Getting a mortgage for a UK contractor is relatively easy when you know how and who you really need to approach for a competitive rate. If you are a contractor and are trying to arrange your own mortgage direct with a high street bank, this former statement will most likely appear surprising. It will also be maddening that whilst you as a freelancer are earning far more than the permanently employed colleagues you are currently working with; it will be those people who will have fewer problems arranging a mortgage. This is because most bank mortgage advisors have a simplistic view of what qualifies as relevant earnings for borrowing purposes and therefore struggle to understand how you can afford the mortgage.

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ARRANGING A MORTGAGE FOR A UK CONTRACTOR

Your average mortgage provider is going to want to see at least three years accounts to prove that you have a consistent and regular income stream. Obviously, if you have recently changed your trading company or have just gone freelance, providing proof of income will be all but impossible. This is where Freelancer Financials can be of assistance because we are experienced in arranging mortgages for UK contractors.

If you have been approaching and been rejected by more than one bank, stop this activity now. You will be leaving your credit footprint all over the shop for other lenders to see and this does not help your case. This is visible to all other lenders that carry out a credit search, who will be uncomfortable lending to an individual who has been refused a mortgage by their competitors. Trying to arrange your own mortgage could affect the interest rate you finally end up with. It is best left to mortgage experts to handle the negotiations.

The most important advice we can give any UK contractor is not to provide any misleading information about your income or allow any mortgage advisor to misrepresent you in any way. Signing any documentation that provides false information about your financial status is an act of fraud and a criminal offence. The Financial Services Authority takes an extremely dim view of this type of activity and it could prevent you from obtaining a mortgage for years to come. It could also place you in a predicament where you are financially over stretched, unable to meet your mortgage repayments and end up losing your home.

Handled correctly, you should not have a problem obtaining a mortgage if you engage us to arrange your mortgage on your behalf. Give us a try!