Moving home can be as stressful as buying your first home. However at Freelancer Financials we can help you find the right mortgage to suit your own particular needs and we will also help you with the whole buying process saving you valuable time and effort. Whether you want a tracker rate, flexible offset or a fixed rate mortgage, let us take care of your needs so that you can concentrate on what’s important to you.
The mortgage market is probably the most competitive it’s been for years. However, for contractors and freelancers, the process of securing a mortgage presents its own challenges. You only have to go to any contractor forum or speak to other contractors that have recently applied for a mortgage to hear of the horror stories and difficulties they faced.
In order for high street lenders to determine how much you can borrow, they first need to calculate what your relevant earnings are for lending purposes, for this they use their standard lending criteria. Those contractors who operate through a limited company will be expected to produce at least 2-3 years accounts, those that can’t are shown the back door. But even if you do have 2-3 years accounts, in most cases they won’t reflect your full income.
The reason for this is that many self-employed contractors working through a limited company typically draw a minimum salary and also restrict dividend payments to avoid higher rate tax. Although this is great for tax planning purposes, it also has the unintended consequence of reducing the amount you are eligible to borrow under the standard criteria used by most mortgage lenders. A good accountant will always look at ways to help you minimise your taxes. Contractors employed through Umbrella payment structures equally experience the same problems with their payslips and P60s.
At Freelancer Financials, we work closely with the senior underwriters to make sure they fully understand your payment structure. Let us prove to you that we can secure you the same “high street” mortgage as that of a permanent employee.
It’s simple. We’ve agreed bespoke contractor base underwriting with senior underwriters from “high street” lenders enabling us to use your “contract” to verify your relevant earnings for lending purposes.
This means that we can secure you competitive mortgage rates from high street lenders based on a multiple of your gross annual contract earnings (as much as 4 to 5 times your gross annual earnings). For example, if you’re on a daily rate of £400, you can potentially borrow approximately £432,000.
Over the past few years we have put in an enormous amount of effort to agree special income underwriting criteria with a number of the “High street lenders” that is based simply on a multiple of your contract rate alone. We also avoid the inexperienced branch and call centre staff to talk directly to the key decision makers who understand your unique employment status to ensure that your application 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 long face to face meetings but also helps to speed up the application process, getting you into your new home more quickly.
We can’t pack the boxes but we can help you avoid being rejected by lenders who penalise contractors.
We are Independent Mortgage Advisers that are directly regulated and authorised by the Financial Conduct Authority. We are also pleased to provide what is referred to as a ‘whole of market’ service, which means we source the best mortgage deals available to suit your needs and expectations. Our advisers are highly trained and experienced in arranging mortgages for UK contractors.
So why spend hours searching the internet for the best mortgage deals available, when you can take advantage of our expertise and contacts to identify the best mortgage for you?
Our efficiency, dependability and integrity, has swiftly established us within the contractor community as a name to trust. We pride ourselves on providing a fast and efficient service for all our clients.
We recognise that moving home can be fraught with hiccups and delays, especially if you’re in a chain, at Freelancer Financials we do our very best to make sure that your mortgage is not one of them.
"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