Tips for securing a contractor mortgage.

For a contractor it can be far more of a challenge to secure a mortgage, this means that for some buying a home has proved difficult. 

If you are a contract worker looking for home finance, there are a few things that you can do to improve your chances of success.

Use an independent broker with experience and expertise in the contractor mortgage market. Searching the market on your own can lead to disappointment as many high street lenders still do not understand the world of contracting. For this reason, they have been known to dismiss applications just because applicants don’t fit neatly into their criteria.

By using a broker specialising in contractor deals you can save wasted time searching the market. At Deal Direct we approach lenders whose criteria we know you fit.

Aim for a minimum 10% deposit, as the more you have to put down against the purchase the greater the chance of success you will have. In addition, the higher your deposit the lower your rate will be.

Ensure your credit rating is good. With criteria tight, avoid doing anything that would give a lender an excuse to say no to your application. A poor credit rating is the kiss of death for mortgage applicants.

Keep your contract up to date, and ensure you have a signed contract to hand that clearly states the length of your contract and current contract rate.

If you would like to discuss getting a contractor mortgage in more detail, and would like to know how much you could borrow, call us at Deal Direct.

We are an independent mortgage broker and we have relationships with specialist contractor lenders. 

For advice and a quote call us on 0800 048 8828.