The Practical Guide to Limited Company Tax
If you have chosen to operate your business as a limited com...
By Jonathan London on 28th August 2015
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.
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.
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.
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.
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: https://www.contractormortgagesuk.com/partner-boox, or call 01489 555 080 to get started with your mortgage today. Alternatively, you can click below to download our guide to contractor mortgages.
Our guide to choosing the right accounting software walks you through the market leaders to help you choose the right platform for your business
Take a look at our recent blogs below.
If you decided to take the plunge and be your own boss, one of the first decisions you’ll need to ...
Published: 6th August 2018
If you engage Boox to do your company’s VAT returns, you’ll be aware that we require your specif...
Published: 26th July 2018
It’s not just something cows do! MOO is the acronym for Mutuality of Obligation, which exists in e...
Published: 23rd July 2018
While it’s not a new problem, it certainly isn’t one that’s going away anytime soon. We’re t...
Published: 20th July 2018
HMRC are dogged in their efforts to recoup unpaid tax through schemes that they view as tax avoidanc...
Published: 18th July 2018
It is the time of year again when HMRC are sending out Self-Assessment Statements. These show all pe...
Published: 6th July 2018
To stay on the right side of HMRC’s expenses and benefits legislation, P11Ds need to filed by 6th ...
Published: 3rd July 2018
GDPR – the General Data Protection Regulation, comes into effect on 25th May and is the bigges...
Published: 24th May 2018
As a business owner, your time is way too precious to spend hours dealing with HMRC or Companies Hou...
Published: 14th May 2018
“Never do tomorrow what you can do today. Procrastination is the thief of time” Charles Dicken...
Published: 11th May 2018
Congratulations! The very fact you clicked this far shows you are considering employing staff, and t...
Published: 17th April 2018
If you need a little help to find the right accountancy service, don’t worry.
Thousands of contractors, freelancers and locums turn to Boox for help and advice with their limited company accounting. They love our personal service and app.
Specialist accounting for sole traders and the self employed, Boox combines easy online tools with expert support to take away the stress of handling your accounts.
Our combination of market-leading accounting software and expert personal advice gives you greater financial control and more time to grow your business.