Contractor Mortgages

Contractor Mortgages

Welcome to Allegro Mortgages: Your Contractor Mortgage Experts

At Allegro Mortgages, we understand that securing a mortgage as a contractor can present unique challenges.  Whether you’re a freelancer, consultant, or self-employed professional, navigating the mortgage market can feel daunting. That’s where we come in.  Our team specialises in providing tailored mortgage solutions designed specifically for contractors, helping you unlock the door to your dream home with confidence.

Regardless of the type of contractor you are, day rate contractor, hourly rate contractor, fixed term contract or even CIS subcontractor, some of the best lenders in the country may be able to offer you a mortgage!

Why Choose Allegro Mortgages for Contractor Mortgages?

1. Specialist Knowledge: With extensive experience in the mortgage industry, our advisors possess in-depth knowledge of the contractor market. We understand the complexities of self-employment and the various styles of contracts, allowing us to provide expert guidance tailored to your needs.
2. Tailored Solutions: We recognise that contractors often face unique financial circumstances.  That’s why we offer mortgage solutions tailored to your individual needs and circumstances. Whether you’re a first-time buyer or looking to remortgage, we’ll work closely with you to find the right product from the best lender available to you.
3. Access to Lenders: As expert mortgage advisors, we have access to a comprehensive range of lenders who are open to working with contractors. This gives us the ability to explore multiple options and find competitive products, ensuring you get the best possible deal.
4. Streamlined Process: We understand that time is of the essence when it comes to securing a mortgage. Our streamlined process is designed to minimise paperwork and delays, ensuring a smooth and efficient experience from application to completion.

Our Services

• Contractor Mortgages: Whether you’re a contractor via your own limited company or inside IR35, PAYE fixed term contractor or a CIS subcontractor, we can help you secure a mortgage that fits your unique circumstances.
• Remortgaging: If you’re looking to remortgage your existing property, our team can help you explore your options and potentially save money on your monthly payments.
• Buy-to-Let Mortgages: Interested in expanding your property portfolio? We offer buy-to-let mortgage solutions tailored to the needs of contractors.
• Specialist Advice: Our expert advisors are on hand to provide personalised advice and guidance at every step of the mortgage process. We’ll answer your questions, address your concerns, and ensure you feel confident in your decisions.

Get Started Today

Ready to take the next step? Contact Allegro Mortgages today to schedule a consultation with one of our experienced advisors. We’ll work with you to understand your goals and find the perfect mortgage solution for your needs. Let us help you turn your mortgage requirements into reality.

 

Income Documentation

For a contractor to prove income for a mortgage, you will typically need to provide a combination of the following documents:

1. Contract Copies: Copies of contracts or agreements with clients or agencies detailing the terms of the contractor’s employment, including the duration of the contract, rate of pay, and any renewal clauses.  These should ideally cover the last 12 months for most lenders.
2. Bank Statements: Recent bank statements showing regular income credits corresponding to the day rate payments. These statements should cover a period of at least three months to demonstrate a consistent income stream.
3. Payslips or Payment Records: Payslips and P60 (if inside IR35) or payment records from clients or agencies confirming the contractor’s earnings. These documents should clearly show the day rate, hours worked, and any deductions.
4. Track record:  If you have recently become a contractor and do not have a 12 months track record as a contractor, some lenders will be happy to accept your contract for affordability assessment if you can demonstrate you have a track record in the same line of work for the last 2 years, usually evidenced by your last 2 years P60’s from your previous employment
5. Proof of Identity and Address: Standard identification documents, such as a passport or driver’s license, and proof of address, such as a utility bill or bank statement, to verify the contractor’s identity and residency.

It’s important to note that the specific documentation requirements may vary depending on the lender’s criteria and the contractor’s individual circumstances. Working with a mortgage advisor who specialises in contractor mortgages can help with the efficient processing of your mortgage application and ensure all necessary documents are provided to obtain your mortgage offer as fast as possible.