A simple Guide to getting a Contractor Mortgage
Sorting out a mortgage is never easy – and even less so if you’ve recently switched from full time employment to Contracting and have other things to worry about! So, working with our recommended provider Contact Contractor Mortgages Made Easy (CMME), we have developed this simple guide which will help to make it as painless as possible.
For more information, please contact CMME directly on 0844 44 88 800 or email sjd@contractormortgagesuk.com. They will search the entire market to find the best mortgage for you, at the best possible rate.
1. Make sure you have a copy of your signed contract to hand which is totally up to date. This needs to clearly state the length of your contract, and your current contract rate. You’ll also need some ID, such as your passport and your driving licence, plus bank statements – both business and personal - and any other info, like utility bills for example, that could be relevant to your mortgage application.
2. Assuming you choose CMME, they will help you to select a lender, as they have negotiated specialist mortgage underwriting terms for contractors with a number of large High Street lenders. This enables them to arrange a mortgage based on the contract you have, rather than on the number of years you have been working as a contractor. This will help to process your application quickly and without hassle.
3. The fact that CMME is managing your application means that the lender will treat you seriously and will understand that contractors are not a higher risk. This is much better and faster than trying to convince inexperienced bank staff, who only really understand the world of employment, that your income is valid.
4. Once you have chosen a lender, CMME will help you to secure an ‘agreement in principle’ from them, which will state exactly how much they are happy to lend you. It’s really useful to know this before you start house hunting so that you know what you can afford to look at, or how much discount you need to negotiate!
5. As soon as you have found a house, made an offer and it has been accepted, CMME will immediately set everything in action and at that point will also need to instruct a solicitor to act on your behalf. The solicitor will do all of the necessary ‘chasing’ of the lender and will make sure that the required surveys and searches are carried out on time, and then processed by your mortgage company. The solicitor will also draw up contracts and then liaise with the seller’s solicitor on your behalf, to agree dates for exchange of contracts and completion.
6. Once an exchange date has been agreed, your solicitor will call CMME, who will then chase your lender to ensure that the money is transferred in time for your completion date.
And after completion, all you have to do is move in. Good luck!
If you are looking to take that first step on the ladder, or to remortgage an existing property, then Contractor Mortgages Made Easy will help you find a solution to suit your needs. Whether you want to find out the best rates available or help calculating how much you can borrow based on your contract rate alone, call 0844 44 88 800 or email CMME on sjd@contractormortgagesuk.com.
You may also find our other contractor mortgage guides and calculators helpful:
Contractor Mortgage Assessor
Contractor Mortgage Calculator
Contractor Mortgage Guide Myths and Facts
Top five tips on getting a Contractor Mortgage
Contractor Mortgages
Contractor Self Certified Mortgages
About SJD Accountancy
SJD Accountancy are the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers; we've been acting for contractors across the UK since 1992, have more than 11,000 clients; are the only National specialist firm of accountants with offices in all major UK cities; are the most recommended accountancy firm on the internet and have more qualified staff than any other specialist firm with qualifications from the following major tax and accountancy bodies - ATII, ATT, ACCA, CA, ACA, FCCA, ACMA.
At SJD Accountancy you will get an accountant from a large, respected and award winning firm, who will take time to get to know you, always take your calls and provide you with prompt and professional advice. We’ve banned voice mail and you'll never be asked to press one for this or two for that.
We provide our contractor and freelance clients with:
Free face-to-face meetings. Tax is complicated which is why we offer everyone free face to face meetings in any city of the UK.
Unlimited access to your own dedicated accountant. No call centres, no outsourcing, no automated call handling. Simply telephone, email or meet your own dedicated accountant face to face.
Money backed service guarantee. All your telephone calls and emails will be answered the same day or we will refund your monthly fee's.
Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market.
All inclusive low cost monthly package which includes completion of accounts, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, unlimited access to your accountant and all company returns. All of this for a fixed monthly fee of £110 plus VAT, which is one of the lowest prices in the market.
Click here for an interactive map showing all our offices.
If you wish to appoint us as your accountants immediately, the quickest and easiest way to do so is by accessing our Client Agreement Form.
You may also find the following pages, guides and case studies useful:
Take home pay calculator - How much could you be taking home
Contractor FAQ - All your frequently asked questions and their answers
First time Contracting or Freelancing? - A summary of the alternatives along with pros and cons
Step-by-step Guide to Contracting - Download a FREE copy of our guide
Limited or Umbrella? Can't decide? - We help you decide which is best for you
Take home pay case studies - Examples of contractors using limited and umbrella companies
Expenses Guide - Know exactly what you can claim
Umbrella company guide - Everything you ever wanted to know about umbrella company services
IR35 Guide - A great plain English guide to IR35
If you have any questions about contracting or would like any further advice please contact our New Client Services helpdesk on 0500 152500 / 01442 275789 or email jaime.thorpe@sjdaccountancy.com.
Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!
