High level earner looking for a contractor mortgage? Call Deal Direct.
High level earners can still face a testing time when it comes to securing a large contractor mortgage.
Why?
Because, despite your income, the way you earn it can be considered, by some lenders, as posing an increased risk. It is for this reason that some remain hesitant when it comes to approving applications. Not all lenders foster the same attitude, though, as some are much more flexible.
A contributing factor to the problem is the different ways contractors work. Some prefer to go it alone as a sole trader, and how much you can borrow is based on your contract rate. Others are company directors, and this is where you can trip up when applying for a large loan.
As a director, you may be taking a salary as well as receiving dividends at the end of the financial year. If you leave profits in the business, the advice would be to seek a lender who takes your company’s retained profits into account.
If you are already a home-owner, then remortgage rates have hit rock-bottom. The lower levels available now can help to soften the blow of Stamp Duty, plus, if you have a larger deposit of 35% upwards, it could be possible to secure a 10 year fixed rate, before they disappear.
For contractor mortgage advice you can trust, contact Deal Direct. With over 10 years operating on-line, we have developed extensive market knowledge, a wealth of experience and an excellent relationship with UK lenders.
Click below for an instant quote of consult one of our experts today.
Speak to us on 0800 048 8828.
