Contractor Mortgages
Ailes Mortgage Solutions will take the complications out of the process. You will be surprised by how easy your life becomes once you come to Ailes Mortgage Solutions, Contact us to find out how Ailes Mortgage Solutions can help you reach your goal.
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Buying a home is the largest purchase you’re likely to make. Before you arrange your mortgage, make sure you know what you can afford to borrow. Get in touch with us to find out where to get a mortgage, the different types and how the process works.
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A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up payments on your mortgage.
Being a contractor can offer you flexibility and independence, but also uncertainty especially when buying a home. But as the number of freelancers and independent contractors in the UK climbs, don't despair - many mortgage lenders could be willing to lend to you, even if your income jumps around. Lenders will assess your mortgage application and steps you can take to improve your chances of getting approved.
How a contractor's income is assessed for a mortgage?
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If you have been working as a contractor for a long time, lenders will often average out the income you have earned over recent years to estimate your average income. They will then use this average to work out how much you can afford to repay each month. If, for example, you earned £40,000 in one year and £45,000 the next, the lender may assume your annual income is around £42,500. However, a mortgage lender is not likely to use this approach if your earnings have changed dramatically from year to year. In these cases, they may take the most recent year, or the lowest, as an indication of your earning capacity. This may mean you can borrow a smaller sum than you would otherwise.
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