Sourcing a contractor mortgage can be a tedious task. Why? Because the majority of lenders fail to understand how contractors manage their financial affairs.
Sourcing a contractor mortgage can be a tedious task. Why? Because the majority of lenders fail to understand how contractors manage their financial affairs.
Naturally, your accounts will reveal that you draw a low salary (otherwise your accountant should be sacked!) and this alone can be enough to send many mortgage lenders running for the hills! Then, when they find out you are not permanently employed and cannot guarantee a stable monthly income they unfairly dump you in the 'reject' pile - 'Mr Smith I'm sorry to say your occupation status does not meet our underwriting criteria, so your mortgage application has been rejected'. Meanwhile, the opportunity to purchase your dream home has just passed......another buyer has snapped it up.
Thankfully getting a contractor mortgage needn't be this frustrating. In partnership with ContractorMoney, CPA are able to offer a specialist mortgage service JUST for contractors. By having access to the whole of the market we use our expertise and contacts to obtain the best deals available - based on your contract or hourly rate alone. As a borrowing guideline we can normally secure loans up to 4 times of your annualised contract rate-some with v.low deposits!
Whatever your contractor mortgage requirements let us help you! We can offer solutions for first time buyers, buy to let investors or existing property owners who are looking to re-mortgage. Our promise is to provide a fast and easy service, so you can concentrate on running your business.
Unlike other mortgage brokers who try to line their pockets with expensive 'arrangement fee's' (typically between 0.5% to 2% of the loan value) we believe this to be an unnecessary additional expense and offer our services and years of expertise FREE of charge.
Recognising time is precious to you, we've also tried to make applying for contractor mortgages as hassle free as possible. To get started, all you need to do is complete our online contractor mortgage finder and we'll go and search for the best deals that meet your requirements. 48hrs is all it takes for us to find the perfect contractor mortgage for you!
Getting a contractor mortgage needn't be a burden.....let the experts help you secure your dream home.
Resource:-
http://www.coulsonpritchard.com/contractor-mortgages.asp
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