What is a Contractor Mortgage?
If you are employed as a contractor, you can apply for a contractor mortgage. Lenders assess your eligibility by reviewing your gross contract earnings. They then apply a standard multiplier to these earnings to determine the maximum loan amount they are willing to lend you.
Frequently Asked Questions
Contractors can face problems getting a mortgage as their taxable income is minimised by legitimate methods to reduce your tax bill. Although this is great for tax planning, this affects your potential borrowing amount. However, we know which lenders will best suit your circumstances and understand the different application procedures.
Yes. MortgageShield have been building a network of lenders who understand a contractor’s payment structure and can help secure you a mortgage based on your gross contract earnings.
Even if you’ve recently started contracting or have less than three years of accounts, you can still apply for a mortgage. To proceed, we’ll require a signed copy of your current contract outlining your pay rate, an updated CV documenting your employment history, bank statements from the last three months demonstrating your contract earnings, and proof of identity (passport, utility bill, or driving license).
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