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Home » IT Contractor Mortgage
IT Contractor Mortgages – What You Need To Know

Everything You Need To Know About IT Contractor Mortgages And How to Qualify For One
As one of 250,000 IT Contractors in the UK today, according to ITContracting.com, you may have heard that it’s harder for you to get a mortgage because proving your income isn’t as straightforward as someone who earns a regular salary. Even though you might earn twice as much as your salaried counterparts, because you’re self employed or a director in your own limited company, you may have already found that some mortgage lenders will not consider your mortgage application. However, there is a much easier way to apply for a mortgage and raise your chances of achieving a competitive mortgage offer. By choosing to work with an IT Contractor Mortgage Specialist, you’ll find that a different range of mortgage lenders open up to you, offering a wider choice of mortgage products and mortgage rates. That’s because these lenders are not mainstream mortgage providers like the usual high street banks and building societies you’ll find on the high street. An IT Contractor Mortgage Specialist and the mortgage lenders they use are familiar with the way you work, and understand how your income is structured. A specialist IT Contractor mortgage broker will be happy to help you compile everything you need to support your mortgage application. They will then introduce you to the mortgage lenders they use who will be happy to consider your application and make you a mortgage offer based on your Self Employed or Limited Company accounts. Whether you’re a first time buyer, remortgaging your current home, or on the hunt for a buy to let mortgage, helping time-stretched IT Contractors find the right mortgage lender and affordable mortgage loan, is our speciality. So, before you spend any of your valuable time trawling mortgage website after website, stop right now and read our simple Guide to IT Contractor Mortgages, then pick up the phone so we can help you get things moving straight away.Our Guide to IT Contractor Mortgages
Are There Specific Mortgages for IT Contractors?
Yes there are a number of lenders who specialise in bespoke mortgages for contractors who work in niche areas such as IT. Discussing your situation with a specialist contractor mortgage broker will help you find a lender who is willing to accept applications from contractors. A specialist contractor mortgage broker will guide you every step of the way by helping you prepare your application and making sure you have all the documentation you need to prove you are a reliable and responsible mortgage client. If you use a specialist broker that has IT contractor clients on their books, they will already have access to niche lenders and unique mortgage products that you won’t find on the high street. These types of lenders are prepared to lend to IT Consultants because they know how they work and how they are paid and will have exclusive offers that are only available to specialist IT contractor mortgage brokers.How Do I Work Out How Much I Can Borrow?
The more money you can put down as a deposit the more successful your application is likely to be and will help you achieve the most favourable mortgage rates. The majority of mortgage lenders expect at least 10% of the purchase price as a minimum deposit. If you have the funds available to put down more, then that will open up a wider range of lenders, products and fixed interest rates available. If you can raise as much as 20% or 25% for the deposit, this will definitely go in your favour. As an IT Contractor, you will have a set daily rate that you charge your clients. Some lenders will be prepared to calculate the amount you can borrow based on this, especially if you have a long-term or annual contract with your client. To work out how much you could potentially borrow, you can use this simple calculation. Multiply your day rate by the number of days you work each week Multiply that number by 48 weeks (which is the maximum number of weeks per year you are likely to work – when taking holidays into account). If you’re buying with a partner who is employed full time, then mortgage lenders may see you as a more favourable prospect, and this may increase the amount you are able to borrow.