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Contractor Mortgages®
Securing Mortgages for Contractors & Freelancers!
Securing Mortgages for Contractors & Freelancers!


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**Even with payslips, High St lenders reject umbrella contractors**

Everything was going so well. You, like many other #publicsector contractors, decided #umbrella contracting was the way to go.

No messy accounts. No worries about automatic payroll. And the threat of IR35 all but extinguished.

There was even the bonus of getting payslips every week when you submitted your timesheet.

And thinking back, wasn't all that hassle you had trying for a #mortgage the result of not having #payslips?

What now? Go rushing off down the High Street and ramming your last six payslips up the advisor's nose, demanding the keys to your new home?

Hold on, Tiger.

Have you actually had a look at those payslips? Nothing like the ones you had when you were an employee, are they?

What are all those deductions? Why don't they match up to your day rate? Who are all those creditors on your bank statement?

Look. If you're a #contractor - no matter what your payment structure - you'll always get a better deal going through a specialist #broker.

They talk the same language as specialist underwriters. They have direct lines to those decision makers, who, you won't in your local branch on a Saturday morning.

Payslips or not, take the smart option. Patience, diligence and a broker on your side. Win, win every time.

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For and Against: the Professional Contractor Conundrum

Have you ever thought that you're wasted where you work? Ever thought that you could do better on your own than as the sycophantic workhorse you are?

The problem most wouldbe #entrepreneurs face is self-belief. Do you really have a #skill or service that you could offer as a genuine commodity your industry would pay handsomely for?

Well, you're not alone in thinking that way. Many professionals have ditched traditional #employment to instead offer their service as an independent #contractor.

Of course, you'll have questions:
• How do you get clients?
• How do you make sure that there's a demand for your service and that you'll be in demand enough to warrant the switch?
• How do you go about accounting and the taxman?
• How do you go about becoming a limited company entity?

Those are just the most common questions. But - as luck would have it - hundreds of thousands of professionals have had the same questions before you.

The contracting revolution has spurned genuine opportunity

Today, contracting is a burgeoning industry, spurred on by the digital age. If you have a shortfall in your knowledge, there's a service provider who'll pick up the slack.

The trick is to stop thinking about supplying your service against the same backdrop as your employed status. Get your head around that, and you've taken a huge first step to liberation.

Our #guide looks at the pros and cons of contracting to help you decide if you want to proceed further. The arguments set forth will help you decide if you've got it in you to be the entrepreneur you one day dreamed you be; good luck!

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Government steps in to thwart rip-off #Estate #Agents

When a whistleblower stepped up to highlight the volume of malpractices and shear bravado rife in 'her' chain of #EstateAgents, it shocked the industry.

Her interview revealed a whole host of dodgy tactics, immoral if not illegal, that estate agents are using to drive up their income with commission from #mortgage lenders as well as that from the house sale itself.

• Data Protection? Non-existent.
• Using buyer mortgage affordability to drive up the home sale price? Disgustingly, yes.
• Sweeteners for buyers? Aplenty.
• Hidden commission for mortgage providers? Absolutely.
• Deterring buyers who came with their own mortgage lender in tow? Hell, yeah.
• Ringfencing sellers so that the agent guaranteed themselves a commission (even though it cut down on vendor's accessible buyer pool)? Yes, even that.

Incidentally, the government launched a consultation in October 2017 to 'professionalise' the Estate Agency industry.
It seems that the industry needs a little more help than that to improve its reputation.

But it's not that alone that worries us. For now, we have to accept that Estate Agents are in cahoots with mortgage brokers. But specialist borrowers like #contractors and freelancers could come a cropper if they let agents sweet talk them into talking to their mortgage provider.

Don't let them! Speak to a broker who understands your various payment structures and can translate it to a mortgage lender who can use the biggest part of your income, not just your SA302 salary!

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Contractor mortgages for independent professionals with bad credit

Not so long ago, contractors outside of IT struggled to get a #mortgage that used their day rate at all.

Over the last three years, we've seen the market change beyond recognition. Now, dozens of mortgage lenders offer contract-based underwriting.

