New Year, New Mortgage?
Our chosen mortgage partners, Contractor Mortgages Made Easy would like to warn you about approaching a lender directly if you are looking for a mortgage this year.
A number of contractors have been advised by their bank that they could obtain a mortgage directly, only to find that their application resulted in a shortfall in the required mortgage, or even worse, was declined later in the process. As you can imagine, their experiences were stressful and frustrating.
Contractor Mortgages Made Easy feel it is important to make you aware of the fact that many banks and building societies do not understand how contractors are remunerated, and will often overlook a large part of your income when assessing your affordability for mortgage purposes. This can result in an adverse lending decision, which can leave a black mark on your credit rating and harm your chances of getting a mortgage elsewhere.
CMME are specialists in arranging bespoke mortgages for contractors, based on full contract value. Engaging upfront with decision makers within the banks, to ensure they understand the way that contractors are paid and therefore eliminating any risk of an adverse lending decision due to contractor status.
CMME may also be able to help if you have been declined for a mortgage by a lender, but prevention is always better than cure. CMME advise any contractors who are looking for a mortgage to speak directly with them to ensure that they don't get caught out by the banks.
Contractor Umbrella are not authorised to offer regulated mortgage advice. Contractor Umbrella are introducers to Contractor Mortgages Made Easy. Contractor Mortgages Made Easy is a trading name of Mortgages Made Easy Limited. Authorised and regulated by the Financial Conduct Authority (FCA reg. 414798). Registered in England No. 4886692 Registered Office: 9 London Road, Southampton SO15 2AE.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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