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Tips for securing contractor mortgages and loans

Contractors can improve their chances of securing a mortgage or loan by understanding how lenders rate their customers and by adopting some basic financial strategies.

Contractors are a genuinely unique case when it comes to financial products. So the greater understanding they have of how lenders think, the greater chance they will have of securing finance for their dream home.

Here are the top tips contractors can use when applying for a mortgage or loan. For more information see our mortgage frequently asked questions.…

If your contracting sometimes leaves you cash rich, apply for mortgages that allow additional payments

 

When savings rates are low, it’s a great time to pay off mortgages or over-pay your monthly payment. Contractors are often in a good position to do so, as they can have runs of high-paying contracts that allow them to pay healthy dividends.

When the interest on savings is less than mortgage interest rates, then it makes sense for contractors to pay off their mortgage rather than have their savings appreciate at a rate lower than the interest they are paying on loans. So, if you’re likely to be able to make over-payments or pay off your mortgage early, this needs to be planned for when making the application.

Make sure the lender will allow you to pay chunks off early without penalty. But be aware that most mortgages don’t allow contractors to pay off more than around 10% a year, if at all.…

 First-time contractors can still qualify for mortgages

Despite the requirement for a track record, there are lenders who will offer first-time contractors competitive mortgage deals. A track record will secure the best deals, but first-timers can still get their foot on the property ladder.

Because contractors are unique, the best mortgage and loan deals are offered by lenders who understand contractors and who are represented by specialist mortgage brokers. There are some deals which only specialist contractor brokers can access.…

Avoid breaks in contracting

One of the attractions of the contracting lifestyle is the ability to take long breaks for holiday, travel and other reasons. But if those breaks exceed eight weeks over an average twelve-month period, then lenders start to have concerns.

Most lenders look for a 12-24 month employment or contracting track record with no more than eight weeks between each contract. Lenders can view contractors as inherently risky, but a contractor’s good track record will encourage a lender to take a calculated risk. Contractors also tend to get better deals via more choice of lenders if they can prove their healthy track record.…

Big deposits win

 

Not surprisingly, contractors with large deposits are more likely to secure a mortgage. Lenders look at the contractor’s credit profile and their loan to value ratio. Contractors with smaller deposits borrowing with a high loan to value ratio may have to answer more questions and jump through more hoops because the lender views them as a bigger risk.

This is also true for remortgages, but if a contractor has an existing mortgage and has always made timely payments, this will work in their favour and should increase the chances of them being awarded the mortgage.…

Understand how targeted lenders use credit ratings

 

Most lenders use a bespoke algorithm to evaluate credit scores and create an internal score card for each contractor: Some lenders view events differently from others. A lender evaluating a £100,000 loan with a 30% deposit will view a contractor’s financial history differently from one being asked for a £500,000 mortgage with a 5% deposit.

It’s important to try and understand what the lender might see as ‘too risky’, and target your application accordingly.…

Make sure you achieve and maintain a good credit rating

 

Contractors must have a good credit rating to ensure they qualify for the most competitive contractor mortgages. Events adversely impacting on credit ratings include:

Missed or late payments for loans, credit cards and utility bills. These remain on a contractor’s credit profile for up to six years
Having a credit facility that remains unused. A contractor might have a credit card they never use with a £10,000 limit ready for emergencies. But even unused the £10,000 limit contributes to the contractors total liability. Contractors not using such facilities should close down or reduce them
Credit cards up to their limits and large overdrafts suggest that a contractor is reliant on this credit, which will harm their rating
Contractors should be on the electoral register where they are living. They should make sure they are not on old registers from previous addresses, and that they have changed their address with all of their contacts. Multiple addresses are a negative factor
County Court Judgements (CCJs), debt management plans and individual voluntary agreements (IVAs) are a definite ‘no no’. They will remain on a contractors records for up to six years, while a bankruptcy remains for life, blighting the chances of securing any credit at all
Financial links to other people, such as a spouse or housemate. If a contractor’s spouse has a poor credit history, this will impact on the contractor’s ability to borrow.
If a contractor is no longer linked to an ex-spouse or partner, they should ensure that link is removed in case that person gets into financial trouble.

Contractors can have a shock in some circumstances, finding that their potential lender rejects their application because of something in their past.…