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Having made the decision to leave the relative safety of a permanent position to become a contractor, you are now no doubt wondering how this will affect your mortgage. It all comes down to your financial status as a contractor.

The issue is not you as an individual but that the mortgage application and approval processes for larger lenders has, in the main, been created for salaried employees rather than contractors.

Many mortgage lenders are happy to work with specialist brokers who understand the financial status of their clients who are looking for a contractor mortgage. Working with a contractor mortgage specialist provides two key benefits - potential access to more mortgage products and a dedicated adviser who deals directly with their head office which can help to speed up the mortgage process.

Here is the low down on the 5 essential documents you will probably need to provide in order to secure a contractor mortgage based on how long you have been contracting.

New to contracting

At least one day trading as contractor

  1. Suitable ID
  2. Copy of current contract
  3. Copy of last one or two years’ P60s
  4. Last three months’ personal bank statements
  5. Copy of CV

Long term contractor

  1. Suitable ID
  2. Copy of current and previous contracts
  3. Copy of CV
  4. Last three months’ bank statements
  5. If available, accounts for the las two years showing three years’ figures (not essential but advantageous)

New to contracting & requiring high Loan to Value (LTV) i.e. 90%

  1. Suitable ID
  2. Copy of contract
  3. Copy of last three years’ P60s
  4. Last six months’ bank statements
  5. Copy of CV

At The Contractor Mortgage Company, we specialise in contractor mortgages. Our advisers understand contractors’ financial status and work with head office underwriters who are contractor friendly. This includes presenting the limited company contractor remuneration model of low salary, high dividend to the lender.

For more information about arranging a contractor mortgage, call 0330 088 1260 or fill out our online enquiry form.