We are constantly approached by contractors seeking help because their mortgage application with HSBC was declined due to their contractor status.
Most contractors will naturally Google “best low rate mortgages” and more often than not will find HSBC Bank, First Direct and ING leading the tables.
Many contractors are frustrated with High street banks like HSBC, First Direct and ING who obtain an “Agreement in Principle” only to be informed that their application was turned down after reaching an underwriter because it is “out of criteria”.
Many of these high street lenders offering “best low rate” mortgage deals such as HSBC have a one dimensional view of what can qualify as relevant earnings for lending purposes. They have also tended to have a bias towards permanent employment as they view this type of borrower as less of a risk.
A number of contractors have been also let down by non specialist mortgage advisers who have applied to the wrong lender or incorrectly packaged the application. What many contractors don’t realise is that each failed application can leave a footprint on your credit record.
Have you considered Contractor Mortgages?
Over the past few years we have put in a huge amount of effort to negotiate special income underwriting criteria with a number of the big High street lenders that is based simply on a multiple of your contract rate alone.
Irrespective of whether you are self-employed through a Limited Company or utilising an Umbrella Company, we can secure competitive mortgages from High Street Banks that accept the gross value of your contract as evidence of income.
Contractor Mortgages are not new, a small number of “contractor mortgage specialists like us have been presenting mortgage applications on behalf of contractors for years. At Freelancer Financials we are also pleased to provide contractors with a ‘whole of market’ service, which means we can advise you on and arrange a suitable mortgage from all the lenders and from their entire product range.
We also bypass bank branches and call centre staff to present your mortgage application directly to senior underwriters ensuring that your mortgage application is processed quickly and without hassle.
At Freelancer Financials our mortgage specialist are more than happy to help in any way they can, so please do contact us on 020 8421 7998 or email us at mortgages@freelancerfinancials.uk.com
Tags: Contractor Mortgages