Solved: Contractor Mortgages Myths Busted Jun 24, 2016Views: 929
When it comes to contractor mortgages, there are a lot of myths prevailing in the contracting space.
More than myths, there’s a lot of confusion with regards to how or whether a Contractor can secure a mortgage? Can contractors get mortgage at the same competitive rates as Permies do?
Myth #1: Contractor Mortgages can cost a fortune!
Fact: Well, the fact is – NO, it does not cost a fortune. To make sure, you don’t waste your time and money behind chasing high street mortgage lenders and filling out wrong mortgage application forms, all you need to do is – seek professional help and advice. You need a broker that specializes in contractor mortgages.
Myth #2: You can’t get a mortgage, if you are new to contracting
Fact: Wrong! It doesn’t matter whether you are new to contracting or a veteran. You can apply for a mortgage regardless of your current contracting status.
Myth #3: At least 30% deposit is required from Contractors to secure a mortgage
Fact: False. Not only contractors have access to same competitive rates as permanent employees, but also, they can take the benefit of Help to Buy scheme which enables Contractors to purchase property with just 5% deposit.
Myth #4: Contractors are considered High Risk by mortgage lenders
Fact: While it is true, that many high street lenders are still unfamiliar with the term “contractor mortgages” and there has been cases where Contractors have been refused lending purely because of their lack of knowledge. This by no way means that Contractors are considered High Risk. Only those who have a bad credit score may be considered High Risk, but this would also apply to permanent employees.
For a Free Consultation, or to calculate how much you can borrow, please visit: https://www.itcontractorsuk.com/mortgage/contractor-mortgages-calculator.php
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