Nick was a first time buyer and was looking for a mortgage at 90% loan to value. He had been a contractor for 3 years on a daily rate and his partner, Steph, was employed full-time.
Nick had 2 years limited company trading accounts, but they only showed a dividend draw as he didn’t take any salary out of the company over that period of time. We were able to obtain for him a 90% loan to value mortgage with Nationwide Building Society who were prepared to accept both income streams.
Nick received his offer from the lender just 15 days after the case was submitted and, only for the reason of waiting for the vendor to find themselves a new home, he then picked up the keys to his new home 4.5 months later.
Feedback from Nick
“I contacted Contractor Mortgages Made Easy in early 2016 following a recommendation from a family member who only had great things to say about their services. Initial contact was made in order to determine where I stood in terms of borrowing, and to understand which lenders would consider my situation as a Ltd company, especially as I’d only been set up for two and a half years. My contact, Hedy, understood my position, whereas “off the shelf” mortgage brokers just couldn’t understand that I wasn’t a salaried member of staff with monthly payslips. Hedy was approachable from the outset and her advice was always clear and accurate. Hedy very quickly took my partner and I from a position of minimal understanding of mortgages to a position where we had an agreement in principle from a leading UK bank with very favourable rates in order to start offering on property to purchase. We will be returning in 3 years when the product runs out to set up my next deal. Thanks Hedy!!”
Emmanuel was a first time buyer and was looking for a mortgage at 95% loan to value. He was a contractor on an hourly rate plus he also had a part time permanent position working in the health care sector.
He had 2 years limited company trading accounts, but they only showed salary and dividend draw of £5,000 as he didn’t take any dividends out of the company. We were able to obtain for him a 95% loan to value mortgage with Buckinghamshire Building Society who were prepared to accept both income streams.
Emmanuel received his offer from the lender just one month after the case was submitted and he picked up the keys to his new home 2 months later.
Feedback from Emmanuel
"I was introduced by a colleague to Contractor Mortgages Made Easy following a conversation about securing a mortgage as an Agency worker. She gave me the contact detail and I contacted the team the following day and was allocated an adviser, Yda Nevitt. She was very helpful, supportive, always happy to help and will go the extra mile to make sure she answers any questions asked.
I do remember when I sometimes had questions that I wanted to ask I would send her an email at night whilst at work and the following day whilst I was sleeping she would respond to my email or I would see a missed call from her with answers. I often asked her to confirm questions which she had already answered as I was anxious to make sure I made the right decision and understood the mortgage process. Yda was happy to confirm my questions without being impatient with me. I also remember when Yda was on annual leave, she informed me 2 weeks prior to her leave that someone will be taking over my case in her absence and that I could speak to that person about anything. I felt very supported by the entire team as a whole, even when Yda was not available her colleagues were there to help out any way.
Yda has been very professional, knowledgeable, courteous, always happy to help and gave advice on any questions presented to her. Overall my experience with the entire team and staff with Contractor Mortgages Made Easy is 100 % and rated 10/10. I will always refer the team to friends and colleagues and will return back and use them again if I have to."
"CONGRATULATIONS AND WELL DONE TO SUCH A VIBRANT,DYNAMIC AND PROFESSIONAL TEAM !!!!!"
A self employed couple
The clients approached Contractor Mortgages Made Easy (CMME) as first time buyers. One had been contracting in IT for a period of 12 years and the other client had been a sole trader for the last 3 years. Whilst client 1 had three years of limited company accounts the salary and dividend draw from his limited company were insufficient to evidence his earnings through a usual lending channel, as lenders will assess income based on salary and dividend draw from a limited company. However, when using client 1's day rate and client 2's income the mortgage was definitely affordable.
I was able to approach a lender that would assess client 1's income on his contractor day rate utilising bespoke underwriting. The initial documents were received I engaged with the underwriters upfront prior to submission of the application to ensure that the application was successful at full formal mortgage submission. The rate that the clients have been able to achieve is very competitive within the market especially considering their personal circumstances. I am really pleased to see that they have now exchanged on their new home and will be completing this week and picking up their keys as this is the best part of my job and I have been able to assist when they didn't think it was possible. I wish them both every happiness in their first home.
"As a self-employed couple – one of us works as a contractor and the other is a sole trader – despite earning a good income we have previously struggled to get on the property ladder due to the challenges with getting a mortgage in our position through regular channels.
However this year, after despairing of whether we would ever get on the ladder, we decided to contact Contractor Mortgages Made Easy to see if they could help, and 6 months later we are about to move into our first home! Additionally, we also ended up getting a good fixed rate deal with a major lender which would not have been available to us if we had applied directly via the high street, so we definitely have Contractor Mortgages to thank for that.
