For contractor mortgages, it is not essential to have a prior three year account and it’s not imperative that a contractor needs to prove proof of prior years and also doesn’t have to submit accounts for multiple years. Contractor Mortgages made easy (CMME) has specialist mortgage guarantee terms with numerous large lenders. CMME eliminates the uncertainty regarding contractor mortgages and works sincerely with underwriters to offer the desired results. CMME helps arrange mortgage based on an individual’s contract, and not on the basis of years an individual has worked as a contractor. The supporting documents that are required include – copy of the contract, identification proof, and bank statement.
To get the best deal, a specialist mortgage broker should be approached as they have a comprehensive understanding of all mortgage lenders and how they work. The mortgage broker will be able to present the circumstances upfront in the most appropriate way to a contractor-friendly lender. There are two essential documents which are used by a professional broker to make certain that the process is smooth. These documents are – copy of the current contract and an updated copy of the CV. Important parameters for getting a good deal are:
These days, the best rates are given to individuals who have a deposit (a deposit amount of around 10%-25% is considered ideal). If an individual was not able to maintain a deposit, or does not have a property handy which is worth more than the amount originally paid for it – he / she can still get a mortgage but the rate will be higher than the standard mortgage rate. More the amount of deposit, lower the mortgage rates
It is very important to maintain a healthy credit rating as applications usually get rejected if an individual does not have a strong credit rating (regardless of having a high income and good deposit amount). Because of the current economic scenario, lenders strictly deal with matters concerning credit ratings. For this reason, it is vital to have an outstanding credit rating to get a go ahead from the mortgager. Credit rating is usually impacted by activities such as missing credit card payment or failing to update the electoral roll before moving to a new house
It is crucial to keep all the records up to date and have necessary copies of all the signed contracts. The signed contracts should clearly state the duration of the contract and price at which the activities are being performed. This information is used by CMME to support the mortgage application. Also, this is used as an alternate to produce references or three year accounts.