contractor mortgage document

5 Documents For Your Contractor Mortgage

You’ve made the decision to leave the relative safety of a permanent position to become a contractor, but are wondering how it will affect your mortgage. It all comes down to your financial status as a contractor.

It’s not personal. The mortgage application and approval processes for larger lenders has, in the main, been created for regular employees not contractors.

Many mortgage lenders are happy to work with specialist brokers who understand the financial status of their contractor clients. For a contractor, working with contractor specialist provides two key benefits; potentially access to more mortgage products and a dedicated adviser who deals directly with head office which can help to speed the up the mortgage process.

Here is the low down on the 5 essential documents you will probably need to provide to secure a contractor mortgage based on how long you have been contracting.

Long term contractor

  1. Suitable ID
  2. Copy of current and previous contract
  3. Copy of CV
  4. Last three months bank statements
  5. If accounts are ready then two years books showing three years figures (not essential but advantageous)

New to contracting and need high Loan to Value (LTV) i.e. 90%

  1. Suitable ID
  2. Copy of contract
  3. Copy of last three years P60s
  4. Last six months bank statements
  5. Copy of CV

New to contracting

At least one day trading as contractor:

  1. Suitable ID
  2. Copy of current contract
  3. Last three months personal bank statements
  4. Copy of CV

At Super Contractors, we specialise in contractor mortgages. Our advisers understand contractors financial status and work with head office underwriters who are contractor friendly. This includes presenting the limited company contractor remuneration model of low salary high dividend to the lender.

For more information about getting a mortgage as a contractor, call 0800 211 8700 or fill out our online enquiry form.

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

This firm charges a fee of up to £295 for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Lifetime Finance Group Limited trading as Super Contractors is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.