Mortgages for contractors & CIS Contractors
These days, working on a contract basis is becoming more common. Traditionally, lenders would have treated contractors the same as self-employed, and providing mortgages for contractors often requiring accounts for 2 or more years. Our experience in dealing with contractor clients means that we can place these applications with the right lenders, who will look at the contract value rather than annual accounts.
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CIS contractors can find it difficult to get mortgages with a lot of lenders, who can ask for accounts and tax returns to calculate income. Our experience in dealing with CIS contractors means that we know which lenders are sympathetic to, and understand, subcontractor income. They work out affordability on gross income, which leads to higher mortgage amounts being agreed. They’ll even consider less than one year CIS contracting figures.
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There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be up to £450.
Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Mortgage Response is a trading name of The Mortgage Shop (UK) Ltd which is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.
The Mortgage Shop (UK) Ltd Financial Conduct Authority register number: 951591
Registered Office: 6 Wellington Place, Belfast. BT1 6GE
Registered Company Number: NI26842 Registered in Northern Ireland
Mortgage Response registered office: 23 Beach Road, Caister-On-Sea, Great Yarmouth, England NR30 5ER