Special thanks in particular goes to our mortgage broker Polly though, who has been brilliant throughout. From the moment we made an online enquiry and Polly called us to follow up, she has helped to simplify and make sense of what felt like quite an overwhelming task to begin with, explaining all our options clearly and helping us step by step throughout the whole process.
As a result, we would highly recommend Contractor Mortgages Made Easy to anyone in a similar position to us. Not only will they help you get a mortgage when you thought you would struggle, but they can probably secure you a good deal too. Note: if you have the option, we would also suggest requesting Polly Dyer as your broker because she really is great."
Lewis contacted Contractor Mortgages Made Easy wanting to obtain a mortgage as a first time buyer. Being an employee and a sole trader Lewis therefore had two income streams which meant that the underwriters really assessed the accounts and SA302s. Following on from this, Lewis came up against another obstacle throughout the mortgage application as the purchase property was a PRC fabricated house. This resulted in the lender not valuing the property correctly, however with the correct advice and guidance the obstacle was overcome. We worked very closely with the lender and the surveyor to ensure the client could obtain the mortgage in a timely fashion. Lewis moved into the property in July 2016 after obtaining a mortgage.
Feedback from Lewis
I have been meaning to drop you both a quick line for quite some time now but since returning from 2 weeks off for the move I have been somewhat snowed under and inundated with work!!
I just wanted to take a moment out of my day to thank you for everything that you both done!! I have also left feedback regarding you both on your webpage as I must say are both absolutely faultless in your profession!
I started talking with Dale probably around 2 years ago and not only was he always advising me and guiding me to the position that I needed to be in but nothing was ever an issue and he ALWAYS called me back or made contact as soon as possible, many times even after 7pm, which is quite frankly unheard of. Most people forget about work the moment they leave the door but it was made to feel much more involved and personal because of you both. Having you on board made the process a lot more pleasant and I think you are both absolutely outstanding!!!!! I have already referred you to 3 people who were talking of mortgages and I will be STRONGLY recommending you to everyone I know when it comes to seeking mortgage advise!!
Admittedly, there were many issues and hurdles with my application so I can only thank you for how both of you were consistently striving to help me through what was already quite a painful process!! I do not have a bad word to say about yourselves and I think you are a huge asset to the industry!
A big big thank you to the both of you and I wish you all the best for the future!"
Hiten and Kamini's story
This IT professional had been working in his profession for 7 years. He started contracting 6 months before he approached CMME for a mortgage. After some tentative conversations with his bank, he realised that he would have to demonstrate a track record of 2 years trading under his new limited company prior to the bank using any income for him. CMME successfully used the contract between the limited company and the end client to define the earnings for a mortgage application. The contractor and his wife moved into their first home in January after successfully obtaining their mortgage from Halifax.
Feedback from Hiten and Kamini
“I Just wanted to say a massive thank you from both myself and Kamini. The help and advice you have given us has been priceless. Your commitment to being there to assist us and answer our questions (and there were a lot…apologies) has made a fairly complex process easy to manage. Without the help from you and Contractor Mortgages Made Easy I don’t think we would be in the position we are in now. I personally think the attention to detail and professionalism you have shown should be commended as this was by far higher than we ever imagined."
This client had been contracting for 4 years as an Actuary, had 6 years industry experience and was buying his first home. He had no limited company accounts available as his current limited company had only been running for 3 months, so there was no way to evidence his income under standard lending criteria. A family member, who had been a mortgage broker for over 30 years, approached CMME as they knew that a specialist broker was required.
Feedback from Avril
"I am writing to say how impressed I am with your company's service and in particular Polly Dyer. Polly has arranged a FTB mortgage for my son Dave who is an Actuary, working on a contract basis. I was very aware that Dave's employment situation would have almost certainly resulted in a refusal from any general mortgage broker or direct application and your specialist mortgage broker service for contractors seemed just perfect. Following my online initial enquiry, I was immediately contacted by Polly and found myself speaking to a most professional, knowledgeable and efficient lady.
"I was a mortgage broker myself for over 30 years and Polly is, in my opinion, a most excellent mortgage adviser. She asked all the appropriate questions surrounding Dave's employment and financial history and knew exactly where to place Dave's mortgage for a successful outcome. His application could not have been made more simple. I felt extremely confident throughout the entire process and considered Polly to be a knowledgeable and proficient expert in her field. Polly requested the relevant documents, Dave supplied them and received his mortgage offer exactly as discussed. I am delighted to say that Dave's first house purchase was legally completed last Thursday.It was so refreshing to deal with such a pleasant and efficient mortgage advisor with such evident expertise in this niche area.
"Dave will most definitely be back in the future and both Dave and I are extremely happy to highly recommend Polly to anyone requiring a mortgage. I have 100% confidence in Polly's knowledge, efficiency and professionalism and she is a really lovely and friendly lady to communicate with too:-) We would both like to say a really big thank you to Polly."
More information for First Time Buyers