Think carefully before securing other debts against your home.  
Your home may be repossessed if you do not keep up repayments on your mortgage

Are you a contractor?

Many companies make it appear that getting a mortgage for a contractor is some sort of miracle that only they can perform.

We strongly feel we should keep all options open for all our customers including contractors.  There are a number of lenders who will entertain applications from contractors, but we do not always need to go down that contractor route.  There are many industries which now utilise contractors from engineering to banking to legal as well as IT.  It is human nature to want to feel special but only for others to capitalise on that.  Many of our clients are professionals who fully understand that although they may be very knowledgeable about their own industry, they do need help of other professionals in other industries such as accountancy, legal and us at Max Mortgages!

Below is a slider that helps indicate to what level you may be able to borrow based on your day rate.  This is always subject to a fuller assessment.

Contractor Calculator

Click here to contact us or feel free to read on

What is a contractor mortgage?

Lenders use various income proofs to determine your income. If you are employed and work for someone else, usually that’s your payslips & P60.  If you are a director/shareholder of your own company or self employed, then it is usually SA302 income and accounts.

Some lenders for directors/majority shareholders of limited companies will use their salary plus net profit as highlighted by the finalised trading accounts.  This figure of course can be much higher than the personal earnings declared on personal tax returns such as the payslips & SA302s.  Using retained profit can be a tax efficient way of qualifying for a larger mortgage.

But some lenders go a step further for contractors whereby they simply utilise their daily rate and effectively disregard any expenses.  Using this criteria potentially gives a contractor the highest borrowing capacity.  But what if your borrowing requirements do not need such a high level of income??

For that reason we try to open up as many lenders as we can for our contractor clients.  So for example if the SA302 income is sufficient for your needs (and every lender will work of SA302 income), this opens up more lenders for you and a greater choice of product!

We specialise in mortgages, and that means we cater for contractors.  Going to the same lender as your fellow contractor may not be the best option for you.  In addition to being a contractor, other factors may have determined why your colleague had to use a particular lender – factors such as time in the UK, VISA status, credit history, income level, deposit level and other financial commitments as well as age all play a part.  Also many colleagues/friends do not always share their inner most details amongst each other.  But we will have the full picture which we will treat with strict confidentiality.  You are an individual, lets keep it that way.

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