Are fee-free contractor mortgages available?
Are fee-free contractor mortgages available?
Is it possible to obtain a competitively priced contractor mortgage with a lender who doesn’t charge fees and offers cashback as an incentive?
If you look around at what is happening in the mortgage market today, you could be forgiven for thinking that all the activity is focused on mortgages for people who are employed.
Leeds Building Society for instance has recently unveiled new 2 and 5 year fixed rate deals with no fee and cashback. But what about if you are a contractor – are deals like these still available to you?
The answer is yes, but, depending on the lender, they will make certain stipulations that you will be required to meet. Leeds, for instance, require that:
- your income is higher than someone employed on a permanent contract
- contracts cover a 12 month period with at least one renewal
- there’s no more than a 6 week gap between contracts
If these requirements do not match your current contract status, then don’t despair. Deal Direct are here to help you find a lender who:
- understands the nature of contract work
- offers great rates and incentives
- underwrites on a case by case basis
For further information on rates, incentives and lending criteria for contractor mortgages UK-wide, call Deal Direct.
Speak to us today on 0800 048 8828.
