Contractor mortgage advice - how to get yourself a deal.

If you are a contractor looking for a mortgage, then you will have found by now, getting yourself accepted by a lender without help is easier said than done.

The high street is not the best place to look for a mortgage if you are a contractor whose circumstances cannot be pigeon holed. As you will have by now discovered so many lenders have little understanding and experience of the contracting world and so are not prepared to agree a deal.

If this is your position and you are struggling to get on the housing ladder, move up a rung or remortgage what can you do?

Deal Direct's tips for getting yourself a contractor mortgage.

• Use a specialist contractor mortgage adviser.
  This might sound obvious but many contractors when starting out, assume that it will be easy to get themselves a mortgage. With so many banks unfamiliar with the world of contracting this is just not the case. Your circumstances are unlikely to fit in neatly with lenders' standard criteria designed for employees. You don't tick all the boxes and will therefore need much more help from a specialist adviser if you want to be approved.

Choosing Deal Direct - our advisers have over a decade's experience working with specialist underwriters offering bespoke mortgages to contractors. We review your circumstances before contacting one of our specialist lenders whose criteria we know you will fit.

• Provide a good deposit.
  The days of 100% mortgages are over, and today to get yourself a good deal you are advised to come up with between10% to 25% as a deposit.. If you cannot manage a 10% deposit all is not lost, there are mortgages available but you will have to pay a slightly higher rate. Call 0800 048 8228 for advice on this point.

• Ensure your credit rating is the best it can be.
  If your credit rating is poor you are likely to be refused a mortgage even if you have a good income and deposit. Lenders are strict and criteria is tight and so you must do all you can to represent yourself in a good light. Ensure you are on the electoral roll, pay all bills on time and check all information held is correct. If your credit report has errors apply to sort these problems out.

• Make sure your contract is up to date.
  You need to ensure you have a signed up to date contract with your day rate clearly shown. With lenders' criteria varying, Deal Direct can advise which lender would suit you best.

• Be realistic as to what you can afford.
  Be realistic as to what mortgage repayments you can afford to pay by looking at your overall commitments. Don't bite off more than you can chew and more than you can easily afford to pay out each month.

Seek professional advice from Deal Direct.

At Deal Direct we know exactly which lenders to contact and how to tailor your application for mortgage success.

We offer impartial and independent contractor mortgage advice which is based upon your individual needs and financial circumstances. We have long term relationships with specialist lenders and search through ALL UK contractor mortgage ranges to find you the right deal at the right rate.

For an independent mortgage review and impartial advice call us today.

Speak to a specialist contract mortgage adviser on 0800 048 8828.