Contractor Mortgages

Street Address WARNFORD COURT,29 THROGMORTON STREET
City London
ZIP/Postal Code EC2N 2AT
State Worcestershire - West Midlands - England
Country United Kingdom
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However, all is not lost for contractors looking for a mortgage – as long as you know where to go. The problem is that the majority of high-street lenders don’t really understand contractor mortgages. Many lenders treat contractors as self-employed applicants, assessing income based on salary and dividends rather than the day rate model. This means borrowers tend to end up with a smaller mortgage than they would otherwise. Even if the lender takes a day rate into account, some are more generous than others in terms of the number of working days in the year they will multiply it by to work out annual income.

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