Posted on March 23, 2013

Don’t let your freelance status get in the way of your home search with a Contractor Mortgage

The decision to leave your permie job behind and start contracting is often made harder by the misconception that you may struggle to secure a mortgage. The horror stories online that claim you need three years accounts and have to jump through multiple hoops to secure lending have put many potential buyers off but this needn’t be the case. It is possible to secure a mortgage based solely on a multiple of your annualised contract rate through the specialist mortgage advisers at ContractorFinancials. This not only saves you the hassle of preparing three years accounts and visiting every lender on your high street only to be told ‘no’ at the end of the day, it often allows you to borrow more than your permie colleagues.

Contract based underwriting

ContractorFinancials has been instrumental in securing specialist Contractor mortgages with many of the UK’s biggest banks and building societies which enable them to arrange your mortgage based on a multiple of up to four times your annualised contract rate alone. To get your application underway your adviser will need a copy of your current contract, two forms of ID and recent bank statements. They can often secure you an agreement in principle within a few hours of your initial enquiry and the whole process can be completed using email, phone and post. This saves you the hassle of a face to face meeting, leaving you free to concentrate on your client.

Move in to your new property in a matter of weeks

Once you have your agreement in principle (AIP), you will be in a far stronger position when negotiating an offer on a property. The AIP shows the Estate Agent that you are ready to move and have already gone a long way towards securing the lending to finance your purchase. This could make the difference between your offer being accepted or not because you can show that you are ready to move. When your offer is successful, you simply need to contact your adviser and they will get the ball rolling, liaising between the agent, the lender and the solicitor on your behalf and ensuring that the application progresses smoothly so you should be in your new home within 4-8 weeks.

Fees Free Advice tailored to your Contractor status

When you are searching for a mortgage, it is important to ensure that you secure the right scheme to suit your needs, you should make sure that the mortgage rate is affordable, that overpayment are allowed if you intend to do so and should also check any arrangement fees so you know exactly what is required upfront. With so many Lenders to choose from and a myriad of different mortgage options available, it is essential that Contractors speak to a specialist Independent Financial Adviser who can offer impartial advice on the mortgage options open to you and help you find the right solution to suit your needs. You shouldn’t have to pay a fee for this service and it is important to make sure that the Adviser you choose offers a whole of market service so you know you will be given the best mortgage for your unique circumstances.

Sherwin Currid clients will never be charged a fee for mortgage advice from ContractorFinancials so you could save upwards of £500 to spend on your new home. To speak to an adviser, call 0845 062 8888 or email and an adviser will be in touch.