GETTING CONTRACTORS THE MORTGAGES THEY DESERVE
CONTRACTOR MORTGAGES
At OH Mortgages, we understand that getting a mortgage can be a little more complex when you’re a contractor. Whether you’re a freelancer, short-term or long-term contractor, our team of knowledgeable advisors are here to help get you the best mortgage deal possible. By working with an experienced mortgage broker, you’re choosing to get professional advice that, unlike with high street lenders, is tailored to your unique needs.
If you’re a contractor looking to buy, or are simply after some advice then get in touch with us today to find out how we can help you.
OLIVER HARTNACK - SPECIALIST IN MORTGAGE FOR CONTRACTORS
As a provider of mortgages for contractors, we have a deep understanding of the unique challenges you may have faced. We’re committed to providing expert guidance and solutions that are tailored to your specific needs and long-term goals. Whether you’re a short-term contractor, or long-term one, our team are dedicated to helping you navigate the mortgage process with ease. Trust OH Mortgages to find you the best available options out there.
DO YOU HAVE ANY QUESTIONS ABOUT CONTRACTOR MORTGAGES?
OH Mortgages are here to answer any questions you may have throughout your mortgage application journey. No question is too big or small, we’re here to help during working hours, or outside of them.
BENEFITS OF USING US FOR CONTRACTOR MORTGAGE ADVICE
Choosing a specialist mortgage broker means that you’ll have access to a range of mortgages that you might not have access to through high street brands. Here are just a few reasons why you should choose us for your Contractor Mortgage:
1: Expertise: Our team have years of experience working with short-term and long-term contractors. Unlike high street lenders, this means that we’re able to provide in-depth advice on your situation and can even have you approved for a mortgage if you’re on a 12 month contract (providing you still have 6+ months left). Despite a fluctuating income and limited trading history, we can help secure you the perfect mortgage for your future.
2. Extensive Lender Network: As a specialist mortgage broker, we have a range of connections to lenders that specialise in contractor mortgages. We work closely alongside these lenders to ensure that we present you with the most competitive mortgage rates and best terms.
3: Time Saving: We understand the importance of your time, and that navigating the mortgage industry can be complex at the best of times. Working with OH Mortgages means that you don’t have to deal with the paperwork, research and can save time. We’ll handle the negotiations and streamline the process, so that you can focus on what you do best.
Your home may be repossessed if you do not keep up repayments on your mortgage
Other Services We Proudly Provide
As well as contractor mortgages, we specialise in a range of other services. Please take a look at what else we can help you with:
FAQ'S ON CONTRACTOR MORTGAGES
We’ve prepared some of our most common frequently asked questions around contractor mortgages, if you have any further questions, please don’t hesitate to speak to our team.
A contractor mortgage is a type of home loan designed specifically for contractors. Contractor mortgages allow individuals to borrow funds to purchase or refinance their homes while taking into account their unique income situation and larger financial picture.
Contractors face a unique set of challenges when it comes to securing financing for a property. As their income can fluctuate based on the contracts they are working, lenders may be hesitant to offer a loan. With a contractor mortgage, the lender takes into account your previous contracts and future prospects when assessing your application. A specialist in this field can help you secure the most suitable deal for you and your situation.
Yes, here at OH Mortgages, we specialise in helping contractors to secure the best mortgage deal for their individual situation. We understand that as a contractor, your income can fluctuate. This is why we take into account 12 months’ work of payslips, rather than basing your application solely on your most recent payslips.
As a general rule, most lenders will allow you to borrow 4.5 times your annual salary.
Upon first glance, it may seem that it is harder to get a mortgage as a contractor. This is due to banks having limited lending criteria, that contractors often don’t meet due to variable income. However, we believe that it is simply a case of working with the right broker. At OH Mortgages, we have expertise in this field and our advisors are highly experienced in securing loans for contractors.
As a general rule, you’ll need to have had a contract for at least 12 months to be eligible for most mortgages. This is because lenders use your employment history to assess your ability to pay back the loan.
Mortgage lenders look at a variety of factors when deciding whether to approve an individual’s mortgage application. This includes credit score, current employment status, and income. However, there is some confusion around how contract jobs affect the approval process. Contractors are sometimes unaware that their income can be used to qualify for a loan, as long-term employment is often a requirement. Fortunately, contract jobs can be used to secure mortgage approval in many cases.
Many lenders understand that contractors may not have consistent, long-term positions, and are willing to accept alternative proof of income. For more advice and information, we’d recommend getting in touch with our friendly team. They’ll be more than happy to answer any questions you may have.