Contractor Mortgages. Simplified.
For contractors and freelancers, acquiring a mortgage at a reasonable rate has traditionally been a frustrating, time-consuming process. C&F Mortgages has changed that!
We specialise in arranging mortgages for UK contractors and freelancers. Unlike traditional brokers, we never penalise you when it comes to sourcing a mortgage. The reason being, we’ve set out to make contractor and freelancer mortgages our business.
This bold move has led to us being the preferred choice for thousands of self-employed mortgagees across the UK. Set up by a team of ex-freelancers, we know the difficulty of securing a competitive mortgage when you have an irregular source of income or a lack of trading history.
Regardless of your employment status, we guarantee that we’ll find you the best mortgage deal on the market, often with a mainstream lender. And it will be a competitive mortgage, based solely on your contract rate.
Furthermore, we’ll make the entire process as simple and painless as possible.
How can C & F Mortgages find contractor mortgages when I can’t?
We’ve negotiated realistic rates with several high street mortgage lenders, lenders willing to provide competitive mortgages to contractors and freelancers. They (now) understand how to properly assess your relevant earnings in order to provide accessible, affordable financing.
That has always been the problem. For too long, contractors and freelancers have been penalised by lenders in the mortgage application process. That’s assuming they’ve even managed to get around the table with a High Street lender in the first instance.
Bank branch staff struggle to understand the freelancer’s world. Many of our referred clients have been let down by non-specialist brokers who, in their ignorance, approached the wrong lender or packaged the application inappropriately.
This usually caused the contractor to be quoted an exorbitant rate or resulted in a frustrating refusal after a lengthy process. Does that sound familiar? We’re convinced that it does.
Irrespective of your payment structure, whether you trade through your own limited company or a UK payroll umbrella firm, we’ll find you a competitive mortgage. The only documentation you’ll need to provide is a signed copy of your contract, your CV and 3 months’ bank statements.
How does that sound? Awesome? There’s more…
Your contract rate will be the basis of your mortgage amount, not pay slips or tax returns. In all honesty, these probably don’t accurately reflect your disposable income, in any case.
As a result, you’ll be able to qualify for a larger mortgage than if you were assessed by lenders’ typical affordability assessment criteria. It’s taken us a while to educate the banks and mutuals, but the groundwork is now paying off. Big time!
What should I do next?
Send us your contact details and let us call you back at a time that suits you. In the meantime, there are a few things you can do to prepare. Here’s the why and the wherefore to get the ball rolling.
Suppose you could spend just 30 minutes having an informal chat with one of our advisors. Imagine further that said chat would culminate in a mortgage deal for you that’s as good as, if not better than, those available to permanent employees?
Wishful thinking? Not a bit of it.
The keys to your new house are literally that half an hour away. Knowing that you have an affordable mortgage, well within budget, is as important as securing a mortgage at all.
Think about that for just one minute. You could literally knock years off your mortgage just by securing an über-competitive rate from the outset. Back with us? Okay, next:
How to calculate your borrowing potential
As a rule of thumb, you can compute the typical borrowing potential as follows:
current contract rate x number of days per week x 46 weeks per year x 4.25
Thus, at £500 per day for a five day work week, you may be eligible for a £488,750 mortgage
If your earnings are a little more modest, say £300/day, your maximum threshold based on a five-day week would be £293,250
You may well be worried that you’ve not got certain key documents or evidence that you’ll need to support those figures, even if they do cover your immediate home loan requirement. Are any of these potential barriers:
- you do not have three years of accounts
- to minimise tax, you pay yourself a small salary, some expenses, and the rest in dividends
- you do not have a P60 from the last tax year
- your accounts are out of date and not reflective of your current position
- your existing contract is due to expire in the next 3 months
- your income is irregular and difficult to prove?
Don’t turn away now if that’s the case. C&F Mortgages are specialists in advising and arranging mortgages for contractors and freelancers. We’ve seen this all before and resolved it, to boot.
We are able to arrange mortgages for contractors and freelancers with their own limited company, working as sole traders, or through an umbrella company.
We provide specific advice to first-time buyers, movers and re-mortgages alike. None of the above scenarios are foreign territory, let us assure you of that, at least.
Who can you secure mortgages for?
There’s no theoretical limit to the type of self-employed client we can help. But to provide an overview,
here’s a list of job descriptions held by our typical clients:
- IT Programmers
- Business Analysts
- Telecom consultants
- Management Consultants
- Operational Risk Management
- Change Management
- Marketing Consultants
- Oil & Gas
Why C&F Mortgages?
We offer a clear and impartial service that bypasses the frustration of being rejected by lenders who have an out-of-date bias in favour of the permanently employed.
We can secure the most competitive mortgages, regardless of how you receive your daily rate. We also understand that, for tax reasons, many contractors draw a minimum salary and restrict dividend draws from their company to avoid a higher rate of personal tax.
C&F Mortgages are independent mortgage brokers whose keen relationship with a whole host of lenders means we immediately know which mortgage product is right for you and where to get it at the most competitive rate.
We help buyers who wish to:
- make their first home purchase (first time buyers)
- trade up to a better home (second steppers)
- buy a second home as an investment (buy-to-let)
- refinance an existing mortgage (remortgage)
Whichever category you fall into, we can help. In addition, we:
- have bespoke “contractor friendly” underwriting terms with several high street lenders
- provide you with a single point of contact for your mortgage application
- will work proactively and tirelessly to process your mortgage as quickly as possible
- keep you fully up to date with your mortgage application
- can also provide you with income protection & critical illness coverage
To get started, simply fill out our call back form and one of our mortgage specialists will be in touch shortly. Get as much of the documentation together as possible and we’ll walk you through the rest. A contractor mortgage really is as close to you as all that…