As a contractor, you may have more opportunities for securing a mortgage than you think. Some mortgages are based not on what you take home as a salary, but on your weekly contract rate, as long as you can show a contract history and future contractual arrangements. We'd be happy to talk you through your options.
With so many options to consider, it can seem very confusing. So, to help you out we've answered some of your most common questions. For more specific advice about the options available for your circumstances, why not get in-touch with one of our friendly advisors.
Yes, but as income for contractors and the self-employed can fluctuate from month to month, it can be difficult to know how big a mortgage you can secure. Contact Oviso and speak with one of our team who will be able to help with advice that is relevant to your particular circumstances.
Typically you would need to have a contract renewed at least once or 12 months' history of contracting or a year's accounts. Depending upon what type of contract you are on or whether you are set up as a limited company, will impact what financial information we require to find you the right mortgage provider.
As with all types of mortgage applications, we aim to try and secure for you an offer within a couple of weeks.
Our simple mortgage calculator can help you to calculate your LTV (loan to value) and what your likely mortgage repayments will be. Remember, you will need to allow for other costs such as stamp duty, solicitor fees and moving expenses.
There will be additional fees that you'll need to include within your house purchase budget
Examples may include: Solicitor fees, Broker fees, Conveyancing fees, Mortgage fees, Stamp duty.
If your mortgage is a fixed rate, your payments will remain the same for the deal period, but could increase at the end of the deal period.
For a more detailed summary of your house purchase costs, it's advisable to discuss the options available to you for your circumstances with a qualified mortgage advisor.
To find out more about mortgages, personal insurance, business insurance and protection or to discuss the options available for your circumstances, contact our team of advisors
