Many lenders have tightened their lending criteria over the past 2 or 3 years resulting in a restriction of mortgages for contractors and products for clients falling into the contractor or freelancer category. Lenders don’t recognise that contractors do not neatly fit into the ‘employed’ or ‘self-employed’ categories much rather they sometimes sit in a grey area in between the two and as such, this often means they fall outside of the Bank’s and Building Societies’ rigid lending criteria.
This is where Power Mortgages is here to help. We’ve noticed that there are two main reasons contractors face when applying for a mortgage. Firstly, the inability to prove all of their income and secondly, the fact there is an end date to a contract which is why the lender may ask how would the mortgage payments be maintained after this date.
Have you been told the following?
– Many lenders or non-specialist brokers may have told you that...
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A growing number of lenders have now come to realise that contractors and freelancers represent safe borrowing and display a good set of skills ... Read More >
There are thousands of mortgage products available for all sorts of circumstances but finding the right one is not an easy task. The choice in the mortgage ... Read More >
If you are experiencing any of the issues above, get in touch with us for specialist mortgage advice for contractors and freelancers.
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