contractor mortgage document

5 Documents For Your Contractor Mortgage

“How can I get a mortgage, now I don’t get a payslip every month?

You’ve made the decision to leave the relative safety of a permanent position to become a contractor, but are wondering how it will effect your mortgage. It all comes down to your financial status as a contractor.

It’s not personal. The mortgage application and approval processes for larger lenders has, in the main, been created for regular employees not contractors.

Many mortgage lenders are happy to work with specialist brokers who understand the financial status of their contractor clients. For a contractor, working with contractor specialist provides two key benefits; potentially access to more mortgage products and a dedicated adviser who deals directly with head office which can help to speed the up the mortgage process.

Here is the low down on the 5 essential documents you will probably need to provide to secure a contractor mortgage based on how long you have been contracting.

New to contracting

At least one day trading as contractor

  1. Suitable ID
  2. Copy of current contract
  3. Copy of last year or last two years P60s
  4. Last three months personal bank statements
  5. Copy of CV

Long term contractor

  1. Suitable ID
  2. Copy of current and previous contract
  3. Copy of CV
  4. Last three months bank statements
  5. If accounts are ready then two years books showing three years figures (not essential but advantageous)

New to contracting and need high Loan to Value (LTV) i.e. 90%

  1. Suitable ID
  2. Copy of contract
  3. Copy of last three years P60s
  4. Last six months bank statements
  5. Copy of CV

At Super Contractors, we specialise in contractor mortgages. Our advisers understand contractors financial status and work with head office underwriters who are contractor friendly. This includes presenting the limited company contractor remuneration model of low salary high dividend to the lender.

For more information about getting a mortgage as a contractor, call 0800 211 8700 or fill out our online enquiry form

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

 

We do not charge a fee for our services, we receive commission from the provider.

Super Contractors is a trading name of Contract Mortgages Ltd, registered in Scotland at 1st floor, 207 Bath Street, Glasgow, G2 4HZ SC465654. Contract Mortgages Ltd is an appointed representative of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 435779) for mortgage and non-investment insurance advice.