Who can get a contractor mortgage?

Contractor mortgages are available to a wide range of applicants, including limited company contractors, freelancers, CIS subcontractors, fixed-term contract workers, umbrella company employees and consultants working on day-rate contracts. Eligibility depends less on job title and more on how stable and provable your income is. Lenders will usually look at your current contract, previous contract history, experience in your industry, deposit size, credit profile and overall affordability. Some lenders are happy with only a few months of contract history if you have strong experience in the same line of work, while others prefer 12 months or more. First-time buyers, home movers and remortgage applicants can all qualify. Even if you have recently moved from permanent employment into contracting, there may still be suitable options available. (skipton-intermediaries.co.uk) Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.