How To Get A Mortgage If You Are An IT Contractor

It Can Be Difficult To Get The Mortgage You Want If You Are An IT Contractor. At FindAdviser We Are Experts At Getting Mortgages For IT Consultants

 

 

Mortgages For IT Professionals Who Run Their Own Ltd Company

 

 Call Now On 08000-146-701 For A Free Initial Phone Consultation

 

Being a self-employed IT Contractor has many advantages to permanent employment including job flexibility and independence, not to mention the ability to save tax through the use of low salaries, expensing costs through the company and making payments via director’s dividends rather than the more traditional Pay As You Earn income.

However, these benefits can come at a cost and at no time is this more evident when it comes to trying to obtain a mortgage. Now you are viewed as a self-employed individual whose income will only last until the end of your next contract.

Suddenly, all of the things about contracting that were so attractive – the flexibility and the tax savings, are now working against you as you attempt to persuade a lender to give you the mortgage you need. All the mortgage provider seems to be interested in is your net income figure which they insist in using to calculate your mortgage affordability, despite the fact that this amount is way lower than the total amount which you bring into your business.

How FindAdviser Can Help IT Contractors Get A Larger Mortgage

We have been advising IT Contractors on their mortgage requirements  for many years and we can usually get them much larger mortgages than are normally available from most mortgage providers. The way we have been able to do this is by speaking to a small number of lenders and explaining to them exactly how IT Contractors run their businesses.

After educating these mortgage providers on the working practices and remuneration of IT Contractors, these lenders have finally understood that an IT Contractor actually is a much better candidate for a mortgage than their employed equivalent and as a result, they have agreed to base their mortgage lending on the full amount of your daily or hourly contract over a 46 – 48 week period. 

This means that an IT contractor on a daily rate of £500 who claims expenses and pays themselves only a small salary and dividends and ensures that their net profits always fall just below the high rate tax band could obtain a mortgage over £500,000 rather than just over £200,000 which they could expect from most lenders.

Call Us Now For Your IT Contractor Mortgages

If you are an IT Contractor and are looking for a mortgage then call us now to obtain a mortgage specifically for you.

   

 Call Now On 08000-146-701 For A Free Initial Phone Consultation