Mortgage Tips for Contractors.

Tips to help you find the best deal.

Are you a self-employed contractor looking for a mortgage deal? Deal Direct have compiled some helpful tips to assist your search.

Use specialist contractor mortgage broker, Deal Direct.

We recommend that you contact us to discuss a deal as we specialise in finding contractor mortgages. Mortgages are a huge commitment, if you get it wrong you could end up paying far more for your home than you need to.

With more and more deals are now popping up on the market and you need to be confident you are making the right decision. Deal Direct have in excess of 10 years’ experience in the industry. Our broad experience means we know the market inside out, and are fully up to date with the lending requirements of each lender. This is good for you as we could quickly match you to a lender ideal for your circumstances. .

Save a deposit and get the best rates.

A 10% to 25% deposit is the standard requirement to secure the lowest rates for a contractor mortgage, but it doesn’t mean the end of the world if you have less. Deal Direct’s experience means we are very used to solving problems like having a lower deposit. We can anticipate the issues and advise you, which increases the likelihood of your application being accepted.  

Be mindful of your credit score.

Lenders are being particularly rigorous in their checks at the moment, so help yourself as much as possible by keeping on top of things like your credit card payments, and making sure the electoral roll is up to date with your details should you move. It all counts towards your application being accepted without any avoidable delays.

Is your contract up to date? 

The paperwork required for your contractor mortgage varies, but every lender is going to want to see your contract. Deal Direct can help you guide you, but it would be wise to ask yourself these three questions right now about your contract.

• Is it signed?

• Is the duration clear?

• Has the level of remuneration been stated?

Our contractor mortgage experts help save you time, effort and the frustration involved in getting your application right first time and ticking all the boxes.

Don’t overstretch yourself.

Mortgage rates might be very low at the moment, but they are likely to go up at some point and so is worth keeping in mind you need to make sure you’re not taking on a larger deal than you can really afford.

Contact a skilled advisor at Deal Direct for a review of the best products market-wide.

Call us today for contractor mortgage advice on 0800 048 8828