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MORTGAGES


Besides the normal criteria that you will encounter and need to meet, contractors in the IT industry have their own issues. These relate to the often short-term nature of their contracts and uncertainty thereby generated over continuity and levels of sustainable income.

Many lenders in recent years have adopted more flexible viewpoints towards contract workers in general and particularly the IT industry. This reflects the increasing trend of employers to recruit on a limited contract basis and specific to work demands at that time.

Some lenders will seek to treat you as a normal employee. They will be particularly interested in how long you have worked for the same employer and whether your contract is renewable, etc. Where contracts are from one company to another and more variable, lenders are more likely to see you as simply self-employed. In this case ability to produce accounts or tax returns will be an advantage, ideally showing trading over at least 2-3 years.

If your circumstances do not quite meet normal criteria, a more limited number of lenders may consider limited trading periods or some form of self-certification, for example. As with any potential borrower the amount of your deposit which determines your loan to value ratio, your credit history and general circumstances can affect lending decisions.

In any situation it is important that you do not over commit yourself. Advice on this and your specific circumstances should be obtained at an early stage.

All loans are subject to status. Your home may be repossessed if you do not keep up repayments on your mortgage

GUIDE TO MORTGAGES

This guide aims to give you a simple overview of the various types of mortgage available and how they work.


FIND A MORTGAGE

Let us do the work for you. Complete our online mortgage enquiry form.

Click here for more information.

 
HOW MUCH?

Includes a table to give you a guide to the amount you could borrow as a multiple of your income

Click here for more information.


GET ADVICE

Grosvenor Trust & Savings, established in 1989, has years of experience in mortgage advice.

Click here for more information.


 

econveyancer

 
 

Protect Your Mortgage Payments

 

Melwoods Chartered Certified Accountants

   

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