Mortgages for IT Contractors
Mortgage Service For IT Contractors
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support.
As your mortgage is such an important transaction, good advice is imperative.
Mortgages for IT Contractors
Before the recession, IT contractors could get a mortgage deal quite easily on the high street using one of the many self-certification mortgage offers that were then on the market. However, sin following changes to the law in the last decade, self cert mortgages for IT contractors are no longer on offer from any UK lenders.
Since the mortgage Market Review in 2013, these kinds of self-certified mortgages have become history as lenders are now required to check affordability and income much more stringently than before.
As an IT contractor with an unconventional or sporadic income stream, your accounts may well not truly reflect your income. In order to get the best mortgages for IT contractors it can be a good idea to approach mortgage providers who will consider your total gross income and who understands the nature of contract income streams.
Getting mortgages for IT contractors
When you apply for a mortgage deal as an IT contractor the lender you approach will take various aspects of your work into account when deciding to lend. Factors that could make getting a mortgage easier could include:
- Comprehensive accounts going back at least two years - having your accounts in order before you apply for an IT contractor mortgage could really help to improve your chances of getting the deal you want, because it reassures mortgage providers that you have a good history of income.
- A substantial career history – this suggests work stability (however, some mortgage provides will still be able to offer you a mortgage deal even if you have less work experience as an IT contractor)
To get more advice on how to get the best mortgage deals for IT contractors, call us today on 0117 313 7780 or click on the FREE mortgage calculator above and compare over 5,000 deals tailored to your personal requirements.
If you are unsure about what mortgage product is suitable for you call 0117 313 7780 or request a callback.