We’d like to give you just a small flavour of the clients and scenarios we have helped in the past.
1. Pawel is a CIS contractor and approached his own bank who told him there would be no problem in obtaining a mortgage. After Pawel’s offer on a house was accepted he made a follow up mortgage appointment with his bank and was declined for a mortgage because his Net Profit was too small for the loan he required.
Solution – Pawel was recommended to CIS Mortgage.co.uk, and within 30 minutes had been assessed by an Independent Contractor mortgage Broker. Our expert broker used an average of his last 6 months earnings before tax to give an annual figure. Pawel’s was declaring a net profit on his tax return of £12,332 and his accountant was using perfectly acceptable business expenses to help reduce his tax bill. His own lender offered a mortgage of £46,000. Our expert calculated Pawel’s average day rate on the CIS scheme as £200, and instead was able to calculate borrowing based on an annual income of £48,000. This allowed Pawel to borrow the £216,000 he required.
2. Adrian is a CIS carpenter and has lived in the UK for 18 months. Adrian initially approached a major high street bank for a mortgage and was instantly rejected due to lack of credit history and had not been living in the UK for a minimum of three years that most lenders require. After contacting CIS Mortgage.co.uk, our advisor was able to find a bank that was happy to lend Adrian all of the money he required to buy his first house and even with as little as a 10% deposit.
3. Caroline is a CIS Painter and Decorator with a 5% deposit. She has been a decorator for 3 years and this year decided to be her own boss and become self-employed. The problem she faced from all the bank she had visited it then length of time as self employed. She was repeatedly told she needs 2 years of trading history even though she has done the same job for the last 3 years as employed. After being placed in touch with one of our CIS mortgage specialists, Caroline was able to obtain a mortgage for her first home with less than 1 year as a self employed worker.