My contract is short-term; can I still get a mortgage?
A key issue with banks when it comes to approving an application for a contractor mortgage is that their affordability criteria are satisfied.
However, many banks don’t fully appreciate the needs of contractors and apply the same underwriting standards they designed for those in standard employment. This means that if you are new to contracting and you don’t have payslips or limited company accounts, you will have difficulty in proving your income in a way that is acceptable to them.
This is where seeking the help of an experienced mortgage advisor, Deal Direct, is extremely beneficial.
We recognise that working as a contractor very often means being paid more for your skill and expertise than the regularly employed people you may be working alongside. You often have a better credit rating and are in a position to provide a good sized deposit.
Because we know this, we have actively sought out and have developed strong ties with those lenders who specialise in providing mortgages specifically for contractors. It is the underwriters for these lenders who approve a mortgage that varies from the norm.
That approval comes with your application being presented in a way that emphasises your skills and experience, your earning capacity and your ability to manage your finances effectively.
Regardless of whether your contract has only just begun, don’t let that stand in the way of buying a home for you and your family.