Independent Financial Advisors for IT Contractors
Most contractors will have a horror story or two to tell about the hassles they have had trying to arrange a mortgage. It's all too easy to obtain an 'online agreement in principle' only to find that, after a nerve wracking two weeks wait, you're rejected when the underwriter realises you are not a permie or asks you to show accounts (which clearly won't reflect what you truly earn - otherwise you need a new accountant!)
At Contractor Money we are eager to prove that you can easily secure the same 'High Street' mortgages as a permie - it's simply a case of making use of the expertise and contacts that we have built up over many years.
Over 95% of our clients are contractors and as such we fully understand how and where to properly submit mortgage applications to ensure success (each week we are approached by distraught clients whose homes are in jeopardy as a result of being declined for a mortgage elsewhere because a less specialist broker has approached the wrong lender or poorly packaged the application). We avoid poorly trained, poorly motivated staff at the branch networks of the major institutions and instead deal with key underwriters within the lenders centralised processing units. In this way we can avoid the strain of having to prove your employability, earnings potential and credit worthiness to branch based mortgage processors who always seems to look for reasons NOT to help.
At Contractor Money we are Independent Financial Advisers (IFAs), directly regulated and authorised by the Financial Services Authority. We are pleased to be able to offer full advice whereas many institutions will now only provide you with an 'information only' service. We also provide what is referred to as a whole of market service, which means we can advise you on and arrange a suitable mortgage from all the lenders and from all of their product range. Please take time to read our Initial Disclosure Document for further details of our service and regulatory status.
We ensure that interest rates are competitive and favour lenders who will work simply from a generous multiple of your annualised contract rate (up to 4 times income). This use of your contract rate alone avoids the need for submission of company accounts that first time contractors may not have and that will not, in any case, truly reflect your income - retained profit can prove an issue as can lower income figures in the first years accounts when youre often able to offset start up costs. We also avoid schemes that have extended loyalty clauses and hefty associated fees such as higher lending charges (which are often payable where deposits are below 10% of the purchase price. We can competitive rates where little or no deposit is required and even have access to a scheme that allows you to borrow 125% of the purchase price. You do not need you to have been contracting for a lengthy period before applying for the contractor mortgage and we are able to arrange mortgages for clients who are in the 1st week of their first contract.
Many clients exploit the potential savings associated with the new breed of 'flexi loans' and 'cheque book' mortgages (contractors have made significant savings on their interest payments by reducing debt on a short term basis whilst maintaining the freedom to withdraw this capital when needed-tax bills etc).
Even in the Internet age we recognise that most people would prefer to seek help and advice when making, what is, the biggest financial decision of their lives. To this end we offer a highly personalised service. You will be assigned a real, living, breathing member of our team to answer queries and keep you informed along the way and to ensure that your mortgage application is dealt with efficiently. By using a mortgage broker you should have access to exactly the same products from lenders with no additional costs.
All brokers receive commission from whichever lender they use but many will also charge a hefty additional fee to the client (which can range from 0.5%-2% of the amount borrowed). We are happy to point out that we do not charge you for our services nor insist that you take out additional products from ourselves. We are convinced that, in the close knit world of contracting our business has benefited overall by taking this stance and the vast majority of our new clients come to us via recommendation from other, satisfied, contractors who have made use of our services in the past. Even though we are happy to use the introducers fees to cover our costs with no further fee payable by you, paradoxically as part of new Financial Services Authority regulation we are forced to go through the motions of offering you the option of paying a fee to us instead. This would be 0.6% of the loan and we will refund you any commissions earned. In the vast majority of cases this is in excess of what we would expect to receive from the lenders and we shall therefore assume you do not wish to go down the fee route unless you state otherwise. Any recommendations we make to you are based on your needs and circumstances and we'll reconfirm any advice we make to you in writing.
Whether you're a first time buyer who's keen to stop funding someone else's mortgage from the rent you pay, whether you're 'trading up' to a house that reflects the hard work that you put in each and every day of your contract, whether you're looking to invest in a second property for rental as a hedge against uncertain times ahead or simply looking to save substantial amounts of money each month on your existing loan by re-mortgaging fees free to a lower rate please complete the Mortgage Finder and we will be in touch shortly.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Sorry, you need JavaScript enabled to use our Mortgage Assessor.
Simply enter your contract rate in our mortgage assessor and we'll give you a ball-park figure as to the loan size that you can aim for.
Alternatively we've a range of self-certification options where no proof of income is required.
To judge likely monthly repayments for a given interest rate try our Mortgage Calculator.
Steve BirchallThe whole process was so quick and easy with no worries...
Nick WilliamsI would have no hesitation in recommending your company to others...
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Please Note: Financial advice on these pages is given by ContractorMoney, which is a trading name of Contractor Financials Ltd and is regulated and authorised by the Financial Services Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Click here for Important Legal Information which should be read. Click here for a copy of our Private Client Agreement. Click here for a copy of our Initial Disclosure Document.
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