Mortgages For Contractors
Are you a Contractor looking for a mortgage?
We understand the difficulty faced by an Contractors in trying to source a mortgage.
Many Contractors operate their business dealings as a Limited Company for tax purposes or as a Sole Trader with a short term contract.
Whilst this is often very tax efficient, we regularly find that Contractors struggle to place their mortgage with lenders or non-specialised Financial Advisers who do not fully understand these structures.
Lenders usually base their lending criteria on the income you draw from your business (typically PAYE earnings and Dividends drawings) rather than the actual net profit generated or do not accept a contract with less than 12 months left to run.
Is your own bank sympathetic to Contractors and their mortgage requirements?
You may have found us after being told by a high street Bank that they are unable to assist you as you with the level of mortgage borrowing that you require. With over 30 years mortgage experience Prudell Ltd have become specialists in advising and arranging mortgages for Contractors and have strong links with major high street Banks and Building Societies as well as Private Banks and other specialised lending sources.
The Prudell Ltd Solution
We have access to a number of schemes from high street lenders who are sympathetic to Contractors. An approved solution can be to base your income on your daily contracted rate rather than the income drawn from your business. For example a Contractor earning a daily rate of say £500 on a fixed term contract would have their income classed as £120,000 per annum for underwriting purposes. This can increase your borrowing capacity significantly compared to the more 'traditional' methods of underwriting mentioned above.
We will be delighted to discuss these options further with you.
Find out more
Our service provides you with a way of bypassing the frustration of being rejected by lenders with an out-of-date bias towards permanent employment. We can secure the most competitive mortgages regardless of how your daily rate is paid to you. We appreciate that for tax reasons many contractors will draw a minimum salary and also restrict dividend drawings from their company to avoid higher rate personal tax.
Please call us on 020 7328 3280 to discuss your mortgage requirements. Our advisers can provide you with a fast assessment as to whether we are able to assist with your enquiry. This avoids the need for unnecessary delays and numerous searches of your credit file by Banks who ultimately cannot help you which will often affect your credit rating.
Please contact us today on 020 7328 3280, email us on enquiries@prudell.co.uk or complete the form below and we will contact you.
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