Easier contractor mortgage process launched by Aldermore.

An easier contractor mortgage process has been introduced by Aldermore.

If you are a self-employed borrower, the minimum accounts usually required are two years, but Aldermore has changed their criteria and reduced this to just one. According to this new criteria, profits retained within your business will be taken into account when evaluating affordability.

If the net profit of your business remains level, or is increasing, Aldermore will use your latest years’ figures when you apply for a residential mortgage.

The accounts must be prepared by a qualified accountant and be accompanied by:

• an accountant’s certificate SA302
• tax overview documents from HMRC

Currently, more than 15% of Britain’s workforce is self-employed. There is a clear demand for a much more tailored procedure to fulfil a contractors’ requirements, as obtaining the right financial support necessary to secure a home can be a real challenge.

However, seeking the advice of independent mortgage broker, Deal Direct, could significantly reduce the level of challenge most self-employed, would-be homeowners face. Our mortgage specialists can guide you to lenders who already tailor their underwriting, because they fully understand the nature of a contractors’ business.

Over the last 10 years, in sourcing mortgages for people like you, we have developed very strong relationships with lenders who specialise in contractor mortgages. We are, therefore, best placed to help you secure the very best deal for your home purchase.

For expert advice on obtaining a contractor mortgage, contact Deal Direct on 0800 048 8828 now.