Two lenders review their contractor mortgage ranges.

The strict loan criteria that some lenders employ can be a serious obstacle for you to secure a contractor mortgage if you are self-employed.

However, the view that just because you work for yourself, you represent a higher risk than an applicant who is employed, is outdated. Some lenders have recognised this and have made improvements to their loan criteria.

One lender, for example, is Saffron for Intermediaries. The LTV for their product for first-time buyer contractors with one years’ accounts, has increased to 90%. The loan is also available for those looking to remortgage.

Another lender is Magellan Homeloans. Lenders often stipulate contractors present at least 3 years’ accounts history; however, Magellan has reduced this to one year for their contractor mortgage product.

Mortgages for contractors are often viewed as a specialist area and are only available through an intermediary. This also is no longer the case as many high street lenders have ranges for contractors too. The way you work and receive your income, though, may not be a good fit for the criteria of some lenders, so, how do you make the decision about who to approach?

Consulting with expert contract mortgage advisor, Deal Direct, would be your wisest course of action.

We can search the entire market of available mortgages for you and point you towards your best options from lenders who are open to receiving your application. With our expertise, you are more likely receive mortgage approval than if you tried to go it alone.

For expert contractor mortgage advice, contact Deal direct on 0800 048 8828.