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Wondering if you can get a mortgage as a contractor? The short answer is “yes”.
We’re CMME, the specialists in helping contractors secure the mortgage they deserve. Since 2004 we’ve been helping contractors, freelancers, consultants and small business owners navigate the mortgage process and get the best possible deal.
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More choice and better value for you. Meet our specialist lenders
Every independent professional is different and every mortgage is different. That’s why our Mortgages are always made to measure – handmade by our expert advisors, based on a deep understanding of your unique circumstances and needs. For us it’s all about listening carefully, asking the right questions and being ready to work hard on your behalf.
Like you, what we do depends on our experience, our expertise and the relationships we build. Our advisers are specialists in the field and dedicated to serving independent professionals – it takes time to learn how the market works and develop the skills required to find solutions that unlock real value.
If, like most people, your mortgage is your biggest financial commitment, it makes sense to ensure you’re on the best deal for your individual needs and financial circumstances. Plus, with the current uncertainly, securing a good deal now could mean you enjoy low rates in the long term, whatever changes are to come. We will always fight for you.
A contractor mortgage is likely to be the biggest financial commitment that you will ever enter in to. The process can be long and daunting, but one thing it does not have to be is difficult.
When lenders assess a contractor mortgage, they will want to verify income by seeing two to three year’s worth of accounts or tax returns. Lenders have not kept up with changes in the labour market, and their criteria, in many circumstances, fails to accommodate for the growing ranks of independent professionals.
Umbrella company contractors will find that many of their expenses will not be considered when calculating income. Limited company contractors will experience a similar problem, as any money retained in the company, for tax purposes, will also not be considered. Both ways of operating are likely to lead to less borrowing power.
Let us say you are able to overcome this first problem, you will then face another challenge. Generally, banks and building societies only lend to those who are considered low risk, and contractors just do not tend to fall into this category. The reason being is that lenders worry that these individuals will struggle to afford their monthly payments when their current contract comes to an end.
We’re here to help contractors and other independent professionals get the mortgage they deserve. Speak to an expert directly on 01489 223 952. We’re open Monday to Friday 9am to 7pm.
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