A special blog entry from our colleagues at Pennymatters
Over the past few years the way that lenders assess an applicant and lending has changed dramatically. The days of being able to obtain a mortgage without verifying your income is over. Many lenders use a tick box approach to gather income details in order to assess what they are prepared to lend. As a contractor you very often fall out of this tick box process making the process of obtaining a mortgage problematic.
The main problem is normally knowing where to start. An adviser who specialises in arranging contractor mortgages can you save you a great deal of time and avoid you approaching lenders who would never consider lending to a contractor. Indeed approaching such lenders may hinder your chances of obtaining a positive outcome elsewhere as what started as an enquiry could end up with a decline and a mark on your credit file.
At Pennymatters we have experts with many years experience in arranging mortgages for contractors. We are able to source from the whole of the market and have arrangements with lenders who work on the basis of your contract and not on the number of years that you have been trading.
The rates you can obtain are no different to rates available to any other employed or self-employed applicant. Having a deposit is key and ideally this would be at least 15%, however it’s currently possible to secure a rate with as little as 10% deposit. We’ll discuss the various schemes available and advise you on maximum lending. Very often it’s the monthly cost that’s the driver and we’ll work through a budget plan with you ensuring payments are affordable.
We can work face to face or advise remotely. We use the latest technology which enables us to provide all our clients with their own website. This provides the facility to upload documents and send emails in a secure environment.
Please contact us to discuss your requirements. Remember that as independent advisers we are working for you and not the lenders. We’ll understand your circumstances which will then allow us to advise you on all the options available to you.
“Your home may be repossessed if you do not keep up repayments on your mortgage.”
This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.