Demand for contractor mortgages forcing lenders to adapt lending criteria.

Lenders are being forced to re-evaluate their lending criteria as demand for contractor mortgages increases.

The ONS has reported rising levels of people working for themselves in the UK. More of you are looking to take advantage of the skills/training gap, in certain areas, and monetise your expertise. Despite this, as a contractor, the way you earn a living is still considered by many lenders as ‘non-traditional.’ When it comes to underwriting your mortgage application, your non-traditional employment status could pose a problem.

This appears to be reflected by the number of self-employed contractors complaining that their lending requirements are unmet. Many of you still feel the way you work impedes your mortgage applications, as lenders consider a greater risk exists in granting you a loan.

However, some lenders have acknowledged that your requirements are more than reasonable, and you have as much right as anyone else to be able to buy your own home. These lenders have already adapted their criteria and underwrite on a case by case basis, which greatly improves your chances of loan approval. 

By working with independent mortgage broker, Deal Direct, we can help you to find a great contractor mortgage with one of these more flexible lenders.

Speak to Deal Direct today on 0800 048 8828.