Contractor mortgages are specifically for self-employed contractors with a 6 months experience, agency workers with 12 months experience, employed fixed/short term with any previous experience, contractors-employees for any umbrella companies and the zero hour’s contracts with 6+ months.
Most mortgages for contractors in the US are viewed of minefields reason being leaders have different views on what a contractor is. Your contractor still will be considered by any leader regarding your application and the specialist warning with user has access to all of them.
How do I know if I qualify?
There so many factors regarding when lenders consider any application. The most important arefinding the type of contractor you are.
- Mortgages for self-employed contractors & Sub-Contractors- this are registered as self-employed with HRAM and pay their tax, declare income through self-assessment or have an accountant, and even pay their National Insurance contribution. Self-employed contractors may be sub-contracting for one or several companies. To qualify for this contractor mortgage, you must have 12 months’ work.
- Mortgages for recently self-employed contractors- an employed worker has changed to theself-employed contractor in the same job role & industry, the same Hence, you are eligible for a contractor mortgage despite not having 12 months history.
- Mortgages for Fixed/short term contractors- this is most likely to obtain finance but keep struggling to secure a standard mortgage on the street. The applicants are usually required to have not less than 6 months contracting.
- Mortgages for contractors