Contractors always want to know how long you have to be a contractor to get one.
Tony Harris is a specialist contractor mortgages broker. He has been getting contractors mortgages for years. We have heard tales of people walking into high street banks to get a mortgage only to be told that they need to have 3 years accounts with them to qualify.
Many contractors want contractor mortgages soon after they become contractors. With their new-found wealth that comes as a bit of a blow. So we asked Tony the question.
How long do you have to be contracting to get a mortgage? I heard you need three years worth of accounts.
Applying for a Mortgage
Said Tony, “It is true that if you apply for a mortgage yourself on the high street, you will almost certainly need to have access to several years accounts. You will also need to show a steady or rising income from contracting in this time.
“However, we base your mortgage on a multiple of your contract rate alone. We simply need a copy of your current contract, a bank statement and proof of ID to secure your mortgage. The great news is that we can get you a mortgage on your very first day as a Contractor!”
Specialist Contractor Mortgages
So, how long was I told? I wish I’d known Tony when I first wanted to buy a house and get a mortgage after I turned contractor.
I went to a bank. They told me I needed three years of accounts. I thought that was that. Houses in my area in Maida Vale went up from £18,000 for the one I wanted to £96,000 before I was able to buy one.
It’s great that these specialist contractor mortgages are available now.
To get further information or to apply for a mortgage, fill in a form here and they will get back to you:- Contractor Mortgages