By Jonathan London on 28th August 2015

Top tips to help secure a mortgage as a contractor

Getting a mortgage as a contractor may seem like an impossible task, but it doesn’t have to be difficult and there are some things you can do to improve your chances.

We’ve asked our specialist mortgage partners Contractor Mortgages Made Easy (CMME) to share some top tips on how to help secure a mortgage when you operate as a contractor, freelancer or locum.

  1. Use a specialist

CMME have spent a lot of time negotiating bespoke underwriting criteria allowing contractors to borrow based on contract rate alone. A specialist broker will be able to submit your application upfront to the decision makers within major banks, ensuring it is not declined because of your employment status.

  1. Build your savings

There are lots of low rates available in the market, but the best ones are only available to those with a deposit. It is important to have at least 5% saved up, but 10-25% is a good target. The more equity you have in a property, the less of a risk you are to a lender. This also means better rates and lower monthly repayments.

  1. Improve your credit report

Lenders have become increasingly risk averse and will use any reason to decline your application. That is why you should ensure your credit rating is as clean as possible. There are free online credit check reports, which will give you an idea of what you need to do to improve your rating.

  1. Prepare important documents

You will need to provide CMME with an up to date CV, and a copy of your current contract. These will be used to prove current earnings, skills and experience. Together this will ensure you face no problems regarding affordability.

If you would like more information about any of the above please visit:, or call 01489 555 080 to get started with your mortgage today. Alternatively, you can click below to download our guide to contractor mortgages.

Jonathan London Written by Jonathan London

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