CIS mortgages explained
As a construction industry contractor or subcontractor being paid through the CIS scheme, you may have had problems in the past when applying for a mortgage. This is because of the way you are paid.
Most lenders will treat you as self employed and expect you to provide tax returns. This means they only use the net profit figure to support your application which is a much lower income figure than you actually earn.
This is where we can help. We know which lenders will treat those working under the Construction Industry Scheme (CIS) the same as employees and therefore allow us to use your gross income before tax and expenses are deducted.
These CIS lenders will generally require at least 12 months’ worth of CIS payslips or statements to consider an application. However, it is possible to get a mortgage with as little as 3 months evidence.
Because CIS mortgages are more complicated than standard mortgages, we advise that you speak to a specialist mortgage broker like us. We have in-depth knowledge of the mortgage market and know which lenders will work for your situation.
You are more likely to have a successful outcome if you use a specialist broker like us.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Why choose us?
We are not like other brokers. We have over 80 years of experience in the mortgage and protection industry. We have particular experience with working with Contractors and Self Employed people.
When you speak to us, you’ll get our expert service:
- Take time to get to know you and your intentions
- Personalised, hard working service
- Close relationships with specialist lenders
- Detailed research to ensure you save money
- Take care of the paperwork to minimise stress
- The experience to get a good result for you
We have over 100 five star reviews on Google and over 90 verified reviews on VouchedFor. And we would love to work hard for you.
To speak to a member of the mortgage advice team about for CIS mortgage advice ring Your Mortgage Expert now on 01722 322683. Or complete a contact form using the link below.
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Email Dan HarrisDan Harris - Mortgage Adviser
Dan Harris first started working in mortgages in 2004. Since then, he has helped lots of Contractors. Dan has great attention to detail and will do the hard work to ensure you get the best recommendation. -
Email Dan AllenDan Allen - Mortgage Adviser
Dan Allen has worked with mortgages for over 10 years. He takes time to understand different lender criteria. His wealth of knowledge means he will know which lenders will work for you situation.