Contractor Mortgages Simplified
For contractors and freelancers, acquiring a mortgage at a reasonable rate has traditionally been a frustrating and time-consuming process. We have changed that!
Looking for a contractor mortgage?
We can secure you a competitive mortgage based solely on your contract rate.We have negotiated realistic rates with several high street lenders that are willing to provide competitive mortgages to contractors and freelancers. They understand how to properly assess your relevant earnings, in order to provide affordable financing.
Irrespective of your payment structure, whether it be through your own limited company or a UK payroll umbrella firm, we can find you a competitive mortgage through one of our lenders. The only documentation you need to provide is a signed copy of your contract, your CV and 3 months’ bank statements.
Your contract rate will be the basis of your mortgage amount, not pay slips or tax returns, which probably don’t accurately reflect your disposable income, regardless. As a result, you’ll be able to qualify for a larger mortgage than if you were assessed by lenders’ typical affordability assessment criteria.
How to compute 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.
C&F Mortgages are specialists in advising and arranging mortgages for contractors and freelancers.
Our typical clients include:
- IT Programmers;
- Business Analysts;
- Telecom consultants;
- Management Consultants;
- Operational Risk Management;
- Change Management;
- Marketing Consultants;
- Oil & Gas;
Historically, freelancers have been penalised by lenders when sourcing a mortgage. Bank branch staff struggle to understand the freelancer’s world. Many of our referred clients have been let down by non-specialist brokers who approached the wrong lender or packaged the application improperly. This usually caused the contractor to be quoted an exorbitant rate or resulted in a frustrating refusal after a lengthy process.
Why C&F Mortgages?
We offer a clear and impartial service to bypass the frustration of being rejected by lenders with an out-of-date bias towards permanent employment. We can secure the most competitive mortgages, regardless of how you receive your daily rate. We 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, whole of market mortgage brokers. We help buyers who wish to:
- make their first home purchase;
- trade up – to a better home;
- buy a second home as an investment;
- refinance an existing mortgage;
- Whichever category you fall into, we can help.
Any of these should persuade you to get in touch…
ALL of them apply!
- We have bespoke “contractor friendly” underwriting terms with several high street lenders;
- We provide you with a single point of contact for your mortgage application;
- We will work proactively and tirelessly to process your mortgage as quickly as possible;
- We keep you fully up to date with your mortgage application;
- We can also provide you with income protection & critical illness coverage.
I secured a competitive mortgage based on my contract rate alone!