Are you employed on a contract basis (Fixed Term Contract, Rolling Contract etc.) There are lenders out there for you if you are looking for a mortgage. Have a listen to the 60 second clip and if you need to know more get in touch via email hello@patrickjamessolutions.co.uk Your home may be repossessed if you do not keep up repayments on your mortgage.
hello and welcome to your 60 second snippet on the mortgage world today’s subject contractors. Okay you’re in a contract not necessarily self-employed but you’re not employed. This is a grey area in the mortgage world and each lender has different criteria and how they would assess your income. The best thing to do is show us your contract and we can tell you which lenders, if any, will play ball and a common scenario is IT contractors where you’re given a daily rate because you’re left to deal with your own taxation. The common theme is that you class yourself as self-employed. The lenders because of their speciality in the IT contract world and I suppose the amount of jobs available in that industry the lenders like it and a lot of them will have their own criteria for you