Disclaimer: This is a user generated content submitted by a member of the WriteUpCafe Community. The views and writings here reflect that of the author and not of WriteUpCafe. If you have any complaints regarding this post kindly report it to us.
Contractors working across a range of industries such as IT, finance and construction, are paid differently from those who are employed, which can make it harder to get a mortgage. Most are paid a day rate via a limited or umbrella company, so require specialist contractor mortgages. Those lenders offering contractor mortgages multiply the day rate by the number of working days in the year to work out the contractor’s annual income. Lenders vary considerably in the number of weeks they are prepared to use, with some taking as few as 36 weeks, while others will take up to 48 weeks’ income, which makes a considerable difference to the size of mortgage you can get.
