Mortgages for Contractors

Can self-employed contractors get a mortgage?

Contractors who are dreaming of buying property are often faced with difficulties when it comes to finding a finance provider who will accept their slightly unconventional income patterns.

If you are a contractor or freelancer looking to secure a mortgage to buy, move, or refinance a property, you might have experienced some difficulties with standard mortgage advisers. It can be complicated to prove your income if your work is irregular and doesn’t come from one source. However, here at Active we understand the needs of contractors and freelancers, and specialise in helping this community secure the best mortgage and property refinancing deals on the market.

Hassle-free Mortgage Advice

Wouldn’t you rather be spending your time working on projects and networking for new opportunities than dealing with complicated paperwork trying to find a mortgage company that will give you a decent deal?

A broker that specialises in finding the right deals for contractors and freelancers, will save you time, hassle, and money and that is exactly what Active offers.

Unique projects, unique mortgages

Every project that you undertake has unique requirements, the client has different needs, and your projects will vary in length, complexity and value.

This is the same for the mortgage industry. Each applicant has an individual set of circumstances and there is no blanket rule or deal for every freelancer and contractor when it comes to mortgages.

As you will know, having open conversations with your clients allows you to understand their wants and needs better. They leave more satisfied and hopefully recommend you to their connections. This premise works for us too, we understand the importance of dialogue to make sure what we offer is meeting your needs.

How mortgages are arranged

Mortgages can be a tricky beast to get your head around and figure out; what documents you need, what you need to pay, who needs to sign what, and how much money you really need to borrow.

While we also require a lot of this information from you, our contractor mortgage specialists do this day in, day out, and are therefore experts and really know the mortgage market. This means you spend much less time on the phone and in meetings, and more time doing what you love.

Maximising the chances of getting your mortgage application accepted as a self-employed contractor

What you need to prepare to make your mortgage application depends on your circumstances. Your initial consultation with an Active mortgage adviser will ascertain those circumstances and what they mean for your mortgage application.

For any new mortgage application you are going to need to show proof of earnings, either as an individual or through your business accounts. Gather as much of this information as you can, particularly as a self-employed applicant as it is naturally harder to prove income when you are not receiving a direct salary.

A key area which affects all mortgage applicants is credit history. If your credit rating is not as strong or healthy as it could be, spend time doing everything you can to improve this before applying for a mortgage. This is an important indicator to mortgage providers that you are a good investment for them. The higher your credit the better rate and deal you are likely to receive.

How Active Mortgage advisers help self-employed contractors

Your mortgage advisers at Active are here to assist you in finding the property of your dreams and look forward to helping contractors and freelancers like yourself make it happen. Arranging a consultation is quick and easy. Simply fill out our contact form and a member of the contractor mortgage team will be in touch.

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