Lenders need little evidence to see contractor affordability

Lenders need little evidence to see contractor affordability
Contractor Mortgages

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Last Updated on September 18th, 2018 02:09am.

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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 the owner and founder of C&F Mortgages; a trading style & trade mark of the award winning Mortgage Quest Ltd. One of the most recognised names in providing mortgages for contractors and freelancers across the UK.

In 2004 John began his career in Financial Services as an independent mortgage adviser and broker. John has been instrumental in negotiating bespoke underwriting for contractors with high street lenders.

His presence in the industry as a go-to expert is growing by the day and he is regularly cited and writes in publications both locally and nationally.

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