Contractor Mortgages

It is important when a contractor is looking for a mortgage that they use a specialist contractor mortgages broker. If you just walked into a high street bank you would be told that you would need to produce three years worth of accounts.

So, your offer would be based on 3 or 4 times your Director’s salary. As we all know, contractors like to keep that to a minimum and take their money in dividends. Furthermore, you would have got a better offer if you were still a permanent worker.

A specialist contractor mortgages broker will use your daily rate to get you up to 5 times your daily rate annualised. Therefore, you don’t have to have any accounts. Indeed they can get you an offer within hours of the very first day of your very first contract.

scpecialist contractor mortgages
Specialist contractor mortgages

They work out your annual salary as your daily rate x 5 times 48 in terms of the offer you get.

Based on Daily Rate

So, let’s say that you are earning £400 a day. Your weekly rate would be £2,000. So, your annual salary, for specialist contractor mortgage purposes is £96,000. Your mortgage offer would be up to £480,000 – and you can now get 95% mortgages. This means that on your very first day into a contract you could be getting a new house worth more than half-a-million quid. So, within 4 to 6 weeks of starting contracting you could be opening the front door to your new house. One guy managed it in just 2 weeks.

best contractor mortgages
Best contractor mortgages for contractors

Read on to find out more:-
Why use a specialist broker

How long do you have to be a Contractor to get one?

Offer – How much can you get?

How quickly can you get a Contractor Mortgage?

Mortgages for Umbrella Company Contractors

95% Specialist Mortgages now available for all Contractors

This is our best contractor mortgage advice.

Complete a ‘Mortgage Finder’ form below with your requirements and a specialist contractor mortgage broker will be in touch shortly.

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