Contractor Mortgages: The Best Way to Secure a Competitive Mortgage
Sadly, contractors and freelancers have always struggled to get a competitive mortgage. As the financial crisis deepens, this means that contractors will often miss out on the dream home as they face even more barriers towards obtaining a competitive mortgage rate from high street lenders. Whereas, people in permanent employment have attracted favourable rates due to lenders having an unfair bias towards them. This is because lenders view permanent workers as less of a risk than contractors. commercial contractors Unfair as it may seem, this bias is still strong today if not worse due to the financial crisis. Unfortunately contractors are neither seen as employed or self-employed, somewhere in between the two, which makes it hard for lenders to determine the potential affordability of contractors. It is made even more complicated by the fact that many contractors work through a number of trading structures and payment mechanisms, including Limited company, UK Payroll umbrellas, Ta...