A contractor mortgage is intended for people who do not have a fixed job. Many lenders reject contractors because they prefer full-time employees, whom they consider to be less risky.
Self-employed persons, fixed-term contractors, umbrella company employees, zero-hour workers, and agency professionals are all examples of contractors. Some lenders may even provide special financing for medical or professional contractors.
Who is eligible for a contractor mortgage in the United Kingdom?
- You're a self-employed person who works through one major company and is employed on a fixed or short-term contract
Some lenders will give to some but not others, while others will refuse to lend at all. This is why you should get professional guidance from a broker, like JML Mortgages Solutions, who have access to the whole of market.
What qualities do mortgage lenders seek in contractors?
Contractor friendly mortgage lenders use the following characteristics when assessing whether you're eligible for a mortgage, in addition to the normal criteria, such as your age, credit rating, income, and property type;
- What kind of contractor you are
- How long you've been contracting
- How long you've worked in that business
- If you've ever had contracts renewed
- How much time is remaining on your current contract
A contractor mortgage is intended for people who do not have a fixed job. Many lenders reject contractors because they prefer full-time employees, whom they consider to be less risky.
Self-employed persons, fixed-term contractors, umbrella company employees, zero-hour workers, and agency professionals are all examples of contractors. Some lenders may even provide special financing for medical or professional contractors.
Who is eligible for a contractor mortgage in the United Kingdom?
- You're a self-employed person who works through one major company and is employed on a fixed or short-term contract
Some lenders will give to some but not others, while others will refuse to lend at all. This is why you should get professional guidance from a broker, like JML Mortgages Solutions, who have access to the whole of market.
What qualities do mortgage lenders seek in contractors?
Contractor friendly mortgage lenders use the following characteristics when assessing whether you're eligible for a mortgage, in addition to the normal criteria, such as your age, credit rating, income, and property type;
- What kind of contractor you are
- How long you've been contracting
- How long you've worked in that business
- If you've ever had contracts renewed
- How much time is remaining on your current contract
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