The UK mortgage market is expanding it’s offering for contractor workers, making it potentially easier for those in the demographic to get property finance. Here, we look at the definition of a contract worker, income assessment, how much contractors can borrow and what specialist advice is available.
WHAT IS A CONTRACTOR MORTGAGE?
A contractor mortgage is a loan against a property for a professional who operates via their own limited company, and are not employees of a larger business. A contract worker is not in formal employment but work via an agreed contract for a specified period of time, making them self-employed specialists.