Contractor Mortgages for First Time Buyers
Obtaining a mortgage as a contractor doesn’t have to be hard!
Buying your first home can be a stressful experience just on its own – as a contractor you have the added complexity that many high street lenders have difficulty understanding your unique environment and payment structures.
At Freelancer Financials we have helped many contractors to overcome these barriers; we are one of the UKs leading contractor mortgage specialist based in London. We are very experienced in dealing with Contractors and understanding the different ways in which contractors work (Limited Company, Umbrella, EBT etc) and ensure we can secure you a mortgage using bespoke contract based underwriting that we’ve negotiated and agreed with many high street lenders.
Mortgages based on your contract rate alone!
We can secure you a mortgage based on your gross contract earnings. This is great news for those who have just started contracting or have less than 3 years accounts. Equally, we can help contractors operating through an umbrella payment structure whose pay slips or tax returns don’t reflect the true value of their contract earnings.
Contractor Based Underwriting (CBU) allows you to borrow significantly more than if you were being assessed using mortgage lenders standard affordability criteria. In order to calculate how much you can potentially borrow, you need to work out your gross contract earnings. To do this, you need to multiply your daily contract rate by the number of days contracted in a week and then by 46 weeks. We can generally secure a mortgage of around 4.25 times this total figure. Therefore, a contractor on £400 per day could potentially borrow £391,000 to purchase their first home.
What evidence of income and documentation do I need?
- A signed copy of your contract confirming your contract rate
- 3 months bank statements confirming your contract earnings
- A copy of your updated CV confirming your employment history
It really is that simple…
Why choose Freelancer Financials to arrange your first mortgage?
Over the past few years we have put in an enormous amount of effort and time 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. We also deal directly with the senior underwriters and key decision makers within major lenders to ensure that your case is processed quickly and without hassle. We also recognise that “time is money” for Contractors which has also led us to streamline our service to offer advice via phone, email and post. This not only saves you the hassle of lengthy face to face meetings but also helps to speed up the application process, getting you into your new home more quickly.
You’re in safe hands
We ensure that your application is properly packaged and falls in front of the right decision makers rather than using staff in branch networks.
Our Mortgage specialists are always happy to answer your questions and help provide mortgage advice to contractors. Please contact us at our London office on 020 8421 7999.
Testimonials
"We have been introducing Contractors and Freelancers to Freelancer Financials for several years now. They have established themselves as the preferred choice of financial advisors to all our IT contractors and Freelancers."
Bernie Potton SQ Computer Personnel (largest independent IT Recruitment Agency in the UK)
"John Yerou and his team provided the brokerage service for my last 3 mortgages and I cannot rate them highly enough. No matter how large or small the request they always provide a speedy and professional response. I would never consider using another advisor/broker."
Roz Clifford… Freelancer
"Finding a Financial Advisor who’s professional and knowledgeable is a bonus but one that you trust and feel comfortable with immediately is rarer still. I have recommended John to virtually all the other IT Contractors that I work with and will continue to use their services in the future."
Jakub Baluch... IT Contractor
