If you are a contractor and have tried to secure mortgage funding in the past, you are probably aware that it is easier said than done. Lenders have become increasingly reluctant to lend to those on short term contracts, because of the assumption that they are high risk.
The Solution
There is an easy way to get around this problem and that is by appointing a specialist broker that understands your working status. They are familiar with the payment mechanisms that contractors utilise and can ensure that your whole income is taken in to account during affordability testing. They appreciate that your high skill set is in demand and know that there will be no longevity issues regarding your income.
Contractor mortgage brokers will be able to identify the appropriate lenders and agree underwriting terms upfront to ensure your application will not be declined because of the way you work. Of course, not all lenders are available to choose from but a wide range of high street lenders have altered their criteria in order to cater for contractors.
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The Gorilla Accounting team offer a slick and technology driven accounting service for contractors and personal service companies.Our flexible accounting solutions and processes are continually developed to ensure the best possible service. You can now form a company, sign up to our services and update your bookkeeping on your mobile. Please get in touch today to enquire about our contractor mortgage services.
