Last Updated on March 21, 2023 by Tabraiz
For getting contractor mortgages, it is always recommended that contractors consult with contractor mortgage brokers because lenders do not necessarily seek to examine and meet the needs of contractors. Therefore, a suitable professional broker can help contractors to get a mortgage that suits their requirements.
The main benefits of contractor mortgage advice are:
- Specialist financial advisors: The contractor’s mortgage broker acts as a specialist financial advisor in getting a mortgage for contractors.
- Saving time and money: brokers comprehensively compare the available products. Therefore, their services can save much time and money for contractors.
- How to assess contractors’ affordability: Contractor mortgage brokers work with lenders who estimate contractors’ affordability based on the contractors’ gross contract rate.
- Getting a mortgage in special conditions: getting a mortgage as a contractor with a minimum deposit, low contract history, gap between contracts, and low credit score is quite possible for contractors. In these cases, contractors should use a contractor mortgage broker to get the right rate and conditions.
- High loan-to-value contractor mortgages: Contractor mortgage advisors work with lenders that offer mortgages with loan-to-value ratios of 95 per cent. Contractors who go directly to lenders have little chance of getting these mortgages.
- Comparison of different options: Contractors can present several alternatives to the contractors to make decisions, thus expanding their choices.
- Contractor’s mortgage calculator: Contractors can use the broker’s calculator to evaluate their affordability at any time.
- Increase the chances of getting contractor mortgages: experienced Contractor mortgage advisors work with many contractors. Therefore, it is more likely that by using contractor mortgage advice, contractors can get better products and services.
- Deposit: Contractor mortgage advice helps contractors get low deposit mortgages.
The Importance of Using AWS Mortgage Advisors
Our advisors know limited company revenue sources, contract rates, pay slips, and umbrella companies and which lenders have more flexible criteria for contractors.
Contractor mortgage advisors will be with contractors from the beginning to the end of the mortgage process. AWS Mortgage advisors will manage all the steps, from finding the right mortgage to handling all the documents submitted by the borrower. Our advisors work closely with contractors to help contractors achieve their short, medium, and long-term financial goals.