Contractor Mortgages

A contractor mortgage is specifically designed for self-employed contractors or freelancers who may not have a regular salary or a long-term employment contract.  

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At Your Mortgage Room, we undertake a thorough financial assessment with documentation such as contracts and bank statements, to evaluate affordability based on average annual income. We may determine that a specialist lender would be the best option for you as they can be more accommodating and understand the nuances of self-employed income, in turn offering more flexibility.  

Your credit history and deposit amount will have a significant impact on your borrowing capacity; the better your credit history and the higher your deposit, the more competitive the interest rates you will be able to access. 

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Some lenders may prefer contractors who have a track record of consistent work over a certain period, such as 12 or 24 months, however there are lenders who may consider a shorter period of time. Projected future earnings may also be taken into account for those who are self-employed when assessing their eligibility for a mortgage. This can be especially helpful for contractors who have recently completed a contract and are looking for their next project. 

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At Your Mortgage Room, we have a wealth of experience in helping to guide contractors to choose right lender to suit their specific circumstances. We work with a wide range of specialist contractor lenders who we can source the most suitable rates and terms with, and we pride ourselves on our service in supporting you with any issues that arise throughout the mortgage application process and beyond. 

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We pride ourselves on giving comprehensive advice which for contractors especially, includes contemplating protecting your mortgage with insurance like income protection or critical illness cover. These provide a crucial safety net against unforeseen circumstances that could impact your ability to work.