- Kelly-Anne and Polly were professional, prompt and very helpful. Thank you to them both! Will definitely use again and recommend!Asad, February 2017
- Hi Matthew, I am a recent customer of yours and would like to commend the work of Polly Dyer and Kelly-Anne Anderson. They were tremendously professional and helpful throughout the process which proceeded very smoothly. I would not hesitate to use them again or recommend them to a friend.Eoin, February 2017
- Hi Tim, Thanks for all your assistance in getting this sorted (and Lisa) we completed on 5 January, as far as I am aware everything has gone smoothly. Thanks again!Alison, January 2017
- Hedy was brilliant - really helped at every stage of the process. Her experience is very valuable. She understands the pressures that new home builders put on new buyers and how to handle them along the way. I look forward to having a long-term relationship with Contractor Mortgages as we go through remortgages in the future.Nick, January 2017
- Hi Debbie and Joanne, Thank you so much for all your efforts to get a mortgage approved for us. It's been a testing time and you have been superb in dealing with our tantrums!! Alison is ecstatic and probably won't be able to speak for a few days! Thank you for making this work, I am sure there are much easier clients than us! It is no surprise that I will recommend you to any of our clients / colleagues / friends et al. Thanks againGiles and Alison, January 2017
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.