As a contractor you have the choice of working through an “umbrella company” or through your own limited company. The advantage of working through an umbrella company is that you are an employee of that company and they are able to give you a mortgage reference the same as any other employee. The drawback is that it is common for you to be paid the statutory minimum wage for the hours you work and then a bonus based on the income you generate and with many lenders this will significantly affect the amount of borrowing you can secure.
Seeking the help of an experienced mortgage broker is vital if you want to avoid the hassle of dealing with lenders who do not understand the umbrella company market.
After many years of specialising in this field, we have access to a network of contacts with leading High Street lenders and financial institutions which we use to ensure that your mortgage application is dealt with by an underwriter who understands your status. We will ensure that the assessment of your application will now be based on the contract you have, rather than on the number of years you have been working as a contractor. The only evidence you will need to provide to support your initial application is a copy of your contract, some documentation confirming your identity and address, proof of the source of your deposit and your bank statements. Some lenders may require additional information once they have assessed your application.
Interest rates will be based on the amount of deposit you have saved and your previous credit history rather than your contractor status
Our advisors will complete all of the paperwork for you and you will also be able to see the progress of your application anytime with our on-line tracking tool.
Having helped you buy your dream home by securing the best possible mortgage deal we will advise you on how to ensure that you are able to maintain future mortgage payments should your circumstances change.