Irregular income? You can still obtain a contractor mortgage.
As a freelancer, how you make your living may not fit traditional models, however, this does not have to hinder your ability to secure a contractor mortgage.
Many mainstream lenders have mortgage products that are designed around the PAYE format. Lenders reduce their risk by creating a more automated method of underwriting, however, this does not account for individual circumstances. This ‘tick-boxing’ approach can rule out freelance applicants who actually have a very sound financial base that doesn’t fit with this style of lending.
So, what is the answer? How can a freelancer buy a property and obtain a mortgage if they are not paid the same amount on a monthly basis?
The answer is to seek the professional advice of mortgage broker, Deal Direct.
As an independent mortgage broker, over the last 12 years, Deal Direct have sourced mortgages for thousands of clients every year. A good proportion of these has been freelance contractors.
Because we are independent, we have built strong relationships with lenders all across the country, including those who specialise in offering mortgages for contractors.
These lenders understand the nature of self-employment and take a more flexible approach to assessing applicants and approving home loans.
Some of the mainstream lenders are now more open to hearing from contractors however, it could be that the niche lenders can offer you a better deal.
To source a contractor mortgage that realises all your home ownership requirements, speak to one of our Deal Direct advisors.