Contractor mortgages - your questions answered by Deal Direct.
The market for contractor mortgages is evolving all the time. However, below are the answers to some common questions that hear all the time:
Is there a minimum income criterion for contractor mortgages?
This depends entirely on the lender. Some of them stipulate a minimum level of income ranging from £15,000 to £60,000 pa or above. However, not all lenders adopt the same approach. Whatever your circumstances, our expert advisors here at Deal Direct are adept at matching your individual circumstances to a lender who is both receptive and flexible.
Do I have to provide more than 12 months accounts?
Again, this depends on the lender. Some stipulate 3 years’ accounts, some only 12 months. Some ask for an SA302 HMRC overview and some accept a gross earnings calculation based on your current day rate, i.e. day rate x 5 days x 48 weeks = £annual income.
Can I still apply for a mortgage if I haven’t been working continuously?
It’s a possibility but again depends on which lender you approach. Whether you are employed or self-employed, a continuous working history is desirable. Workarounds exist though and we can advise you more accurately after we have fully reviewed your circumstances.
The last thing you want to happen, though, when you are applying for a contractor mortgage is to risk your application being rejected. Rejection could impact whether a second application to another lender will be approved. It is essential, therefore, that you get it right first time and Deal Direct are here to help you do exactly that.