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Securing a mortgage as an independent contractor

With the UK’s labour force becoming increasingly diverse, a growing number of lenders are beginning to accommodate the borrowing needs of contractors. While no longer seen as the impossible task it once was, the process of securing a home loan as a contractor is still more difficult than if you had a salaried job with an employer.

Using a contractor mortgage specialist

Knowing the nuances of the contactor market is what we do best. Our number one top tip for securing a mortgage as a contractor is to use the services of a specialist that understands your preferred way of working and the different ways in which contractors receive their income.

Lenders like to know that your income is stable and ideally also increasing. A specialist will be able to use either your full contract rate or an annualised contract rate when calculating your borrowing potential, thereby presenting a much more accurate picture of your finances for a new mortgage. By rethinking the lending criteria in this way, contractors can benefit from more choice, better value and can often borrow up to 5 times their annualised contract rate.

Don’t waste time with high street  branch staff who are not trained to deal with your specific situation, get in touch with Umbrella Exchange and we will help you find the lenders out there that will ease the path to your new front door.

Umbrella Exchange - Mortgages

When it comes to finding your dream home, don’t be penalised simply because of the career path you have chosen.
Use Umbrella Exchange to help you find the best mortgage options for you.

Further reading:

Accountant - Umbrella Exchange

Why using an accountant can maximise the potential of your contracting career.

Umbrella - Umbrella Exchange

Your ultimate guide to working through an umbrella company.

Insurance - Umbrella Exchange

What kind of insurance do you need as a contractor?