How does contracting affect mortgage applications?
We’re all aware of the flexible working benefits offered when you choose to become a contractor, however, due to fluctuations in earning and uncertainty; many contractors have historically faced difficulty when trying to secure mortgages.
Mortgage lenders will usually assess the applicant’s income, expenses and security to make informed decisions on how much to lend. While it may be trickier for contractors and self-employed individuals, it is still an achievable goal with the right support and paperwork behind you.
How much can a contractor borrow?
As is the case with normal mortgage applications, lenders will want to see an average of 2-3 years of previous years earnings, including expenses, in order to make an affordability assessment.
Mortgages for contractors with Procorre
Are you a contractor who needs support with getting a mortgage?
Procorre have close relationships with mortgage advisors who specialise in assisting contractors with all of the necessary paperwork and administration for getting a mortgage.
Procorre Partners can take advantage of this benefit, along with many others when they join the Procorre Partnership.