Contractor mortgage demand is on the rise as contract worker numbers increase.
Mortgages for contractors are becoming more popular as the number of contractors working in the UK increases. Over the last decade freelancing and contracting has become a more popular option, so much so that the self employed sector has grown by 3.5% in the last year alone.
It is predicted that if this rate of growth continues over the next 5 years, then by the end of the decade around half of all workers will be employed on some form of contract basis.
The rise in contractors is clear to see, and so lenders have started to introduce more and more contractor mortgage products to accommodate this growing sector.
Currently there are around 12 mainstream lenders with a contractor lending policy in place, each may have slighting different lending policy and so impartial advice and help is recommended when considering products.
If you would like to apply for a mortgage from one of these lenders call us at Deal Direct. We know which of these lenders is prepared to use full contract rates as the basis of their calculations to allow you to apply for maximum lending and improve your affordability picture.
To discuss your contractor mortgage options in more detail call us at Deal Direct.
Speak to one of our advisers today on 0800 048 8828.
