Independent Contractor Mortgage?




It’s no big secret, it’s something that faces us every morning as we turn on the news! The UK is in the middle of a credit crunch, a financial situation (or set of circumstances) that has resulted in the major lenders, including mortgage lenders being extremely strict with regard to whom they are and are not prepared to lend money to. Whilst this bad news for most people, it makes life even more difficult if you are an independent contractor looking for a mortgage.

Difficulties With An Independent Contractor Mortgage

The financial status of the independent contractor has always been difficult to explain to banks. In a banks day to day business, when it comes to assessing lending criteria and eligibility they are much more familiar with dealing with employees. Whilst it makes no sense at all that those who work for themselves are seen as a bigger risk than those who are simply paid by somebody else it is something that I’ve personally experienced, it does happen. Whilst there is always the need to prove affordability to lenders, just the complexities of HOW you are paid as an independent contractor can be enough to put of some mortgage lenders. For independent contractors who may be being paid via companies or structures that banks are not overly familiar with securing a mortgage can become a lottery.

An Independent Contractor Mortgage Solution

Aware of this contractor mortgage problem a solution has now been made available. UK mortgage brokerage firm Mortgages Made Easy Limited have created an additional service, Contractor Mortgages Made Easy. Rather than dealing direct you will have a contractor specialist mortgage adviser and a member of the contractor client services division to look after your mortgage application from start to finish. These professionals understand the various remuneration structures that contractors can operate within. This avoids the frustration of you having to try to explain to other brokers and lending institutions of how you get paid, only for them not to fully understand and waste your valuable time. Time when you could be earning money.

If you are an independent contractor looking for a mortgage then Contractor Mortgages Made Easy will be able to help you!

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