, and with our understanding of this market, we have even had loans approved based on invoicing for just 3 months as a self-employed trader.

There are also some High Street banks and lending institutions that have moved to using gross income to calculate the amount they offer, rather than historic tax accounts.

Thankfully, the days of a flat refusal to lend to the self-employed have gone. But it is still worth spending some time researching and shopping around for the best deals. Over a 25 year period, a mortgage with a higher interest rate could cost you thousands of pounds, so take the best deal you’re offered, not just the first deal.

The right place to start is with CISMortgages.co.uk  

We have a long track record in securing mortgages for the self-employed, including those who have set up as a limited company. Our team of experts know lenders that will factor in profits retained within your limited company when calculating the maximum mortgage you can be permitted. And more income generally means a higher loan value, taking you a step closer to the home you want.

Your home may be repossessed if you do not keep up repayments on your mortgage
Opening Hours
MON
09.00 - 5.00PM
TUES
09.00 - 5.00PM
WED
09.00 - 5.00PM
THU
09.00 - 5.00PM
FRI
09.00 - 5.00PM
SAT & SUN
CLOSED
Contact Us
The internet is not a secure medium and the privacy of your data cannot be guaranteed. Please tick the methods of communication you would be happy to receive:
    
    
    
To comply with data protection regulations (2018), we are unable to store and use your information unless you give us your permission. Please select Yes to allow this. View our data protection policy for details
The information on this website is for use of residents of the United Kingdom only subject to UK regulatory regime. No representations are made as to whether the information is applicable in any other country which may have access to it.
CIS Mortgage Advice is a trade name of Just Mortgages Direct Ltd which is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority
Just Mortgages Direct Limited Registered Office: Colwyn House, Sheepen Place, Colchester, Essex, C03 3LD. Registered in England No. 2412345

Website by Inspire Web Development