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Contractor Mortgages – the State of Play

October 7th, 2014

Historically, Contractors have been something of a financial outcast when it comes to mortgage services.

Mortgage lenders, mainstream ones anyway, have favoured a safety first approach for some time in relation to income verification, and lenders don’t generally understand contracting, leading to requests for self-employed income verification that simply don’t work.

“For many years lenders have misunderstood how contracting works, but more importantly they haven’t understood where the attraction was for both clients and contractors” says Simon Butler, senior consultant at Contractor Mortgages Made Easy.

“One of the things that we are most proud of in our ten-year history of working in the contractor market, is that we pioneered bespoke underwriting, to enable us to demonstrate each application on its own merits. This in turn has led to lenders beginning to realise the benefits of contracting – from both sides – and has meant that many have woken up to the financial stability of this sector.”

Where once your options were limited to a self-certified mortgage with a ‘no questions asked’ approach generally leading to ‘like it or lump it’ rates, now there are many high street lenders who recognise contracting as a way of life.

You have probably heard stories from colleagues or friends who have tried to obtain mortgage funding and been told that it’s not possible.

Once the preserve of those in IT, a mortgage based on your contract rate was always seen as something of a ‘holy grail’ to many contractors, with many thinking it was too good to be true.

“Even up to around a year ago, there were only mortgage options for contractors working in the IT field. Whilst this was a promising start; it was never enough. Especially taking into account the scores of Project Managers or Oil & Gas Engineers who work on the basis of a contract” says Butler.

“Now, through the extensive discussions that we have had with various lenders and their hierarchy, we’re able to offer a very comprehensive range of mortgage solutions from across the market – tailored exactly to the way that you work. We can even source funding as part of the government ‘Help to Buy’ schemes.”

“Whether you’re a Business Analyst, or a Health & Safety advisor; you can now find the right solution to your mortgage dilemma. By utilising the services of a specialist broker, you can unlock the borrowing potential that contracting brings.”

Article By: Mark McBurney, Senior Mortgage Consultant at Contractor Mortgages Made Easy

Media Contact: Raman Kaur, Public Relations Manager

Tel: 01489 555 080

Email: media@contractormortgagesuk.com

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