Contractors often find it difficult to arrange mortgages. We at Meyer have made this process and the amount you can borrow as simple as it would be if you had a full time permanent contract and were employed.
Further, don’t be put off thinking these are mortgages which are from lenders you have never heard of. They are from the usual high street and large mortgage lenders.
So, what is the process?
We would put you in contact with one of our approved partner firms, who we consider to offer a great service. They will then have the relevant discussions with you and the broker requires any proof of earnings or your accounting information then we will speak to them directly and so this all on your behalf.
This take away the stress from you, which has been made increasingly difficult with the credit crunch in recent years.
A few points to note:
- Ensure you have at least 10% deposit (you then ensure you get the most attractive rates).
- Check your credit score from an agency such as Experian. Take a quick look at your report, this is important so that any anomalies are corrected prior to a formal credit search going in by a mortgage lender.
- Use a preferred mortgage broker, which your Contractor Accountant recommends. They will offer the niche and specialists contractor mortgages which are negotiated with large lenders just for contractors. But, also speak to another specialist broker as well to really make sure you are getting the best deal.
- Ensure your accounting records are all up to date on your side, along with your contract itself. Ensure you have the signed contract, and all the key details are noted such as daily rate.
Our work for this has no additional charges on top of our monthly fixed contractor fee (unlike other contractor accountants)
Don’t be afraid that you wont get the mortgage you want (borrowing amount, interest rate) from a good lender as your are a contractor.
Please note, the above should not be considered as advice. You should seek any lending information from a reputable and FSA authorised lender. The above is for informational purposes only.