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I have recently completed a mortgage for a client who worked on a fixed term employment contract as a social worker, where her Limited Company received weekly income from the local health authority. In the past mortgage lenders would typically establish what her director’s salary and dividends were, or perhaps salary plus share of Limited…

In recent months the number of lenders offering mortgages based on employment contracts has increased.  The general rule is that to fit policy you must fit one of two rules – a) You must have a continuous employment history of working on a contract basis for the last 24 months Or b) You must prove…

If you wish to reduce your outgoings in the new year, one way to achieve this is to raise your mortgage balance and with the additional funds available pay off any outstanding credit cards, personal loans or car finance.  These often unsecured debts have higher rates of interest than your mortgage and are repaid over…

If you earn more than £500 per day or £75,000 per annum then we should only require you to have a current continuous employment of 12 months or more with 6 months of the contract remaining or 2 years continuous service in the same type of employment to organise a mortgage for you. If you earn less…

More and more self employed clients are calling us in the months prior to mortgage application, to gain the benefit of our input into what supporting documentation will be required for a successful mortgage application and advice with accounts preparation.  The sooner clients call us to let us know their plans  to purchase or move…

Whether you are employed or are self employed it is almost certain that as part of your mortgage application process you will have to pass an affordability check.  Affordability checks have become slightly more sophisticated since the mortgage market review took place in April 2014. Thorough mortgage brokers will often run a detailed affordability check prior to…

Sub Contractors, Fixed/short term contracts and Agency workers Mortgage Applications will be considered from the above employment types if you have a current continuous employment of 12 months or more with 6 months of the contract remaining or if you have 2 years continuous service in the same type of employment. Evidence of your employment track record may be…

If you have a year’s figures which you feel distort your accounts I would still recommend calling us.  Each lender underwrites the self employed in a different manner, and our knowledge will help you get closer to your mortgage goal.  Projections and adjustments can also help to undo a poor years’ accounts.

I put a blog post on this site earlier this year surrounding mortgage lending for Contractors.  The jist of the article was that you needed to prove a 12 month history of working on a contract basis, recently we have had contractors with just 7 or 8 months history agreed, you will need a minimum…

I have spoken to a couple of contractors this week, the most popular industries include IT, utilities, and health.  Experience has taught me that there are many different types of contracts on which mortgage lending depends. Fixed Term Contracts If you are working under a fixed term contract I will need the following information –…

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