3 essential tips for securing a contractor mortgage in 2017
To obtain a good, low-rate contractor mortgage in 2017 we recommend 3 simple tips:
Make sure your credit rating is well maintained.
Avoid:
- Missing payments on your utility bills and credit cards etc. This information can remain on your profile for as long as 6 years.
- Taking out a credit facility and then not using it. Unused credit contributed to your total liability as a contractor.
- Going over your credit card limit.
- Financial links to other people who have a poor credit history, such as your spouse, partner or a family member
The bigger your deposit, the better.
Contractors with smaller deposits may be asked more questions as the lender could consider them a higher risk. A bigger deposit helps to avoid this.
Look further field than your high street for a lender.
High street lenders may only offer a brief credit check initially. They may later balk when they realise you don’t fit their normal lending criteria after delving more deeply into your finances.
The solution is to seek advice of one of our mortgage specialists at Deal Direct. We can use our expertise in this area to help you source a product, specifically crafted for contractors. Call one of our team members now for a free, no-obligation quote, or fill in the on-line enquiry form below.
Contact Deal Direct on 0800 048 8828 for 2017 mortgage advice.
