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Besides the normal criteria that you will encounter and need to
meet, contractors in the IT industry have their own issues. These
relate to the often short-term nature of their contracts and uncertainty
thereby generated over continuity and levels of sustainable income.
Many lenders in recent years have adopted more flexible viewpoints
towards contract workers in general and particularly the IT industry.
This reflects the increasing trend of employers to recruit on
a limited contract basis and specific to work demands at that
time.
Some lenders will seek to treat you as a normal employee. They
will be particularly interested in how long you have worked for
the same employer and whether your contract is renewable, etc.
Where contracts are from one company to another and more variable,
lenders are more likely to see you as simply self-employed. In
this case ability to produce accounts or tax returns will be an
advantage, ideally showing trading over at least 2-3 years.
If your circumstances do not quite meet normal criteria, a more
limited number of lenders may consider limited trading periods
or some form of self-certification, for example. As with any potential
borrower the size of your deposit, credit history and general
circumstances can affect lending decisions.
In any situation it is important that you do not over commit
yourself. Advice on this and your specific circumstances should
be obtained at an early stage.
All loans are subject to status. Your home
may be repossessed if you do not keep up repayments on your mortgage
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GUIDE TO MORTGAGES
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This guide aims to give you a simple
overview of the various types of mortgage available
and how they work.
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FIND A MORTGAGE
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HOW MUCH?
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GET ADVICE
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= Members'
Area
