A simple Guide to getting a Freelancer Mortgage

Sorting out a mortgage is never easy – and even less so if you’ve recently switched from full time employment to Contracting and have other things to worry about! So, working with our recommended provider Contact Contractor Mortgages Made Easy (CMME), we have developed this simple guide which will help to make it as painless as possible.

For more information, please contact CMME directly on 0844 44 88 800 or email easy@contractormortgagesuk.com. They will search the entire market to find the best mortgage for you, at the best possible rate.

1. Make sure you have a copy of your signed contract to hand which is totally up to date. This needs to clearly state the length of your contract, and your current contract rate. You’ll also need some ID, such as your passport and your driving licence, plus bank statements – both business and personal - and any other info, like utility bills for example, that could be relevant to your mortgage application.

2. Assuming you choose CMME, they will help you to select a lender, as they have negotiated specialist mortgage underwriting terms for contractors with a number of large High Street lenders. This enables them to arrange a mortgage based on the contract you have, rather than on the number of years you have been working as a contractor. This will help to process your application quickly and without hassle.

3. The fact that CMME is managing your application means that the lender will treat you seriously and will understand that contractors are not a higher risk. This is much better and faster than trying to convince inexperienced bank staff, who only really understand the world of employment, that your income is valid.

4. Once you have chosen a lender, CMME will help you to secure an ‘agreement in principle’ from them, which will state exactly how much they are happy to lend you. It’s really useful to know this before you start house hunting so that you know what you can afford to look at, or how much discount you need to negotiate!

5. As soon as you have found a house, made an offer and it has been accepted, CMME will immediately set everything in action and at that point will also need to instruct a solicitor to act on your behalf. The solicitor will do all of the necessary ‘chasing’ of the lender and will make sure that the required surveys and searches are carried out on time, and then processed by your mortgage company. The solicitor will also draw up contracts and then liaise with the seller’s solicitor on your behalf, to agree dates for exchange of contracts and completion.

6. Once an exchange date has been agreed, your solicitor will call CMME, who will then chase your lender to ensure that the money is transferred in time for your completion date.

And after completion, all you have to do is move in. Good luck!

If you are looking to take that first step on the ladder, or to remortgage an existing property, then Contractor Mortgages Made Easy will help you find a solution to suit your needs. Whether you want to find out the best rates available or help calculating how much you can borrow based on your contract rate alone, call 0844 44 88 800 or email CMME on easy@contractormortgagesuk.com.