Posted by John Yerou
on July 8th, 2015 09:47am in
Last Updated on March 3rd, 2019 10:22am.
Estimated Reading Time: Less than a minute
It’s critical that your application shows your affordability when it lands in front of an underwriter. It’s a High Street bank’s inability to present your information thus that will fail you going the local branch route.
For lenders with whom we’ve brokered deals for contractors, few documents actually matter. Accounts, payslips, self-assessments? Forget them all.
Your contract and proofs of both ID and earnings are all that count. Lenders trust us to vet clients before sending their applications. That’s an advantage you won’t get on the High Street.
After talking to an IFA who understands contracting, they’ll ask you for:
- a copy of your latest contract;
- copies of your business bank statement, showing receipts entering on a regular basis;
- a proof of ID, such as a utility bill, driving license or passport;
- if you only have a short while left to run on your contract, an offer of an extension;
- if you’re new to contracting, your CV is a must to verify time served in your chosen contracting industry.
We’ll then package your application in a way that exhibits your true affordability. This guarantees you a mortgage offer that reflects your status, not your tax-efficient drawings.
Author: John Yerou
John Yerou is a pioneer of contractor mortgages and owner and founder of Freelancer Financials, Contractor Mortgages®, C&F Mortgages and Self Employed Mortgages, trading styles and brands of the award-winning Mortgage Quest Ltd.