Finding the best contractor mortgage provider.
Not all lenders are contractor friendly, and those who are have varying criteria which can make it difficult to know which one to choose.
In the UK those lenders willing to view contractors in a favourable light, tend to be smaller scale mortgage providers. These include the Kensington BS, Kent Reliance, Clydesdale Bank and Scottish Widows.
As a contractor, you may find that you won’t gain access to those ultra-low head line rate offers you see advertised, such as HSBC’s recent 1.99% two year fix at 60% LTV. Regrettably contractors end up paying slightly higher rates. That’s not to say you’ll end up with an expensive uncompetitive product.
The point is, as a contractor you’re limited by the number of lenders you can apply to, which means the rate you will pay will be a bit higher.
To ensure you get the best deal for your circumstances, the best thing you can do is enlist the services of a specialist contractor mortgage broker. This is a broker who knows all the lenders providing deals to contract workers. At Deal Direct we have access to all mortgage providers and can recommend the one whose criteria you fit best.
For independent mortgage advice and a low rate quote call us today. We can help you to buy your first home, climb up the property ladder or remortgage to a lower rate/release equity.
Call us at Deal Direct on 0800 048 8828 for a contractor mortgage quote.
