Contractor Mortgages

//Contractor Mortgages
Contractor Mortgages 2017-10-27T16:41:51+00:00

As a contractor there are many mortgages available to you and a growing number of lenders willing to lend based upon your contract.

So what are the barriers that get in the way of you the Contractor?

  • Lender’s staff who don’t understand how contractors pay themselves and do not understand that the lending can be assessed on the day rate.
  • The misconception that all lenders require you to have been contracting for two years before applying for a mortgage
  • The mortgage broker who does not specialise with Contractors misunderstanding criteria adding more confusion to the underwriting process.

What makes us different?

At Instant Mortgages Ltd we have been working with and securing mortgages for contractors for years. As a result we have built up relationships with the lenders and underwriters because we understand the challenges you face and we know how to overcome them.

Some of the key points

  • The correct lender will be chosen from the start based on your circumstances to achieve the best rate.
  • Decision In Principles (DIP) will be keyed based on the correct income figures getting the right results first time so you know how much you could potentially borrow based on the contract.
  • The paperwork has been checked to ensure it meets the required criteria so that we do not waste your time going from lender to lender.
  • Your application will be fully packaged for the Lender giving them all they need to establish if they can lend.
  • We take great pride in making the process as smooth and pain free as possible for you, we do the hard work so that from the minute you engage with us to the time we get you the mortgage offer you will be taken care of.

So if you are a contractor and you want to engage with a mortgage broker that understands YOU then look no further.

Your home may be repossessed if you do not keep up repayments on your mortgage. Your existing lender may require an early repayment charge if you remortgage. Think carefully before securing other debts against your home. When consolidating debts the new mortgage may have a longer repayment term and therefore increase the total amount payable.

We charge a fee of £250 for mortgages over £150,000 / £500 for mortgages between £75,000 and £150,000 and £750 for mortgages under £75,000. We only charge if we are successful in obtaining a mortgage offer for you and our fee is payable on receipt of that mortgage offer.