Difficulty Getting A Contractor Mortgage?

With the huge variety of payroll options open to contractors what you’d think would be a simple task, getting a mortgage, can in fact turn into a nightmare. The trouble is that there aren’t too many mortgage specialists out there that understand the nature of the payroll services that contractors can take advantage off and choosing the wrong mortgage advisor can have a knock on effect that impacts every other mortgage application you make from that point onwards.

Going direct to your bank could mean that you can only get a mortgage on the PAYE element of your contract value, as most of you will know there is every chance that this doesn’t account for a major part of your income. However the bank doesn’t know this and it offers you mortgage terms on that income. Even worse than this the situation could arise where your declared income doesn’t match that of your income tax return causing an investigation to be launched. The banks have very sophisticated systems for checking mortgage applications and depending on the way you are paid would you assume to be correct information may be entered in the wrong place or in the wrong way.

In an ideal world you want to be dealing with mortgage specialists who undertsand not only the nature of contractor work but also the difference ways in which contractors can be remunerated and who can offer mortgages that suit. So before you start applying for mortgages with the usual high street lenders consider using the services of a company like Contractor Mortgages UK. They undertsand your requirements and will be able to find you the best mortgage to fit your set of circumstances, taking into account your full contract value. As a contractor you are no ordinary employee, don’t fall into the trap of assuming you can have access to “normal” employee based mortgages. As a very good friend of mine once said, it costs nothing to ask, you just might get the help you need.


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