Contractor Mortgages
What is a contractor mortgage?
A Contractor mortgage won’t be a specific product that is aimed solely at Contractors, it’s simply any mortgage product whereby the lender will accept applicants who have Contractor income.
Although not all lenders will offer their range of mortgages to Contractors, due to a rise of freelance workers in recent years, the UK mortgage marketplace is having to adapt to accommodate mortgage applications from those with various types of Self-Employed income, including Contractors.
What type of mortgages are there for contractors?
The good news is, that regardless of your industry or the type of contract work you are involved in, there will usually be a mortgage to suit you. If you’re working as a Contractor in one of the following capacities, you should be able to secure a mortgage:
- An employed Contractor on a Fixed-term contract
- A Self-Employed Contractor
- Umbrella Company Contractors
- Agency Workers
- Zero hour contract workers
- CIS Workers who pay 20% tax weekly or Monthly
There will be other criteria to meet within each of these employment types, usually surrounding the minimum length of time you must have spent in the role, but these will vary from one lender to the next.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayment on your mortgage.