Does a contractor mortgage mean paying a higher rate of interest?
Does applying for a contractor mortgage mean you will automatically have to pay higher rates of interest compared to someone who was employed?
At Deal Direct, we know this perception is a common one but that doesn’t make it true.
Historically, contractors and the self-employed have been viewed as higher-risk borrowers. This has meant, therefore, they have been penalised with having to stump up larger deposits and pay more expensive mortgage rates.
Our view is that this is not fair and while it may be the attitude of some lenders, it’s not the attitude adopted by all of them – especially those who design mortgage products specifically with the needs of contractors in mind. These lenders are the ones that work closely with brokers like ourselves and we can give you access to the best they have to offer you.
For more than a decade, Deal Direct has been forging strong relationships with lenders who specialise in catering to your needs as a contractor. As such, this allows you to make the most of your income and borrow exactly what you need, regardless of how many income streams you have or whether your income is regular or not.
We work hard on your behalf, researching the entire UK market to find you the best value mortgages with deposits, rates and lending criteria that support your mortgage journey rather than hinder it.