- Hi Robin and Jessica, Thank you for all your help. I have to admit I was sceptical how you could help when others flat out refused, but the service has been seamless from start to finish. We move in 3 weeks on Friday (not that I am counting). Please feel free to use me for endorsement and I will of course sing your praises to others who require a similar solution.Tom, February 2015
- Hi Natalie,Thanks for your chat earlier and for your assistance throughout this process. You have been so helpful and taken away so much of the stress that can be involved with purchasing a property. We have also been impressed with your professionalism and knowledge on the different properties and mortgage types that we have explored. I would be more than happy to refer your services.Ervina, February 2015
- I would like to add a personal thank you to Polly Dyer, throughout the whole application process she was very helpful, informative, supportive and reassuring. I have recommended CMME and especially Polly to several of my colleagues and friends.Richard, February 2015
- Hi Steve, You helped me get a mortgage for a house in Peterhead about 15 months ago, and the service was superb.Lewis, February 2015
- Hi Olivia, Well ... that's us now moved in to our wee cottage last Friday ... with little stress. Thanks very much for all your help, it was very much appreciated. Thanks.John, January 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.
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.