New contractor mortgage offering introduced by Bank of Ireland UK.
The number of contractor mortgages available on the market today has received a boost, as Bank of Ireland UK has introduced two new products.
If you are a professional contractor who can demonstrate at least a years’ full accounting, Bank of Ireland could be a mortgage option for you.
The terms of their contractor mortgages indicate they would consider applications for up to 90% LTV, but stipulate a minimum contract income of £50,000. 80% of the gross contract value will be used as the figure to calculate affordability.
Bank of Ireland UK is another lender that is now recognising that the employment landscape is changing. Contractor mortgages were solely the realm of specialist lenders until recently, but more mainstream lenders are now realising that self-employment does not immediately equate to high risk, and are starting to offer competitive deals.
However, those lenders who specialise in mortgages for contractors have a level of understanding and flexibility that is hard to match elsewhere. Many of these lenders only offer their products via broker channels, which means working with Deal Direct could secure you an offer you might not find anywhere else.
For expert support with obtaining a contractor mortgage, contact Deal Direct.
Call an adviser today on 0800 048 8828.
