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A contractor mortgage is likely to be the biggest financial commitment that you will ever enter in to. The process can be long and daunting, but one thing it does not have to be is difficult.
When lenders assess a contractor mortgage, they will want to verify income by seeing two to three year’s worth of accounts or tax returns. Lenders have not kept up with changes in the labour market, and their criteria, in many circumstances, fails to accommodate for the growing ranks of independent professionals.
Umbrella company contractors will find that many of their expenses will not be considered when calculating income. Limited company contractors will experience a similar problem, as any money retained in the company, for tax purposes, will also not be considered. Both ways of operating are likely to lead to less borrowing power.
Let us say you are able to overcome this first problem, you will then face another challenge. Generally, banks and building societies only lend to those who are considered low risk, and contractors just do not tend to fall into this category. The reason being is that lenders worry that these individuals will struggle to afford their monthly payments when their current contract comes to an end.
We’re here to help contractors and other independent professionals get the mortgage they deserve. For your free, no obligation initial consultation, speak to your Nixon Williams accountant. Or call CMME directly on. We’re open Monday to Friday 8am to 7pm.
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