Contractor mortgages – how much can you borrow?
A common second question after, ‘Is a contractor mortgage available for someone like me?’ is, ‘How much can I borrow?’
If you approach a high street lender who only offers mortgages from their mainstream product range through their branches, you may not get very far with your questions. This is because the lending criteria has been created with the employed in mind and simply does not take into account the specific needs of contractors.
Other lenders take a different approach and offer a more personalised service when it comes to underwriting and loan approval. These lenders very often work exclusively with intermediaries, which is why it can really pay to consult with Deal Direct first.
Our experienced advisers at Deal Direct can help to present your application in a way that really appeals to the underwriters. This is because we know what it is that the lenders are looking for and we invest a lot of our time in understanding exactly how you work. We use this information to match suitable lenders and applicants.
You may have several years’ worth of accounts or you may only have your contract and the rate you are being paid. In either case, our advisers work hard to calculate what your disposable income actually is. It is this disposable income figure that can determine how much you can borrow.
If you are looking for a contractor mortgage, find out how much you can borrow by consulting with one of our experts first.
Call Deal Direct today on 0800 048 8828.
