Contractor mortgages for writers and freelance journalists.

As a writer or freelance journalist, you may find that applying for a contractor mortgage is more complex than if you were employed by a publisher or media company. 

This is because a traditional mortgage is designed for a traditional monthly payment structure. It doesn’t allow for freelance contracts, or for one off payments from different sources or larger sums being paid at irregular intervals. Your sources of payment could include:

Preferred supplier contracts with newspapers and other media outlets.

• An advance on a book deal.
• Royalty payments on book sales.
• Income from direct book sales from websites.
• Commission payments from blogs, newspapers or magazines.
• Service payments from specialist freelancer websites. 

Using a combination of these methods to generate an income is quite typical in your world, but not at all what a mainstream lender expects in terms of a remuneration package. Consequently, your application could fail even before your financials have been properly assessed.

Going it alone in your career may be the right thing for you to do professionally, but going it alone when sourcing a mortgage could end in a swift rejection, simply because you approached the wrong lender. This could then detrimentally impact any future application.

To by-pass lenders who don’t understand how you work and to have immediate access to those who do, it is vital that you seek specialist advice from mortgage broker, Deal Direct.

After more than 10 years in the industry, our experts can make applying for a contractor mortgage smooth and easy, guiding you every step of the way to a successful mortgage offer. 

For an instant quote click below,

or call 0800 048 8828 now to speak to an advisor.