New contractor mortgage launched by Barclays.
Contractor mortgages could now be more readily available as Barclays launches a new product, tailored especially to the needs of the entrepreneur.
Contractors and entrepreneurs have thought to have been widely underserved in the mortgage market for far too long. Many have simply been rejected by lenders for being unconventional, or have been forced to pay higher mortgage rates, as they were perceived to be high risk when it came to approving loans.
But with increasing numbers of the UK’s workforce opting to work for themselves, the mortgage market has been forced to respond or risk losing profitable business.
Barclays is the latest mainstream lender to offer underwriting that is sympathetic to the way an entrepreneur receives income. Many contractors choose to focus on the needs of the business and take a reduced salary in the early stages.
When this is the case, less flexible lenders would only consider current salary as a reflection of ability when it comes to making mortgage repayments on your home. However, Barclays use a different approach in determining eligibility for one of their loans. They now consider:
- current monthly salary
- business cash-flow
- level of investment
In addition, if you are a contractor with 2 years trading accounts, they will also take that into consideration.
With over a decade’s experience of sourcing contractor mortgages, Deal Direct are ideally placed to search out and identify your best options. Because we work with specialist lenders from all over the UK, we are able to help you obtain offers only available through broker channels. This means access to flexible and competitive deals not available on the wider market.
Move your contractor mortgage search and application forward with Deal Direct.
For today's most competitive deals, call 0800 048 8828 now.
