MORTGAGES FOR CONTRACTORS

Hope Mortgage Solutions offer expert advice on those looking to secure finance on a property while they are working as a contractor, this can be structured in multiple ways including:

  • Employed contractors – Employed and PAYE but on a contract for a fixed period.

  • Self employed contractors – A fixed term contract with a company but declare all personal income for tax purposes (this may be as a sole trader or through a limited company)

  • Zero hours contract – An ‘open ended’ contract with your employer which has no fixed term.

Lenders usually require a minimum earnings evidence of 6 months (this may be a copy of an existing contract and a previous contract if necessary) many lenders will require 2 or 3 years’ accounts showing annual earnings if self-employed. The main thing lenders look for with contractors is longevity either with that company, or in the field you are working in.

Contractors paid by a day rate: if your contract stipulates a daily rate as opposed to a fixed salary, lenders will use the daily rate and the number of days contracted to work per week and create an annual figure - allowing for leave such as holiday. This figure will be the income used for affordability calculations, for example:

£300 per day, contracted to work 5 days per week

£300 x 5 days = £1500 per week

£1500 x 48 weeks = £72,000

Therefore £72,000 will be the income figure used for affordability purposes.

WHY USE HOPE MORTGAGE SOLUTIONS? 

WHOLE OF MARKET MORTGAGE BROKER

PROFESSIONAL, PERSONAL ADVICE TAILORED TO YOU

'LIFETIME FEE' SCHEME - ONE FEE PAYABLE FOR MORTGAGE ADVICE FOR LIFE

ACCESS TO THOUSANDS OF MORTGAGE PRODUCTS

LENDER EXCLUSIVE PRODUCTS WHICH ARE ONLY AVAILABLE THROUGH BROKERS             

       

Contact Hope Mortgage Solutions today and book your free initial consultation to discuss your options for contractor mortgages, call 0117 914 7471 or using the contact form below.

There may be a broker fee payable. See more on the Lifetime Fee Scheme.

Catherine Hope T/A Hope Mortgage Solutions  is an appointed representative of H L Partnership Ltd which is authorised and regulated by the Financial Conduct Authority

Your home (or property) may be repossessed if you do not keep up repayments on your mortgage

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