Can Contract Workers Get Mortgages?
- Experts in obtaining mortgages for contractors
- Bespoke underwriting for contractors
- Impartial advice and guidance
- Access to entire lenders’ market
- Strength assessment of application before a failed attempt
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It is fair to say that a lot of economic aspects are stacked against contractors and freelancers. We get asked a lot of questions by independent professionals as to what they’re entitled to (probably the first lending-related question any contractor asked us is “can contractors get mortgages?”), now they are not classed as an employee. Here’s a few of the most commonly asked questions:
Can I get a mortgage as a contractor?
Yes. Although in the past few years it has been quite difficult for contractors to instil enough confidence in mortgage lenders, the future looks a lot brighter. The Mortgage Market Review, which was brought out after the recession hit, was set up to decrease the amount of high risk lending and borrowing.
Contractors were one of the groups who suffered, as lenders saw breaks in contract, late payments and an unstable market as huge risks.
For a number of years, it was extremely difficult to qualify for a loan. However, more recently, building societies and some banks are offering more and more deals for independent professionals as confidence increases.
What do I need to provide in order to qualify for a mortgage?
Some lenders are happy to consider a contract worker’s previous employment history and will assess experience and contract history.
Contract workers who have experience of fixed-term contracts for a minimum of two years stand a better chance with a mortgage provider.
However, those who have just started out may still qualify if there is six months remaining on their current contract as long as they have a two year history in the same line of work.
How do I go about finding the best deal for my situation?
UK Contract Partners offers help and access to their specialist contractor mortgage brokers who are looking to get on the property ladder and secure a mortgage.
If you’re a contractor earning over £15 an hour, the team can analyse the best option for you, and provide you with a whole host of other benefits.