Contractor Mortgages

Getting a mortgage as a contractor doesn’t have to be difficult!

For many contractors, securing a mortgage can be a real challenge. The nature of contract work means that your income can fluctuate resulting in what might be seen as an unreliable income. We understand these difficulties, that’s why we work with two specialist brokers who can help you secure the best mortgage.

Contractor Umbrella work with Wardour Investments who are independent advisors and can help make the process of securing a mortgage as simple as possible. Wardour Investments have a great deal of experience in working with contractors so are well versed in the potential barriers to finding a mortgage.

Why choose Wardour Investments?

• Independent advisors
• No ties to any mortgage provider
• Over 35 years industry experience
• Specialist in Contractor mortgages and financial services
• Commercial mortgage specialist

You can call Nigel at Wardour Investments on 01753 279 656 or via email nigel@wardourinvestments.com to find out more about securing the right mortgage for you.

We also work with Freelancer Financials who specialise in mortgages for contractors. They are the contractors best friend for financial advice and understand your individual circumstances so offer tailored advice to you. Freelancer Financials have over 20 years experience helping contractors get the right mortage.

Why choose Freelancer Financials?

• Over 20 years experience
• Specialists for contractors
• Access to exclusive mortgage products

For more information on contractor mortgages, please contact Freelancer Financials on: 020 8421 7999.

All of our mortgage partners work with many high street lenders so know the potential difficulties contractors face when exploring their mortgage options. Here are some frequently asked questions you might like to read so you understand what to expect.

Will I have to pay a higher interest rate as I am a contractor?

In most cases interest rates are the same even if you are a contractor. In certain situations, the rates you pay as a contractor can be even lower than a permanent employee would pay. This is dependent on your credit rating being strong and the fact that you may have a larger deposit to use. The nature of contract work often means that you are aware that it is best to have a reserve saved.

Will I be classed as high risk for a mortgage as a contractor?

No, risk is based on your credit rating and the amount you have available as a deposit. Our lenders understand that working on a contract basis doesn’t make you a risk. Potentially you would be able to take a mortgage based on four times of your contract rate. Whether you are a permanent employee or a contractor, certain factors could affect your application, typically these are CCJs, outstanding credit bills and defaulted payments.

Is there a minimum amount of time I need to have been working as a contractor?

Not anymore. Generally, now you can expect to secure a mortgage based on your current contract rate. When contacted directly, some inexperienced call handlers will tell you that you need to have been contracting for a long time in order to obtain a mortgage. This isn’t the case, but this approach is used to deter you as many lenders do not understand the nature of contracting.

Is a contractor mortgage more complicated to obtain?

Any financial dealings can be complicated, however with the right guidance the process is easy. That is why we work with two specialist IFA’s who can help you secure a mortgage using their relationships to with lenders and underwriters. To start the process, you will just need to provide your contract, ID and bank statements.

If you are looking to take your first step onto the property ladder, are planning your next move or even re mortgaging an existing property, contact Wardour Investments or Freelancer Financials who can tell you more.