The Experience of a Super IT Contractor#experiencesoutsidethebox The ScenarioAn IT contractor previously tried to get a mortgage from his bank and other brokers but was unable to find a lender that would lend to him given his current circumstances*.In this case his current circumstances and the main problems with finding a lender who would lend to him were:He was earning under the £75k threshold that some contractor friendly lenders haveHe had only been contracting for a couple of weeksEach case is different and problems arise that can hinder a successful mortgage application (such as those described above).The Moral of the StoryContract Mortgages managed to get him an Agreement in Principle and undertook a full mortgage application over the phone, allowing him to move into the new place in just 4 weeks.We were able to find a lender who would consider him despite earning under the £75k lender threshold and despite only contracting for a couple of weeks, as he had sufficient affordability.As an IT contractor it would have still been possible to get him a mortgage - even if he had been contracting for as little as 1 day.Protecting his Mortgage Just as important and often overlooked - Protection. Relevant Life Cover is a tax efficient way for an employer to provide their employee(s) with life cover benefits. It may be relevant protection for you as a contractor and could potentially provide you with savings.We don't charge a broker fee regardless of a successful or unsuccessful mortgage application.*This was based on lenders underwriting criteria at the time. Each case will depend on applicant's personal circumstances, and lenders underwriting policy at time of application.YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS OF YOUR MORTGAGE. Contract Mortgages Ltd is an Appointed Representative of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority.Registered in Scotland No. SC465654. Registered office is 1st Floor, 207 Bath Street, Glasgow, G2 4HZ.
