We understand Contractor Mortgages
We carry out detailed research into the market to ensure you save money
We complete the paperwork and liaise with third parties on your behalf
Are you a contract worker looking for a mortgage? Have you struggled to get a mortgage in the past because your high street lender doesn’t understand how contractors are paid? At Your Mortgage Expert, we know the Contractor Mortgages market so why not get in touch today? We are based in Salisbury but we can help you no matter where you live in the UK.
Why Contractors can struggle getting a mortgage
We often speak to contractors who tell us they have struggled to secure mortgages on the high street. This is because many of the in-house mortgage consultants for high street lenders aren’t familiar with the way contractors are paid. They often base a contractor’s mortgage on your accounts or other tax efficient methods that may be used, which don’t truly reflect what you earn.
Do any of the following sound like your situation
- I’ve spoken to lenders in the past who won’t accept my application because I contract
- Because I contract, I am not sure how much I can borrow
- My accounts don’t really reflect how much I actually earn
If so, then we can help. We know which mortgage lenders are familiar with the way contractors work. These lenders will work off your contract alone. So will give you a mortgage based on an annualised figure of your contract rate and will ignore your Limited Company accounts or any other tax efficient method you use.
Get in touch today.
How are contractor mortgages different?
The main difference with contractor mortgages is how the lender assesses your income.
Rather than using a “one size fits all” model. Most lenders that welcome contractor customers have more bespoke lending criteria aimed at the financial needs of contract workers.
This underwriting method will use an annualised figure of your contract rate to assess your affordable mortgage. So rather than restricting your assessable income to a director’s salary and dividends as shown on your Limited Company accounts, these lenders will use your gross contract rate to assess your income, enabling you to apply for a mortgage that reflects your true level of income.
To find out more, why not request a call back from us today?
What information will I need to provide?
This can vary depending on your contracting experience and the level of deposit or equity. But typically, all you will need to provide is your contract, CV and a few bank statements.
Speak to one of our mortgage advisers who will be able to tell you which lenders are able to help and the exact requirements for each of them. We can help take the stress and uncertainty out of your application.
Get in touch with us today to find out more.
What type of Contractor Mortgages can you advise on?
Whatever life stage you are at or purchasing decision you are making, we can help.
These are just a selection of the contractor mortgages we can help with:
- First time buyer
- Home mover
- Looking to utilise the government backed Help to Buy
- Switch your mortgage to get a new deal
- Purchase a Buy to Let
Why not call us to discuss?
Most forms of Buy to Let mortgage are not regulated by the Financial Conduct Authority.
Please be aware that from 6 April 2016 higher rates of Stamp Duty Land Tax will be applied to the purchase of additional residential and non-residential properties. For further information visit the Government website on the consultation. Please note, by clicking on the link you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
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.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
Our handy mortgage calculator
Our mortgage calculator can help you get a better idea of how much you can afford to borrow, and how much your mortgage will cost you in monthly repayments.CALCULATE NOW
“This was knight in shining armour stuff. Our conscientious mortgage broker was a delight to deal with from the off and the key to our dream home.”
Max and Martha, First Time Buyer customers from Cardiff
“Being in the Armed Forces I am away a lot, meaning it can be hard to attend meetings, answer emails and especially hard to fill in forms. Adam and his team were extremely helpful and understanding of our situation and provided help wherever they could. After our initial meeting where we provided our required details, we actually did very little of the hard work, apart from signing a couple of papers.”
Callum and Verena, First Time Buyer Armed Forces Mortgage Customer from Salisbury
“I expect my circumstances were fairly rare, but the help and guidance I received from you was invaluable. I feel that the personal touch you provide offers something that appeals to the soldier in me. During my service I always liked to have a point of contact, someone who was the “go to” specialist in their field. This provides a degree of assurance about a situation and it was refreshing to find that same degree of certainty transitioning to civilian life, particularly with something as important as a mortgage and buying our family home.”
Andrew and Helen, Armed Forces Mortgage Customers from Salisbury
“Even though we were used to having a mortgage on the rental property, paying a mortgage on your own home was still a bit of a shock after years of having married quarter rental deducted from your pay at source. But, at every step along the way, we felt reassured, understood and that we really mattered to Adam. Trust is an important concept for military families and we trusted Adam.”
Fiona and Graham, Armed Forces Mortgage Customers from Wilton
“As a contractor, it was difficult for me to obtain a mortgage through normal channels so it was great to find a mortgage adviser that specialised in contractor remortgages and understood the challenges. In addition, I had fairly tight timescales, so wanted someone who could make the process quick and hassle free.”
Andrea, Contractor Mortgage Customer from Warminster
“I am a contractor, therefore require specialist mortgage advice. Adam has now concluded two mortgages for us (new mortgage then a contractor remortgage), and is currently arranging a buy-to-let mortgage for us. He also arranged our life insurance for us. We keep returning to him for some great reasons – he is always available, and ready to help. He provides great advice, and always ensures that he meets our requirements exactly. He is prepared to explain things in such a way that even a lummox like me can understand, and his level of service has remained consistently good over the last three years.”
Matt, Contractor Mortgage Customer from Southampton
“Adam’s advice on the different types of critical illness and life insurance were really useful. He also worked with us to decide the best combination of policies that would work with our existing policies to cover our needs. When doing this he happily tweaked quotes for us until we came out with an arrangement that was both affordable and would provide us with the level of cover we thought appropriate.”
Hannah and Steve, Protection Insurance Customers from Stamford
“Adam provided us with factual advice and also with options of which we were unaware. The advice on gifted equity was something we hadn’t heard about and this assisted us hugely to ensure repayments worked within our affordability. He provided us with a very personal service that made the journey from initial call, to mortgage offer and completion hassle free. We have already recommended Adam to someone and will continue to recommend his services in the future.”
Saul and Laura, Home Mover Mortgage Customers from Salisbury
“Mike and I collected the keys to our flat this weekend and we couldn’t be happier. It’s been a long time coming but we got there! We just wanted to say a MASSIVE thank you for everything you have done for us so far. We’ve really appreciated all the help, advice and reassurance you’ve given us all the way through this process. It’s really nice to have a friendly voice on the other end of the phone.”
Mike and Bethan, First Time Buyer Mortgage Customers from London
“Without question Adam found me a deal the estate agent’s broker couldn’t. He was very easy to contact whenever I needed him and he took time to explain the ins and outs of the Help to Buy equity loan scheme mortgage that he found me. I would rate him five out of five and will be back to use him when the time comes to remortgage or move.”
Chris, Help to Buy Mortgage Customer from Southampton