Contractors, whether IT, Banking or other professions, find that Lenders treat them as self-employed, which restricts choice an loan size. Our many years of experience in this sector means that we can access lenders who will use your contract value or day rate, to give you what you require with much less stress.
Mr M had been employed in the IT industry for many years and working as a self-employed contractor for 18 months. As a new business, while his daily rate of pay was high, his net profit for his first year of business was modest.
Solution
We were able to find a high street lender who was happy to lend on the contract value, rather than his self-employed income, meaning that his borrowing capacity was three times higher than it might otherwise have been.
JLM Mortgage Services is a trading style of JLM Mortgage Brokers Ltd. which is an Appointed Representative of JLM Mortgage Network Ltd, which is authorised and regulated by the Financial Conduct Authority, Registration Numbers 953547 and 300629. Further details may be found by visiting www.fca.org.uk. Registered office: 21a Churchyard, Hitchin, Hertfordshire SG5 1HP. Registered company number 13397178. Registered in England & Wales.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY LOANS SECURED AGAINST IT.
