Our contractor mortgages can be tailored to your unique circumstances. We can work with a large range of contractor types from the self employed freelancers to employees on fixed-term contracts.
If you are a contractor looking for a mortgage, our specialist contractor mortgage advisers are here to help find a lender that understands your circumstances and pair you with a mortgage tailored to your needs. We work with contractor friendly mortgage lenders to help find you the most flexible and suitable approach to your circumstances.
In the eyes of mortgage lenders, a contractor is an individual who works on a contract-by-contract basis, often through a limited company or as a sole trader. Under the contractor umbrella can include freelancers, self-employed individuals, and those working in the gig economy.
Contractors are often seen as higher-risk borrowers due to the unpredictable nature of their income and the potential for fluctuations in their earnings. Understanding this perspective is crucial for contractors seeking a mortgage, as it influences the lending criteria and the types of mortgage products available to them.
A contractor mortgage is a type of mortgage designed to help those without permanent employment purchase a home or mortgage their existing property. The contractor mortgage process involves unique steps, making it essential to work with a knowledgeable broker who understands these specific conditions.
Since its introduction as a sought-after mortgage type, the contractor mortgage range offers a broad variety of mortgage options, such as interest-only and offset mortgages, tailored to accommodate the unique financial situations of contractors. Whilst contractor mortgages can be difficult to navigate, they are designed with your unique circumstances in mind.
Getting a mortgage as a contractor can involve challenges such as demonstrating a consistent income, maintaining a good credit score, and providing additional documentation to lenders. Mortgages for contractors take into consideration your gross contract rate rather than individual payslips or accounts, helping contractors with irregular income buy their dream homes.
Contractor mortgages are specialised mortgage products designed for independent professionals, such as freelancers, contractors, and consultants, who do not have a traditional employment contract. These mortgages take into account the unique financial situation of contractors, who often have variable income and may not have a fixed salary. Contractor mortgages are designed to provide a more flexible and accessible way for contractors to secure a mortgage, despite their non-traditional employment status.
The amount you can borrow with a contractor mortgage will depend on several factors including your income and monthly outgoings.
It is crucial to seek expert mortgage advice from specialists who understand the unique challenges faced by contractors and freelancers.
A specialist mortgage broker will discuss the options available to you depending on which lending criteria you meet, including securing a mortgage based on your unique income situation, as this will determine which mortgages might suit your circumstances.
Contractor mortgages differ from traditional mortgages in several keyways. Firstly, contractor mortgages often have more flexible lending criteria, which consider the contractor’s variable income and may not require a fixed salary.
In addition to its flexibility, contractor mortgages may have different documentation requirements, such as contracts, to verify your income. Contractor mortgages may also have different interest rates and repayment terms, which are tailored to the contractor’s unique financial situation.
Take the first step in your complex mortgage journey with Bower Private Clients.
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I had a previous experience with another company re equity release 2 years ago which was not a happy one. My experience with Bower and it's representative Mike Rasberry was absolutely sublime. The advice and support was excellent from start to finish and was a regular constant throughout the process. I never felt pressured ; quiet the reverse every effort was made to provide and explain the relevant information and ensure I was making the right decision without duress. The process was trauma free and was expiated in a speedy and thorough way in a very human and respectful way. I am very grateful to Mike and his team and have no hesitation in recomending him and Bower to family and friends without reservations.
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At Bower Private Clients, we are here to help you find the best mortgage for your circumstances. Our specialist mortgage advisers are experienced in navigating non-traditional income streams and tailoring mortgages to each of our clients, so they can move forward with peace of mind.
Whether you are looking to purchase your first home or remortgage an existing property, our specialist advisers can help guide you through the complexities of securing a mortgage loan as a contractor, whilst helping you secure the best deal for your circumstances.
From helping you to get on the property ladder to remortgaging your home with a mortgage for contractors, our specialist mortgage advisers are on hand to help you fulfil your property dreams.
Read more about usYes, if you meet the specified lending criteria you will be able to get a mortgage as a contractor. Many contractors find specialist contractor mortgages are more suited to their circumstances as some lenders will see their contractor status as higher risk. This is why our mortgage advisers work with specialist lenders to help you find the best deal.
Lending criteria for contractors can vary between lenders, but typically include the following:
Lenders may also consider the contractor’s industry, experience, and qualifications when assessing their application. Meeting these criteria can enhance a contractor’s chances of securing a mortgage.
Contractor mortgages offer several benefits tailored to the unique financial situations of freelancers and self-employed individuals:
By leveraging these benefits, freelancers and self-employed individuals can find mortgage solutions that align with their financial goals and circumstances.
FTo prove income as a contractor, lenders typically require the following documents:
Specialist mortgage brokers can assist contractors in gathering these documents and preparing a strong mortgage application, ensuring all necessary information is accurately presented.
With access to over 500 lenders, Bower will help you release equity and create liquidity to acquire property, whenever you want to buy
Bower Private Clients provides independent, impartial whole of market mortgage advice with an award-winning customer service experience. Initial advice is provided at no cost to you and without obligation. Only if you choose to proceed, would a typical advice and administration fee of £495 be payable.
Speak to one of our dedicated customer specialists or arrange your free, initial no-obligation quote by calling us on 0203 817 6040.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Some buy to let mortgages are not regulated by the Financial Conduct Authority.
Bower Private Clients is a trading style of Bower Retirement Limited and is Authorised and Regulated by the Financial Conduct Authority. Financial Services Register Number: 451607.
Registered in England and Wales No: 5788110. Registered office: Bower Private Clients, Ongar Business Centre, The Gables, Fyfield Road, Ongar, CM5 0GA.
0808 281 2658
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