As a contractor, freelancer or self employed individual obtaining the right mortgage from a lender with an understanding as to the way you work can be difficult at the best of times.
The flexibility that contracting offers mixed with different payment structures, such as limited companies, umbrella organisations and offshore tax arrangements can make it very difficult for the majority of lenders to navigate a clear path to an eventual mortgage proposal or finance arrangement.
At One 77 we are experienced in this area by not only helping lenders understand how contractors work in order to make a more informed assessment during the decision making process; but also by having access to the whole of the mortgage market.
As a contractor, a limited company is incorporated to act as your payment structure, and we use your contract rate as the basis of your mortgage application. This also applies to umbrella company workers and independent professionals. We can use your limited company income or your day rate, our advisers will look at your case and work out which lender will be the best solution for you based on which income make up works out best.
One 77 can help you find a mortgage best suited to the way you work, overcoming the three primary barriers where the majority of lenders fall short:
- Thinking your dividend drawing and salary make up your ‘take home pay’
- The requirement to see a minimum of 2 years trading history
- Not using your gross contract earnings to assess your suitability for a product
In addition to our whole of market access – allowing us to approach an array of specialist lenders – and extensive knowledge of the contractor mortgage market, unlike the majority of contractor mortgage brokers we also offer an entirely fee free service.