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Securing a mortgage is never easy – and even less so if you’ve recently switched from full-time employment to contracting, freelancing or self-employment. So, working with our recommended Mortgage Broker, CMME, we have developed this simple guide which will help to make it as seamless as possible.
We outline some important aspects to remember before applying for a mortgage, as well as what to expect during the process:
Make sure you have a copy of your signed contract to hand which is totally up to date.
This needs to clearly state the length of your contract, and your current contract rate.
You’ll also need some ID, such as your passport and your driving licence, plus bank statements – both business and personal - and any other information, like utility bills for example, that could be relevant to your mortgage application.
Assuming you choose CMME, they will help you to select a lender suited to your individual circumstances, as they have negotiated specialist mortgage underwriting terms for contractors with a number of large High Street lenders.
This enables them to arrange a mortgage based on the contract you have, rather than on the number of years you have been working as a contractor. This will help to process your application quickly and without hassle.
The fact that CMME is managing your application means that the lender will treat you seriously and will understand that independent professionals are not higher risk.
As opposed to trying to convince inexperienced bank employees, who only really understand the world of employment, that your income is valid for mortgage funding.
Once you have chosen a lender, CMME will help you to secure an ‘agreement in principle’ from them, which will state exactly how much the lender is happy to lend you.
It’s really useful to know this before you start house hunting so that you know what you can afford to look at, or how much discount you need to negotiate!
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Appointing an accountant can save you time and stress when starting up on your own. If you would like to speak to someone about any of the above information or any other queries you may have, arrange a callback and a member of the team will be in touch.
If you're already a client of ours, you can speak to your dedicated accountant directly.
Monday - Friday (9am to 5pm)