With low interest rates and lenders offering great deals getting a contractor mortgage doesn't have to be tricky. If you are looking for a contractor mortgage there are things that you can do to put yourself, and your finances, in the best position possible.
Here are some top tips on getting a contractor mortgage:
1. A healthy deposit
As a contractor looking to secure a contractor mortgage, having a healthy deposit will get you a step or two closer. 100% contractor mortgages are a thing of the past now so having at least a 10% deposit will really put you in good stead. By having a substantial deposit you will find that getting a lower rate contractor mortgage will be far easier.
2. Get your credit rating in order
Contractor mortgage lenders love to see a sparkling credit history. If you don't have a healthy credit rating then a contractor mortgage lender could refuse you. Make sure that you are up-to-date on your credit card bills and payments, keep them all in check. You can also help yourself by making sure you are on things such as the electoral roll.
3. Have an up-to-date contract
As a contractor making sure your contract is up-to-date will help your contractor mortgage plight. Your contract will need to state the length of your contract and the amount of your current contract. That way a contractor mortgage lender can clearly see how much you can borrow. It will also save you having to produce three years of accounts.
4. Working within your means
Mortgages for contractors are widely available at the moment but knowing your limits is key. Don't push yourself further than you can or you could end up putting yourself in financial difficulty. As a contractor looking for a contractor mortgage make sure you work within your means. Be honest and realistic. That way keeping up with your contractor mortgage repayments will be easy.
5. Speak to a contractor mortgage expert
One of the most important tools in getting a mortgage as a contractor is to speak to a contractor mortgage specialist. High street lenders don't have the experience or understanding of contractor mortgages in the same way that an expert contractor mortgage adviser does. By using a contractor mortgage broker you will be able to make sure that you get the best advice and contractor mortgage deal available to you.
The right contractor mortgage company
Our Experts at the Contractor Mortgage Company, are well aware that buying a home or remortgaging can be intimidating and at times very confusing. Alongside the worries of working as a contractor, trying to prove your income to the appropriate lender, can be quite difficult.
That's why we specialize and are dedicated in assisting contractors with securing mortgages. We have professional knowledge of contractor mortgages and the lenders who are prepared to offer mortgages to you. We understand the world of contracting too, and the various ways that you may be remunerated.