Problems with proving employment stability?
Contractors all too aware of the problems that can catch them out when not utilising the help of a specialist broker. One of the biggest disadvantages of being a contractor and applying for a mortgage is overcoming the longevity issue, as on paper, all contracts have an expiry date.
Contracting, although far more lucrative than being a PAYE member of staff, does come with the uncertainty of future employment. Experienced contractors with good skill sets will suffer less from this but it can be a daunting proposition if you’re new to the contracting world. Imagine how a lender who is possibly about to lend you a large sum of money, might view this?
Banks and building societies appetite to lend in the current market with record low interest rates is high, but they still have a long list of requirements. If you walk into your high street bank as a contractor, evidencing future ‘employability’ is an almost impossible task.
How can we help?
Contractor Financials have been working in the contractor space since 2001 and has developed a unique way of overcoming these very issues. Because of the long standing relationships that have been forged with the major high street banks, the process has now become potentially even easier than if you were a permanent employee.
Contractor Financials has access to unique underwriting that ensures you will be viewed as a permanently employed person. This means the longevity issue is taken out of the equation and a contract end date is no longer an issue when applying for a mortgage. Being a specialist broker, we have managed to get a range of lenders to take a different approach. Contractors are not self-employed limited company directors, they are high net worth, highly skilled professionals, who are very likely to be in work until they retire, as their skills are high in demand.
Our bespoke underwriting service is not only an option if you are looking to move house or remortgage, but for buy to let and commercial limited company purchases as well. Don’t chance your arm luck on the high street, speak to a specialist broker that understands you and your circumstances.