If you’re self-employed, you expect to encounter a few more challenges when trying to secure a decent mortgage deal.
Lenders are more likely to offer mortgages to self-employed contractors if they can present at least two years’ worth of accounts. But for those who have only recently started working for themselves, this can be a long time to wait.
This was certainly a concern for one of our clients who sought our help to secure a new mortgage deal. She was desperate to release some equity to cover the cost of major renovation work on her home. However, she’d recently taken the bold decision to leave the security of her salaried role to work as a self-employed contractor.
Although she’s currently working and receiving a decent daily rate, she was aware that because she’d only been self-employed for a short period of time, she didn’t have the accounting history to back up her application.
The team at Hawk Mortgages reassured her that, despite her relatively new employment status, we could still find her a great contractor mortgage deal.
We contacted many lenders on her behalf and explained that, because her current contract role pays such a high daily rate, our client could easily afford to make the monthly repayments. We then contacted our client to talk her through the options available to her.
After careful consideration, she signed up to a two-year fixed rate deal with a high street lender, who could offer the highly competitive rate of 1.64%
Not only did our client benefit from this great deal, but we also made sure the process was as stress-free as possible. Because she was based in Reading, almost 80 miles away from our offices, we consulted with her over the phone at a time convenient to her.
Another happy Hawk Mortgages client