Aldermore responds to demand for better contractor mortgage products.

According to some market analysts, a large number of self-employed, would-be borrowers, want better contractor mortgage products.

One of the problems contractors find is that lending criteria varies so much from one lender to another, which can be very confusing.

Along with other documentation such as proof of identity, address, income and deposit, lenders also require a number of years’ worth of accounts. Some stipulate only one year, while others stipulate up to three.

Many contractors feel that the criteria are extremely restrictive and they will struggle to buy their own home. Many contractors could, therefore, be giving up their search for a suitable mortgage option before they have begun.

Aldermore is an example of one lender who has relaxed their criteria. They now, for instance, only require one years’ certified trading accounts, whereas they previously asked for double that.

But how do you determine which lender requires what?

The best way to navigate the sea of lenders and find a suitable mortgage package is to seek the assistance of leading UK mortgage broker, Deal Direct. Our experts can immediately identify lenders whose loan criteria and underwriting approach could fit with your circumstances.

Don’t be disheartened by the reports that would have you believe that securing a contractor mortgage is impossible, for that is not the whole truth.

For a professional assessment of your individual situation and a guide to possible lender options, speak with one of our advisers today.

Call Deal Direct now on 0800 048 8828.