MORTGAGES
CONTRACTOR MORTGAGES
We specialise in arranging mortgages for UK contractors. Unlike traditional brokers, we never penalise you when it comes to sourcing a mortgage. The reason being, we’ve set out to make contractor mortgages our business.
CONTRACTOR MORTGAGES
At Veqta we are experts in finding the right contractor mortgage tailored to your specific situations. We have helped thousands of contractors, freelancers, self-employed and independent professionals in the past, and strive to ensure that you have the same successful outcome. We use our specialist knowledge while providing impartial advice to bring you the best mortgage rates on the market and to stop you from being penalised simply because of the career path you have chosen.
Why choose us?
We work with various mortgage brokers. This means we have access to the whole of the intermediary market, including lenders that don’t have a presence on the high street and some you may never have heard of. Some of these providers specialise as contractor mortgage brokers, improving your chances of securing the best contractor mortgage.
Our recommendations and tailored support will be based on years of experience working with homebuyers that don’t have a fixed income. As your mortgage adviser, we begin by taking the time to understand your objectives and circumstances, putting us in a position to recommend the right options for you.
CONTRACTOR MORTGAGE SPECIALISTS
Expert mortgage advice for contractor mortgages
Common Contractor Mortgage Questions Answered
What your business needs to know
Often the accountants of contractors will ensure that their net income is be low by retaining money within the business. From a tax efficiency perspective this is great, however, the opposite is true in relation to mortgage applications.
Traditionally, mortgages have been calculated based on annual salary which can negatively impact the amount contractors can borrow. However, many lenders have changed their assessment criteria for contractors and instead of looking at accounts and payslips they will look at your true earning potential.
Lenders will calculate the amount you can borrow based on your annualised daily contract rate. Each lender will have a different qualifying criteria but usually you will need to provide proof of a current contract and also show that you have consistently been under contract.
Even though changes have been made by many lenders towards a better understanding of contractors finances, it can still be difficult to secure a loan from high street lenders. At Amber Mortgage Solutions we are connected to specialist lenders and can help you collate all the relevant documentation so your application is as smooth as possible.
Things Contractors Need To Provide To A Lender
- 2 to 3 years’ worth of accounts. If you’re a limited company, provide your lender with your full business accounts.
- Evidence of previous contracts, contract renewals and future contracts lined up.For contractors who haven’t been operating long enough to have 2 to 3 years’ worth of accounts, some lenders will accept six months’ worth of accounts, depending on what type of contract worker you are and other factors like your credit score and the size of your deposit.
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