John’s Blog

5 Essential Points Contractors Must Understand to Get a Mortgage

Posted by John Yerou on in John’s Blog

Mortgage approvedYou can make getting a mortgage as a self-employed contractor as hard or as easy as you’d like. Go the traditional High Street route and you’re in for a hard, dissatisfying slog. But find a contractor specialist broker? Your hardest job will be choosing matching curtains and carpet.

The five elements essential to contractors to get the right mortgage – for them!

There are five essential elements that self-employed contractors need to get a mortgage:

  1. Up-to-date CV, including details of work history and their current contract;
  2. A copy of that contract, which should also show how long it has left to run;
  3. Three months’ bank statements (some lenders ask for personal, others business accounts)
  4. Proof of ID, UK passport, driving license and/or utility bills in your name;
  5. The telephone number/email address of a proven specialist mortgage broker.

Before we get into the meat of this guide, here’s a quick pop quiz. What’s missing from the above list that inexperienced advisors may have asked you for?

Continue reading »5 Essential Points Contractors Must Understand to Get a Mortgage

Why settle? Get a mortgage based on your gross contract rate!

Posted by John Yerou on in John’s Blog

IT ConsultantIt’s thanks to the IT crowd that bespoke mortgages for contractors exist. As banking systems digitalised, banks outsourced specialists to update their systems.

What these banks discovered was that:

  1. IT professionals capable of rebuilding their digital ecosystem from the ground up earned big money;
  2. despite that high income, banks had little in place to accommodate an IT contractor’s mortgage needs.
  3. Continue reading »Why settle? Get a mortgage based on your gross contract rate!

Specialist mortgage brokers trump High St lenders for contractors

Posted by John Yerou on in John’s Blog

mortgage approvedJust when you thought discrimination was a thing of the past, you happen upon your High Street bank looking for a mortgage. You present your credentials as a contractor. The adviser’s eyes ignite when they see your day rate.

Continue reading »Specialist mortgage brokers trump High St lenders for contractors

Does your income protection cover your contracting lifestyle?

Posted by John Yerou on in John’s Blog

Make Income protection relevantOur friends over at IPSE commissioned Kingston University to research the country’s self-employed (PDF). As expected, numbers are growing, with results showing an independent UK workforce of almost 2M. It’s safe to say, contractors and freelancers are now essential to the overall job market.

Continue reading »Does your income protection cover your contracting lifestyle?

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