My Contractor Broker

My Contractor broker understands the issues working as a contractor can cause when it comes to applying for a mortgage. Our team are dedicated to the contractor mortgage market and our consultants have been assisting clients since 2008 overseeing 1000’s of contractor mortgage applications during their careers. We want to ensure contractors, freelancers and locums are not penalised for working in the way they do.

Our role is to ensure contractors receive the same rates from high street lenders that a permanent member of staff and that the application process is as smooth and pain free as possible. We work slightly differently from most brokers by conducting detailed research up front (at no cost) to ensure when you receive a recommendation, you have the peace of mind that a lender understands your particular set of circumstances.

The Challenge

Lenders frequently lack a comprehensive understanding of contractors and tend to categorise them within conventional employment frameworks.

If you are operating through an umbrella company, lenders often regard you as temporary staff and may mistakenly assume you are working under the Construction Industry Scheme (CIS). They typically request payslips and may consider holiday pay, bonuses, commissions, expenses, and other non-standard income. Unfortunately, these types of income are often perceived as variable and may be overlooked when determining your maximum borrowing capacity.

On the other hand, if you are managing your own limited company, lenders generally require between one to three years of company accounts. Even then, they normally only focus on salary and dividends. While running your financial affairs in a tax-efficient manner is beneficial, it may inadvertently limit the amount of borrowing available to you.

The Solution

My Contractor Broker is dedicated to enhancing the understanding of the contracting market among lenders. Consequently, we now offer tailored contractor underwriting, which includes the following benefits:

• Borrowing based on your annualised daily or hourly rate
• The ability to borrow up to six times your income
• Deposits starting as low as 5%
• Options available from the very first day of your contracting career.

The Process 1.

Quick Check - Utilise our interactive tool to determine the amount you may be eligible to borrow.

Advice – Consult with a dedicated Contractor Mortgage Consultant for personalised guidance.

Application – Allow our expert client service managers to handle all necessary paperwork on your behalf.

Speak with the team today on 02394 211122