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Mortgages for IT Contractors

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Mortgages for IT Contractors

    • 4.07% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
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    • 4.07% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.09% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.11% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.12% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.13% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
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    • 4.14% Initial
    • 2 year fixed
    • 7.7% APRC
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Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages for IT Contractors

IT contractor mortgages

 In the years before the recession, IT contractors could get a mortgage quite easily on the high street using one of the many self-certification mortgage offers available. However, due to changes in the law in the last decade, self-cert mortgages for IT contractors are no longer available from any UK lender.

Since the Mortgage Market Review in 2013, these kinds of self-certified mortgages have become a thing of the past, as lenders now have to check affordability and income much more meticulously.

Your IT contractor accounts may not truly reflect your income if you have an unconventional or sporadic income stream. For the best mortgages for IT contractors, it is a good idea to approach mortgage providers who understand the nature of contract income streams and will consider your total gross income.

Mortgages for IT contractors

In deciding whether to lend you money as an IT contractor, the lender you approach will consider various aspects of your work. The following factors could make getting a mortgage easier:

  • Having your accounts in order before applying for an IT contractor mortgage could make all the difference to your chances of getting the deal you want, since it reassures the mortgage provider that you have a good income history
  • In spite of having less work experience as an IT contractor, some mortgage providers may still be able to offer you a mortgage deal

 

To investigate your IT contractor finance options, call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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