Qualifying for a contractor mortgage.

Contractor mortgages are for specific types of workers which includes: 

• employed fixed/short term contractors with previous experience
• self-employed contractors with 6 months or more working history
• contractors/employees of umbrella companies
• agency workers with at least 12 months working history
• zero hours contracts with 6 months working history

For medical or professional contractors there are more options, which you can find out about by contacting an adviser specialising in contractor deals on 0800 048 8828.

While the employment market is changing and more and more of us are working on a contract basis, UK banks do not seem to be keeping up with this trend. Looking for a contractor deal remains somewhat of a minefield.

Every lender has its own policy, and for many high street lenders it’s just not an option. For this reason, we at Deal Direct have formed relationships which specialist lenders who view lending to contractors in a positive light.

Whether you have contracted for years or have only made the switch to contract work in the last 6 months, we will do everything we can to get you a mortgage.

If you want to know if you qualify for a contractor deal speak to us on 0800 048 8828.

Lenders will first want to clarify what kind of contractor you are, such as long established contract worker, employee on a short term contract or a professional contractor such as a locum doctor.

By working out the type of contractor you are we can ensure you apply to a lender whose criteria we know you will fit.

How much can you borrow as a contractor?

This can be complicated for you to work out on your own, as each lender has different requirements.

In common with all types of mortgages, your credit score and details of ongoing financial commitments will have to be assessed alongside your income. Adverse credit will go against you. Your contract and financial circumstances will be then run through a lenders’ affordability calculator in order to work out what you can borrow.

If you would like any advice on applying for a contract mortgage call a Deal Direct adviser.

Speak to us on 0800 048 8828 today.