- Hi Jennifer, Hope you’re doing well. Both – myself & wife wanted to say big “THANK YOU” for your assistance with the mortgage. It was easier than getting a personal loan or credit card, I’d definitely recommend you guys to all my colleagues and friends. You’ve been great help and always answered all the questions with patience. Thanks again.DV, April 2015
- Once again thanks for all of your help throughout this process Ben, working with yourself and Contractor Mortgages has been the best mortgage experience we've had, I'll definitely be recommending your services.Cheers,Arun, March 2015
- Hi Ben, We've just walked through the door of our new home. Thank you for all of your help, guidance and patience! We're over the moon! Have a lovely weekend Kind regards,Keith Leah James and Georgia, March 2015
- WonderWoman Debbie has just called me to confirm my Mortgage offer. Great thanks to her and her Team for a most professional and personal Service,Edd, March 2015
- Joshua, completed this morning, what an excellent service your company has provided. Absolutely effortless from beginning to end and a great mortgage product. CC’d are three contractors from my team who I am sure will , over time, need your help. They are all very keen to have your contact details! All the best and thanks again,Mark, March 2015
Frequently asked questions
These products are no different to any other mortgage in terms of pricing. The difference is how the lender assesses the application. Many lenders are now aware of the low risk these individuals are, and have chosen to update their lending criteria in order to accomodate for the growing number of flexible workers. They no longer look at traditional forms of income assessment, but rather channel the application towards bespoke underwriting criteria, specifically available for the contractor and freelancer community. This way, contractors can be assessed on a multiple of their annualised contract rate, thereby allowing them to borrow more in line with their true earnings. By utilising a specialist broker, contractors are able to access the same competitive interest rates that are available to permanent workers.
Every application is assessed on an individual basis but the broad criteria is: 1) There must be a current contract in place. 2) Continuity should be provable in the type of work being done. 3) Borrowers new to contracting are acceptable. 4) Income can be defined via annualised contract rate. The only documentation CMME require to support an application is a copy of your current contract, an up to date CV, identification and bank statements. CMME can assess how lenders will view your circumstances based upon feedback from decision makers within the banks, with no obligation. This way eliminates the possibility of an adverse lending decision because of the way you choose to work.
Mortgage options for contractors have become increasingly comprehensive in recent years. More lenders than ever before have realised the contractor workforce is growing, and have decided to alter their borrowing criteria in order to cater for them. These include High Street names such as Clydesdale, Virgin Money and Nationwide, as well as a growing number of smaller lenders such as Metro Bank, Leeds and Kensington. Since their launch, Contractor Mortgages Made Easy has spent time educating lenders about contractor remuneration structures and the true earning potential of these professionals. As a result they have been able to put in place bespoke underwriting terms with a range of lenders, enabling contractors to borrow based on a multiple of their contract rate. They have become experts in arranging mortgages for contractors.
The rate you can obtain on your mortgage is no different to the rates that are available to any other employed or self-employed individuals. Prior to these products being launched many contractors were reliant on self- certified mortgages, where they paid a higher rate and higher fees. CMME do not offer different pricing and do not deal with lenders that do as it is not fair to penalise you. Not all lenders are going to be the best for your situation, which is why research is done upfront to ensure you get the very best deal for your circumstances. Our rate table is update regularly keeping you up to date with the most competitive mortgage rates currently available to contractors.