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In the eyes of the mortgage companies, a short-term contract worker falls into a no mans land between self employment and a permenant salary.
Whilst it is relatively easy for you to go online or pop into a local branch to obtain an initial agreement in principle from a lender, its only when you've found your dream home and the application goes live that the underwriter will properly consider your employment by requesting accounts & proof of earnings. At this stage the whole purchase can be put at risk.
To help you avoid this mortgage lottery we have negotiated specialist underwriting terms with many of the big High Street lenders. We are selective in which lenders we approach and careful that we talk to sympathetic staff within those lenders. In short we will only approach lenders on your behalf where we know we are guaranteed of success.
This unique arrangement means we can place your mortgage within days of your first contract and with minimal deposit and you will be able to benefit from exactly the same competitive mortgage schemes as a permi. Loans can be easily secured at up to 4 times your annualised contract rate.
As an example of the unique service that we are able to provide we have exclusive access to a scheme for contractors that allows you to borrow up to £300k without any deposit whatsoever (this loan is dependent on status and the loan size is determined by your contract rate). This particular scheme is a flexible mortgage with no tie ins and no higher lending charge (this is a fee that is charged by many lenders where you are putting down less than a 10% deposit)
We avoid self certification and non status mortgages at uncompetitive interest rates and favour those schemes that do not lock you into extended terms at a high rate once any initial offer has expired. Whether it’s a fixed, discounted, capped flexi or the new cheque book loans we have a scheme that will be right for you.
How much does the service cost?
We will charge you none of the usual brokers fees that other advisers levy. (most brokers charge 1% of loan size). It will therefore cost you nothing to gain the certainty that your mortgage will be accepted at the loan size required, at a competitive interest rate and without any of the usual frustration.
To help us work out which lender best suits your circumstances please apply here with your requirements and without obligation. We will then email recommendations which we can discuss in more detail either by telephone or face to face.
Financial advice on these pages is being given by our IFA broker FreelancerMoney, which is a trading name of ContractorFinancials Ltd, regulated and authorised by the Financial Services Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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