02380 633415
07834 418012
Are you a Contractor or Freelancer finding it difficult to source a mortgage?
Many lenders have tightened their lending criteria over the past few years resulting in a restriction of mortgages for Contractors and products forclients falling into the Contractor or Freelancer category. Lenders don’t recognise that Contractors do not neatly fit into the ‘employed’ or ‘self-employed’ categories much rather they sometimes sit in a grey area in between the two and as such, this often means they fall outside of the Bank’s and Building Societies’ rigid lending criteria.
The reasons many Contractors and Freelancers struggle to obtain mortgage funding broadly fall into two main categories, the first being the inability to prove all of their income, and the second surrounding the fact that there is an end date on the contract and as such the lender questions how mortgage payments would be maintained past this end date.
Have you been told the following:
“You do not have 2 or 3 years Accounts required to prove your income”
“Self certification mortgages are no longer available”
“You have not been self-employed / contracting long enough”
“Your contract is less than 12 months”
“You only have a few months remaining on your contract”
“Your salary and dividends or the company net profit figure is not sufficient to support the level of borrowing you require”
If you have approached lenders direct or have approached a non-specialist broker for your mortgage requirements, the above are just a few of the commonly used reasons as to why you may have been turned away. This is where using a specialist Contractor Mortgage Advisor really works in your favour.
Agrowing numberoflenders have now identified and realised that many Contractors and Freelancers represent safe borrowerswhodisplaya history of consistent income coupled with niche skillsets and vast experience in sought after industries. This in turn allows the client to access highly competitive Freelancer and Contractor mortgages at attractive rates with High Street lenders.
In today’s lending climate it pays to find a Mortgage Advisor who knows how to overcome these issues in order to help you obtain the mortgage funding that you require.
By using a specialist Mortgage Advisor who understands your how you work, you are maximising your chances of obtaining the best mortgage for your needs and circumstances whilst minimising the chances of facing a declined application.
There are thousands of mortgage products available for all sorts of circumstances but finding the right one is not an easy task. The choice in the mortgage market can be confusing with so many products to choose from.Your adviser willtake the confusion out of mortgages and present the options clearly and simply, allowing you to make sense of the options available.
Your adviserwill accessprofessional mortgage sourcing software which is updated daily to bring you the latest deals from the whole of market, so if you are a first time buyer, home mover, remortgaging, sorting out your buy to let investments or need any other mortgage related help and advice then get in touch and we would be happy to explain more in detail how we can assist you. Call Ben, the Senior Mortgage Consultant at Power Mortgages Limited on 02380 633415 or 07834 418012.
YOUR HOME MAYBE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
There will be a fee for mortgage advice. The amount will depend on your circumstances. A typical fee would be £499.00. Power Mortgages Limited is an appointed representative of Mortgage Intelligence Limited which is authorised and regulated by the Financial Conduct Authority in respect of consumer credit activities.