Using A Contractor Mortgage Broker
Everything you should know about finding a Contractor Mortgage Broker.
A contracting mortgage broker is a financial advisor who specializes in advising self-employed experts and contractors on obtaining a mortgage.
Choosing a mortgage for a contractor is a complicated process, and knowing what rate, term, lender, amenities, and insurance to get is a complex and time-consuming affair. Hence,
Contractor mortgage brokers can provide you with an invaluable service – by making this arduous journey on your behalf, and presenting you only the best options that fit your situation. There are specialized mortgage brokers in the UK such as financial freelancers.
Why you should use a contractor mortgage broker?
You may still want to know why you need a contracted mortgage broker, and you may want to abandon the middleman and start right away.
However, if you are not sure whether you need a contracted mortgage broker, these are just a few reasons you should consider a broker.
- Experience
Contractor mortgage brokers have a proven track record in obtaining contractor mortgages. Dealing with a wide variety of contractors means they understand your needs and are therefore more likely to be able to provide you with better products and services. I don’t understand that your situation could mean that you end up receiving credit that does not reflect your true debt potential; with an interest rate that only penalizes you for being a contractor.
- Specialist knowledge
With experience comes knowledge, and your mortgage broker will be an expert on contractors. You have likely worked with contractors who would normally find it difficult to get a mortgage, such as with contractual loopholes, bad creditworthiness, or the need for consolidation. You have probably already dealt with other paid people such as doctors, sole proprietorships, partnerships, and limited liability companies and, if you tell them your situation, you will not be surprised and you will know exactly what to advise.
- Protection
When you receive mortgage advice, your contracting mortgage broker has to take care of you. They should recommend the appropriate mortgage and be able to justify why the mortgage you choose is right for you. You can complain and get compensation. You may not have as many remedies when you contact a mortgage lender directly.
Why you should use a contractor mortgage broker?
You may still want to know why you need a contracted mortgage broker, and you may want to abandon the middleman and start right away.
However, if you are not sure whether you need a contracted mortgage broker, these are just a few reasons you should consider a broker.
- Experience
Contractor mortgage brokers have a proven track record in obtaining contractor mortgages. Dealing with a wide variety of contractors means they understand your needs and are therefore more likely to be able to provide you with better products and services. I don’t understand that your situation could mean that you end up receiving credit that does not reflect your true debt potential; with an interest rate that only penalizes you for being a contractor.
- Specialist knowledge
With experience comes knowledge, and your mortgage broker will be an expert on contractors. You have likely worked with contractors who would normally find it difficult to get a mortgage, such as with contractual loopholes, bad creditworthiness, or the need for consolidation. You have probably already dealt with other paid people such as doctors, sole proprietorships, partnerships, and limited liability companies and, if you tell them your situation, you will not be surprised and you will know exactly what to advise.
- Protection
When you receive mortgage advice, your contracting mortgage broker has to take care of you. They should recommend the appropriate mortgage and be able to justify why the mortgage you choose is right for you. You can complain and get compensation. You may not have as many remedies when you contact a mortgage lender directly.
Why you should use a contractor mortgage broker?
You may still want to know why you need a contracted mortgage broker, and you may want to abandon the middleman and start right away.
However, if you are not sure whether you need a contracted mortgage broker, these are just a few reasons you should consider a broker.
- Experience
Contractor mortgage brokers have a proven track record in obtaining contractor mortgages. Dealing with a wide variety of contractors means they understand your needs and are therefore more likely to be able to provide you with better products and services. I don’t understand that your situation could mean that you end up receiving credit that does not reflect your true debt potential; with an interest rate that only penalizes you for being a contractor.
- Specialist knowledge
With experience comes knowledge, and your mortgage broker will be an expert on contractors. You have likely worked with contractors who would normally find it difficult to get a mortgage, such as with contractual loopholes, bad creditworthiness, or the need for consolidation. You have probably already dealt with other paid people such as doctors, sole proprietorships, partnerships, and limited liability companies and, if you tell them your situation, you will not be surprised and you will know exactly what to advise.
- Protection
When you receive mortgage advice, your contracting mortgage broker has to take care of you. They should recommend the appropriate mortgage and be able to justify why the mortgage you choose is right for you. You can complain and get compensation. You may not have as many remedies when you contact a mortgage lender directly.
Final considerations
Obtaining a contractor mortgage can be a minefield without the help of a contractor mortgage broker to streamline the whole process for you.
Making the wrong decision about your contractor’s mortgage can cost you hundreds, even thousands, of pounds, and it’s easy to stumble upon all of the mortgages that are fraught with fees.
So if you’re holding back the extra cost of using a broker, keep in mind that paying their fee can save you a small fortune.
In addition, a commissioned mortgage broker ensures that your mortgage application is processed smoothly and efficiently and relieves unnecessary stress associated with moving.
Got a question we haven’t answered? Get in touch and we’ll answer it and likely add it to this article to help others!
Useful Links
- Self Employed Mortgages
- Private Medical Insurance
- First Time Buyers
- Teacher Mortgages
- Buy To Let
- Remortgages
- Joint Borrower Sole Proprietor
- New Forest Mortgages
- Land Mortgages
- Barn Conversion Mortgage
- CIS Mortgage
- Student Mortgage
- Professional Mortgage
- Fixed Term Contract Mortgage
- Million Pound Mortgage
- Minimum Credit Score for Mortgage
- Equity Release
- Maintenance Mortgage
- Mortgages on Benefits
- Retirement interest only
- Pensioner interest only
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