How to Improve Your Chances of Getting a Contractor Mortgage
How to Improve Your Chances of Getting a Contractor Mortgage
Blog Article
Getting a mortgage as a contractor doesn’t have to be complicated. With the right preparation and advice, you can significantly boost your chances of securing the mortgage you need — without jumping through unnecessary hoops.
1. Keep Your Paperwork in Order
Lenders will want to see clear documentation of your income and contract history. Keep copies of your current and previous contracts, bank statements, and invoices. If you operate through a limited company, having your accountant prepare up-to-date accounts is also helpful.
2. Work with a Contractor Mortgage Specialist
One of the most effective ways to improve your chances is by working with a broker who understands contractor mortgages. At Contractor Mortgage Solutions, we know exactly what lenders want to see and how to present your income — often using your day rate and contract length rather than annual accounts.
3. Avoid Major Financial Changes
Try to avoid large financial changes, such as switching contracts, just before applying for a mortgage. Lenders prefer stability, so maintaining consistent income and work arrangements can help your application look stronger.
4. Save for a Healthy Deposit
While some lenders accept deposits as low as 5–10%, having a larger deposit can give you access to better rates. It also shows lenders that you’re financially responsible and lowers their risk.
5. Check Your Credit Score
Before applying, review your credit score and address any issues. Pay off outstanding debts where possible and avoid taking on new credit before your application.
Secure Your Contractor Mortgage with Confidence
With expert guidance, your journey to homeownership can be smooth and stress-free. At Contractor Mortgage Solutions, we specialise in helping contractors like you get the right mortgage deal — even when traditional lenders say no.
Contact us today for expert advice and tailored mortgage solutions that work with your contracting lifestyle.