More contractor mortgage options available now than ever before.

If you are self-employed and searching for a contractor mortgage, there are more options available to you on the UK market now that at any other time.

Historically, the perception has been that securing a contractor mortgage was extremely difficult and especially so if you were attempting to apply with fewer than three years’ worth of accounts.

However, recently, more and more lenders have begun to refine and improve their ranges to satisfy the varying needs of this previously underserved sector.

For example, lenders who have made recent improvements are:

Saffron Intermediaries – borrowers with only 1 year’s accounts can apply for up to an increased LTV of 90%

Bluestone Mortgages – borrowers can apply for up to 85% LTV plus special criteria is now available for those who have previously experienced bankruptcy

Magellan Homeloans – borrowers with only 1 year’s accounts can apply for a range of LTV’s

Most lenders lean towards requesting two years’ worth of accounts or, if you are a limited company, an SA302, which details the directors’ income. However, this criterion leaves some self-employed borrowers out in the cold.

It is important to realise, therefore, not all lenders use the same criteria and some are more flexible than others when it comes to assessing your application. 

Our Deal Direct advisers have fostered strong relationships with both mainstream and specialist lenders from all over the UK. We know the contractor mortgage market inside out and can guide you expertly to willing lenders who are ready to consider approving a loan to you.

For the best advice on which lender to approach for your contractor mortgage, call Deal Direct.

Contact us today on 0800 048 8828.