CIS Mortgage

Getting A Mortgage When Self Employed!

We specialise in Mortgage Advice for Subcontractors paid via the Construction Industry Scheme (CIS)

Your home may be repossessed if you do not keep up repayments on your mortgage.

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I remember when I first started contracting. I felt like I was finally free from being sentenced to working for bosses that I had differences with, and all of the things that I hated about my job. I was a plumber, but decided to go a different route ad began contracting as an electrician, something I had gone to school for but had a difficult time finding a permanent job in.

Work was steady, and I had two steady contracts to keep me busy for the next year. When my wife mentioned buying our home, it seemed like the next step in life had finally come. I happily went to our bank to discuss the terms of our mortgage, sure that I would be accepted.

I was far from prepared for what I was about to walk in to. As I sat in front of the mortgage advisors desk, I felt disappointed with my life all of the sudden. He looked at me as though I was nothing simply because I was a contractor. The bank insisted that I needed to be a contractor for two more years, and then pointed out that I had only lived in the United Kingdom for 15 months, and I would need to provide proof of residency for at least a few years.

I tried to remain optimistic, and tried to speak of the future, when I could provide proof of three years’ worth of accounts and residency for a longer period of time. That optimism quickly faded when they told me that it would probably take me a few years to save up the deposit anyway; I would have to pay at least 30% for a down payment before being approved for a mortgage. I felt hopeless, and a bit irritated. It didn’t seem fair that I had to deal with all of this simply because I was a contractor.

I politely said my goodbyes, went home and began looking at other options to buy my family the home that they wanted. I went to more banks, and it was the same thing, with the same treatment. I read tips for first time buyers. As a last result, I simply searched contractor mortgages online. It was then that I stumbled across CIS Mortgage’s website. I gave them a call and scheduled a free consultation, but I refused to get my hopes up again after what had happened at the banks and other mortgage lenders.

I was pleasantly surprised from the moment that I walked into the door. They knew that I was a contractor that wanted a mortgage, but they still greeted me with a smile. With how friendly they were, it was hard not to smile back. It instantly put me at ease, but I reminded myself that it would probably be the same thing as the bank.

Boy, was I wrong. They said that as long as I had proof of the contracts that I currently had, that would be fine. They were more concerned with whether or not I would be able to make the payments than anything else. For the first time, a mortgage company spoke with me about my future instead of my past. CIS Mortgages helped me get the home that I thought was just a dream.

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If you’re reading this as a Construction Industry Scheme (CIS) contractor, then you or your partner are probably struggling to find a mortgage right now. We can help.

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