CIS Mortgage

What Are Contractor Mortgages?

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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Contractor Mortgages are specifically for the following types of contract worker (These can be in any industry):

  • Self-employed contractors with six months or more working history
  • Employed contractors with previous experience
  • Contractors/employees of parent businesses
  • Zero hours contracts with six months working history
  • Agency workers with at least a years history.

If you happen to be a medical or professional – there may be options given to you just for you, give us a call and let us know your job type and an advisor will be in touch.

Mortgages for contractors in the United Kingdom can be something of a scary place. Part of this is because lenders have different views on what a contractor is. Normally, you can be either a person who is employed working on a fixed or short term contract or you are an individual who works for yourself that works with one company – like a plumber. Every company who lends money will have their set of rules on who they are happy to send funds to, if at all. This is decided by the amount of time you have been working for, the length you have been in that field if you have had repetitive work renewed, how long you have left on your contracts.

It does not matter if you’ve been contracting in the UK for as little as six months or many years, there are many firms in the market that will look at your application. To more information or to discuss what mortgage is best for you, please give us a call.

Can I get a Contractor Mortgage?

Different factors are taken into account when requests are looked into. Firstly you need to look at what kind of contractor you are.

  • Self-employed workers with a good long record of work
  • Recently self-employed contractors
  • Workers on a Fixed/short term contract
  • Employees on contracts another parent company
  • Professional contractors (locum GP’s and perhaps NHS professionals, architects, accountants, solicitors, etc.)
  • Contractor Mortgage for a recently self-employed contractors

Changes from an employed situation to a self-employed worker in the exact job role and work environment, for the same or similar employer, then you may be eligible for a contractor mortgage despite not having 12 months history.

The criteria for this change with the firms that will look at it, but will be tough and looks on day rate calculations and the specific details of your contracts when you start.

Mortgages for Fixed/short-term workers

Fixed/short-term workers will find themselves finding it hard to secure a standard mortgage from the main marketplace, but are most likely of all the workers to get finance. Contractors applying normally need to have at least 6 months worth of contracting experience, with around 6 months left on any contract on at the moment The longer time you have been a contractor, the better – often if you’ve had a contract renewed at once or more, the more companies are willing to look at it as a stable source of income, and you have more chance of being approved.

Speak To An Expert

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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