Contractor mortgage eligibility
To work out if you are eligible for a contractor mortgage deal, do any of the following apply to you?
- self-employed contractor with 6 months or more working history
- contractor/employee of an umbrella company
- employed fixed/short term contractor
- agency worker with 1 year’s working history
If the answer is yes, then call us at Deal Direct for mortgage advice.
Contractor mortgage difficulty. While the employment market is changing and more and more individuals work on a contract basis, UK banks haven’t yet caught up with this trend. Unfortunately, it remains true that looking for a contractor deal remains somewhat of a minefield.
Every lender has its own policy, and for many high street lenders it’s just not an option. For this reason, we at Deal Direct have formed relationships which specialist lenders who view lending to contractors in a positive light.
Whether you have contracted for years or have only made the switch to contract work in the last 6 months, we will do everything we can to get you a mortgage.
If you want to know if you qualify for a contractor deal speak to us on 0800 048 8828.
Lenders will first want to clarify what kind of contractor you are, such as long established contract worker, employee on a short term contract or a professional contractor such as a locum doctor.
By working out the type of contractor you are we can ensure you apply to a lender whose criteria we know you will fit.
In common with all types of mortgages, your credit score and details of ongoing financial commitments will have to be assessed alongside your income. Adverse credit will go against you. Your contract and financial circumstances will be then run through a lenders’ affordability calculator in order to work out what you can borrow.
If you would like any advice on applying for a contract mortgage call a Deal Direct adviser.
Speak to us on - 0800 048 8828
