Contractors shouldn’t settle for
a lesser mortgage, and now
they don’t have to with our help 

At Taylor James Financial Services, we have the skills and expertise to arrange mortgages for the following types of contractors, across all industries, including IT, Banking and Finance, Media and Broadcasting, Engineering, Legal Services, Accounting, Project Management and Construction.

Self-employed contractors - registered with the HMRC as self-employed and responsible for paying their own taxes and national insurance. An independent contractor may be working for one or more companies and will often need to present lenders with a work history of at least 12 months. However, this does not all need to be from contracting.  With our expertise, we can often get lenders to accept periods of previous permanent employment towards this requirement.  Most mortgage lenders still determin your affordability based on your declared self-assessment net income averaged over 2 or 3 years.  However, we have relationships with many lenders who will assess your income based on annualising your hourly or daily rate of pay which can often be far more beneficial to you in terms of the maximising your borrowing capabilities.

Contractors on fixed-term contracts - typically, many high street lenders don't entertain people on short, fixed-term contracts such as those working in film and television production as they don't provide these lenders with the assurances they need regarding stability of income. However, with a strong CV and track record (and your expertise in this field) we have access to high street banks that will allow mortgages to contractors, even when the contracts are only for a few weeks or months at a time.

Construction Industry Scheme (CIS) Contractors – although the vast majority of lenders will view CIS contractors as being self-employed, and thus want to see evidence of self-employed income over a period of 1 – 3 years, we do have a number of lenders, including some high street banks, who will assess your income based on an average of your last 3 months invoices.  This makes getting a mortgage as a CIS contractor far easier than it used to be.  This way of assessing income is also far more beneficial for those workers who go from PAYE to CIS depending on which job they are currently on.

Zero-hours contract workers - securing a mortgage from income solely derived from a zero-hours contract is difficult but not impossible.  With a track record of at least six months to twelve months of employment there should be options available to you.
 

Lenders use a variety of criteria to assess the suitability of contractors, and the amount you can borrow will differ significantly from lender to lender, which is why using Taylor James Financial Services to arrange your mortgage is so important.
Our knowledge of who are the most Contractor-friendly mortgage providers, means that we will  take the following considerations into account when making a recommendation:

1. The type of contractor you are.
2. The length of time you've been working as a contractor.
3. How long you have left on your contract.
4. Whether your contracts have previously been renewed.
5. Your current day or hourly rate
6. Whether you have a ltd company and, if so, who the directors are and whether you have retained profits built up
    

In general, mortgages are always going to be available to high quality applicants with in-demand skill sets, as is the case with contractors. The big question is whether a contractors can borrow enough to purchase at the level they want.

Fortunately, there are solutions to all these challenges, which is where the assistance provided by Taylor James Financial Services comes into its own. Our experienced brokers fully understand the profession and have existing relationships with lenders who are familiar with the nature of your profession and employment status, and will be able to:

• Identify lenders with the most favourable terms for a contractor in your situation.
• Secure the most suitable mortgage for your needs based on your specific circumstances and requirements.
• Compile all the required paperwork.
• Effectively present your record of earnings to match a lender's criteria.
• Manage the entire application process through from start to finish and liaise with all of the relevant parties on your behalf, saving your valuable time and allowing you to focus on your day job

• Be your trusted adviser for all of your financial planning needs, including advising on your pensions, investments and all of the necessary protection policies to ensure that you and your family can continue to maintain the standard of living you enjoy, even if your income were to stop, for whatever reason.  One of the reason that many people choose contracting is that you receive a far higher rate of payment than your “permy” colleagues.  However, the trade off is that you do lose out on all of those valuable employee benefits, company pensions, death-in-service & sick pay.  Our holistic approach to financial planning means that we can provide you with bespoke advice on how to replace these lost benefits as easily and tax efficiently as possible