S1 E19 - Mortgages for Contractors

In this episode Sarah Tucker tackles the subject of "mortgages for contractors", giving you advice on how you can get a mortgage when you are a contractor. It can be super confusing to know how to get a mortgage when you are a contractor, and you might be wondering how you prove your income Questions we cover in this episode: What is a contractor mortgage? Can I get a mortgage if I am a contractor? How is my income worked out? What if I am a CIS contractor? What is the day rate calculation? How to borrow with your day rate Documents you need to get a contractor mortgage How long do you need to have been a contractor for to get a mortgage? What is the minimum contract period to get a mortgage? Am I classed as employed if I am a CIS contractor? Am I classed as self employed on a mortgage application? What paperwork do I need to get a contractor mortgage? To break down a typical day rate calculation for a mortgage lender: Day rate x number of days worked per week Total x 46 or 48 weeks (this allows for assumed breaks for holiday and gaps between contracts) This gives you the annual income we would use for a mortgage application. This is then multipled by the lenders income multiple to give you an affordable mortgage amount. As always, Sarah aims to break this information down in a way that you will understand. If you have any questions for Sarah following this podcast please email [email protected] or contact Sarah on social media. Alternatively, please head over to www.themortgagemum.co.uk or contact us on social media. We would love to help you! The Mortgage Mum is a team of 20 female brokers based all across the UK. They are passionate, driven, enthusiastic women who thrive from helping customers achieve their property dreams. They educate, empower and they give an excellent service from start to finish. Follow The Mortgage Mum on all social media platforms: Facebook - https://www.facebook.com/themortgagemum1 Instagram - https://www.instagram.com/the_mortgage_mum/ LinkedIn - https://www.linkedin.com/in/sarah-tucker-the-mortgage-mum-%E2%9C%A8-669898185/ YouTube - https://www.youtube.com/channel/UCG899KReJ9NHLZfyK3CXrUw Thank you for listening. Our beautiful intro and outro piano music was created and recorded by the incredible Zoe Alexandria - www.zoealexandria.co.uk. Please check her out on social media. She is so talented. If you would like to appear as a guest on The Mortgage Mum podcast please email [email protected]