Contractor Mortgages

Contractor Mortgages for professional sportspersons, footballers, offshore rig contractors, IT contractors – whatever industry you work in when it comes to sourcing a contractor mortgage you will find that you do not tick the boxes of all high street banks.

St. Johns, Newfoundland, Canada

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Contractor Mortgages

Some of the more common contract worker mortgages we secure are for those in the industries mentioned above such as IT contractors, offshore rig contractors, Actors on short term contracts or professional sports persons including mortgages for footballers as well as Zero Hour contracts.

Types of situations that the banks will lend to include:

Self-employed Contractor Mortgages.

There are a growing number of banks and building societies that will lend to self-employed contract workers or freelance workers. Generally, mortgage lenders will ask to see two years accounts although some lenders will lend where you can only show one years accounts.

Fox Davidson regularly secure finance for self-employed contract workers who have just left employment in a similar role. The specialist contract worker lenders that we work with will assess each case on its merits and where there is a clear history of work within a particular field especially a highly skilled or professional field of work then the better chance we have of securing lending with as little 1 years accounts.

Self-Employed Contract Worker Case Study. We were asked to secure a mortgage for an accountant that had set up as a Ltd company 14 months previously and was working on a 6 month contract which had been renewed for the 3rd time. As the client was a 100% shareholder in the Ltd company they are treated by mortgage lenders as self-employed and therefore the majority of banks would not lend as they require the usual 2 or 3 years accounts.

The client had been an accountant working on an employed basis for over 15 years previously and so we were able to easily demonstrate a good career history as a professional. Fox Davidson secured 90% lending for the client on an offset basis allowing the client to offset their tax savings against the mortgage balance.

Employed Contractor Mortgages.

Contract workers that are employed are able to secure a mortgage with the right mortgage lender. Historically Halifax has been a lender of choice for the employed contractor but more recently challenger banks and building societies have come forward to meet the lending requirements of contract workers. Fox Davidson is able to secure up to 95% loan to value for contract workers at high street rates.

The main criteria that run across all lenders are the requirement to have a history of working in your area of expertise. You do not necessarily need to have a long history of working as a contractor.

Contractor worker mortgage Case Study: A customer approached Fox Davidson unable to secure finance from his bank. He was employed as an IT programmer by a major UK employer for 5 years. He left permanent employment to work for a new company on a fixed term contract basis on a considerably higher day rate. Only 2 months into a 12-month contract Fox Davidson were able to secure an 85% loan to value mortgage for him.

Zero Hour Contract Mortgages

As there is no contract in place whatsoever here the key to securing a mortgage for someone one a zero hours contract is work history. typically a mortgage lender will consider lending to someone on a zero hours contract if they are able to prove their income via payslips and P60’s usually covering at least a 2 year period. The actual decision to lend will depend on other factors too such as loan to value and credit score.

Zero Hour Contract Case Study. We secured a mortgage for a client that was on a zero hour contract. They worked as a journalist for a national newspaper. The income was regular although varied each month. Fox Davidson was able to have the lender use an average of the last 3 months income backed up by 2 P60’s to show a history of working.

Buy to Let Mortgages for Contract Workers.

As with residential mortgages for contract workers, Fox Davidson are also able to secure Buy to Let mortgages for contract workers. The main concern of a Buy to Let Lender will be the property and the rent it ca achieve but secondary they will look at your main income source and unsurprisingly some lenders will not lend if you are not on a permanent contract. As a whole of the market broker, we work with high street banks, building societies and broker only lenders. Consequently, we can secure Buy to let mortgages for contractors.

Whatever your situation is the first thing to do would be to spend a short phone call discussing your situation with one of our knowledgeable brokers. We specialise in securing contractor mortgages and secure finance for contractors on a daily basis. We will quickly be able to advise you of your options and establish if you will be able to secure the finance you need to purchase a new home or refinance.

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