But what about #contractors who've got an imperfect credit file?

Surely they represent too high risk on top of their short-term contract, even today?

Well, no. Not any more.

Several specialist lenders - typically those who only deal through brokerages - are now offering mortgages for contractors with #bad credit.

There are things you can and should do before applying to give you the best chance. But get all your ducks in a row and, yes: your imperfect #credit score may not be the barrier you assume it to be:
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Lending criteria for friendly self-employed mortgage lenders
(and some not so friendly)

As a #selfemployed worker, getting a mortgage can be daunting. Not all lenders are open to your way of working; others welcome you with open arms.

But until you actually get to meet each of them, you've got no idea which is which.

It gets worse: you realise that no two lenders assesses your #affordability the same way. What can you do to swing the game in your direction?

From the outside looking in, there's no way you'll ever know.

Understanding that, being on the inside and all, we've put together a guide of six of the most self-employed friendly #mortgage lenders you could wish to find…
…and a couple of those less accommodating too.

As they say: "keep your friends close, your enemies closer."

Here, we're drawing that line:
Best Self Employed Mortgage Lenders
Best Self Employed Mortgage Lenders
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It's bad enough getting a #mortgage as a #contractor, let alone one with #bad #credit. But you can with a specialist broker who knows contracting and has access to sympathetic lenders:
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Self-Employed Mortgages - Your Way! FreelancerFinancials 's post on Quora looks at all the different types of #selfemployed payment structue and how they affect getting a #mortgage
Self Employed Mortgages - Your Way
Self Employed Mortgages - Your Way
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Securing that Elusive Contractor Mortgage: Top Tips and Advice

Becoming a #contractor opens up a whole new world to professionals when they go on to specialise in the field in which they cut their teeth as an employee.

One paradox is their new Limited Company payment structure. It can help them retain much more of their income than through their old PAYE model.

But it can also confuse untrained mortgage advisors to the point that it damns the new contractor's #mortgage aspirations.

The good news is that contractors can take plenty of preventative measures themselves. These steps can help them get the mortgage that their income deserves without having to sacrifice a competitive interest for the privilege.

The truth is, many High Street banks now offer bespoke contractor mortgages. It's just that they don't offer them in-branch on the High Street.

The world is suddenly full of paradoxes, eh? Where's Einstein when you need him?

Our updated guide explains why the world of contractor mortgages is so complicated on the face of it. It also demonstrates how contractors can eradicate much of the mess themselves with a bit of up-front prep:
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Contractor Guide: Dealing With Mortgage Rejection

You started out contracting for all the right reasons. Flexibility, honing your skills, better income and the ability to keep more of it through a limited company payment structure.

What you didn’t expect was the problem you’d have getting a mortgage as a contractor.

Many of our clients reach us after having had their mortgage application turned down on the High Street.

While it’s not right, we understand why most High Street mortgage lenders are reluctant to lend to contractors.

On the one hand, their advisors can see a contractor’s top line. But on the other, the effective salary - the bit High Street lenders can use - equates to, well: not a lot.

The problem - or one of them, at least - is how your income is translated for an underwriter.

In branch, advisors have neither the skill nor the basic #mortgage affordability software to make the most of a professional contractor’s gross income.

That’s where a specialist mortgage broker steps in.

Our guide to dealing with mortgage rejection as a contractor looks at the problem - and solutions - in more depth:
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The specialist broker's role in securing mortgages for contractors

Have you been to see your bank about getting a mortgage as a #contractor, recently?

On a scale of 1 to 10, just how painful was it?

Yep. Thought so.

Look. That in-branch #mortgage advisors can't get their head around your true affordability is no surprise to us.

You have to face up to it: as a limited company contractor, your income and payment structure are special!

Yes, you might be earning more than ever. But your accountant ties most of that up in your company as retained profit.

A typical High Street mortgage lender uses outdated affordability formulae.

No matter how hard you point, gesticulate and bounce like a frog on your seat, they can only use what they see in the salary column!

Stop it with the masochism, already.

Find a #broker who both understands contracting and can also interpret your income to an amenable underwriter.

Give yourself a break:
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