Overcome contractor mortgage lending criteria issues with advice from Deal Direct.
Overcoming the challenges posed by strict lending criteria for a contractor mortgage is much easier with professional advice from Deal Direct.
Over the last decade and following the banking crisis, lenders have taken action to tighten mortgage approval criteria.
If you worked for yourself, the strictness of the new criteria meant obtaining an affordable mortgage had become troublesome. Many contractors found themselves having to jump through an increasing number of hoops only to end up having their application rejected or having to find a bigger deposit as well as paying a more expensive mortgage rate.
The way you generate your income today can still fall outside of what some banks and building societies find acceptable. The fact that you may not be paid on a consistent and regular basis can be a cause for concern for those lenders who adopt a more rigid approach to underwriting.
However, not all lenders are the same and a number design their mortgage ranges specifically with you, the contractor, in mind. The problem comes in knowing who these lenders are and what criteria you need to satisfy.
This is where seeking expert advice from Deal Direct proves to be extremely useful. We can help you to find exactly the right mortgage for you from a lender who takes the value of the contract into account as opposed to your net salary.
The way in which you work may be complex but finding a mortgage that matches your needs doesn’t need to be.