Affordable contractor mortgages with Deal Direct.

As a contractor in any niche, not just IT, sourcing a mortgage with a flexible lending policy used to be incredibly difficult.

During the last decade, however, this has been steadily changing as an increasing number of lenders have realised that a growing section of the market has been left underserved.

The Halifax, for instance, was one of those lenders whose policy of underwriting using daily rates, only extended to IT contractors. If you were not in IT, then you were asked to provide at least one year’s accounts and mortgage affordability was determined using your salary and any dividends you may have drawn.

However, Halifax changed this policy 4 years ago meaning that underwriting is done using daily rates for any contractor from any niche, including new contractors with no accounting history. 

If you are a niche contractor, it’s worth noting that Halifax has a few stipulations before you can apply; these are:

• must have worked in the same sector for at least 2 years
• must meet their minimum daily income rate
• must have less than 6 week gap between contracts
• must have at least 4 – 6 weeks to run on present contract

Even if you have a small deposit of 5%, 95% LTV help to buy mortgages are available for contractors from Halifax BS, for a maximum property value of £600,000.

While this is encouraging news for all contractors, other lenders across the UK also offer great deals, including those who specialise in contractor mortgages and may offer even greater flexibility and rates.

Finding which lender has exactly the right home financing solution for you is easy with Deal Direct. We’ll compare all the options for you and help you determine which mortgage product represents your best-buy.

Call Deal direct on 0800 048 8828 about contractor mortgages for any niche.