For many contractors 2015 will be the year that they decide to move home, re-mortgage their existing property, or buy a house for the first time. But for many, getting a mortgage is going to be a struggle if they do not get the correct help.
What problems do contractors face?
The reality is that lenders have little understanding of the way contracting works. The basic criteria used to assess borrowers simply does not accommodate contractors, and this means that they cannot be pigeon-holed in to one of their two categories, employed or self-employed.
In addition, mortgage companies have become increasingly wary of individuals working on short term assignments. They worry about future income when the current contract comes to an end. The fact that you earn more money, and are enviably more employable than permanent workers seems to count against you.
If you do manage to get past this first obstacle it is probable that you will face another shortly down the line.
It is difficult for contractors to be able to prove the right level of income to support the level of funding that they want, and need. Any retained profit will not be taken in to account by lenders, meaning your true earning potential is not established.
What is the solution for contractors wanting a mortgage?
With the business landscape changing and an increasing number of skilled professionals turning to contracting, struggling to obtain mortgage funding has become a common problem.
Contractor Mortgages Made Easy is a specialist broker who has worked with lenders to enable mortgages based on contract rate alone.
By opting for help from a specialist, contractors will bypass the traditional problems. CMME have built relationships directly with underwriters at a number of high street banks and building societies, and have agreed bespoke underwriting with contractors in mind.
With this agreement in place, contractors are able to obtain funding in a way that works for them.
CMME makes it possible to secure funding with minimal documentation, a copy of your current contract and CV. They are able to present your situation upfront to lenders and calculate your true affordability.
Contact CMME for a free no obligation consultation.
If you would like more information, or to get started with your move, please visit CMME here or call 01489 555 080