Self Employed & Contractors
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Self Employed & Contractors
Are you self-employed or a contractor and struggling to get a mortgage? That’s no problem for us. At Mortgage Advice Centre we’d love to help you.
Whether you are a sole trader, company director, CIS (Construction Industry Scheme) worker, IT contractor or any other type of self-employed worker, we have expert mortgage advisors waiting to take your call. We know it can be difficult to get a mortgage, and sometimes the banks do not always fully understand how you are paid. With our help, we can advise you on a mortgage you require that is tailor made for your self employed status.
Self employed Mortgage advice from the people with ‘Know How’
For sole traders we have access to the right mortgage deal for every situation. Our experienced team of advisors assess every case on its individual merit. With access to over 50 lenders and hundreds of exclusive mortgage deals, we will help you find the right mortgage deal. Most lenders on the high street will request your last two years of accounts, and use an average of your net profit. We have access to lenders on our panel that may consider a mortgage based on one year trading figures, for those who have just started out as self employed. We also have great deals from famous lenders that would calculate your borrowing potential based on the profit from your most recent year only. This is particularly helpful when you have increasing year on year profits, or large expenses in recent years.
Mortgage Advice for Limited company directors and partnerships – a flexible approach from expert brokers.
You might feel like you are employed through your own company because you receive a monthly pay, but through the eyes of a mortgage lender you are treated as self employed when you own more than 20% of your limited company.
The good news is that at Mortgage Advice Centre we have many flexible approaches to getting you the best mortgage for your needs. Whereas most lenders will combine your salary and dividends for the last 2-3 years, from our panel of over 50 mortgage lenders, we have access to banks that will calculate your borrowing potential using your retained profit in the business plus salary drawn. This is really useful for those that only draw out the amount they need from their own company each month. In many cases this way of calculating your mortgage will yield a much high lending figure. Subject to a lender’s affordability assessment we can get you on the way to buying the home of your dreams that you would have otherwise thought as impossible.
Call or contact us now for an immediate mortgage appraisal.
Construction Industry Subcontractors (CIS)– Call us now on 01376 808200
Are you a CIS subcontractor? We can get you a mortgage based on your contractual rate before tax rather than your self-employed profits. This is great news for those CIS workers with low profits or working as self-employed for less than 2 years.
At Mortgage Advice Centre our advisors understand your unique tax position, and we know that many other banks and brokers find it hard to help you because you self-assess your tax position each year, so they will treat you as a self employed worker. However, subject to having a clean credit rating we can help you get a mortgage using an average of your gross salary for the last three months. This means that you may be treated as an employed worker for mortgage purposes and is particularly useful if you are just starting out as self employed or have low profits because your accountant uses perfectly legal tax saving strategies to keep your profits to a minimum.
There is no broker magic to this. We simply understand lenders criteria thoroughly, and sometimes lenders also have unpublished criteria which we can utilise.
To check for the latest mortgage rates for CIS contractors call or contact us immediately on 01376 808200