Contractor Blog Zone
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There are many, many wonderful things about being a contractor.
So many, in fact, that we don’t have the space to list them here (but if you fancy a recap we do have space to list them here).
One of the less wonderful things about being a contractor is finding and buying somewhere nice to live.
Whether you fancy a three-storey townhouse in Chester or a one-bedroom flat in West Kirby, unless you’ve really done exceptionally well out of this whole contracting malarkey, buying your own property generally involves getting a mortgage. And getting a mortgage is not as easy as it is for those with “normal” jobs.
Or so you may think.
It’s true that most lenders only cater for either employed or self-employed borrowers and that contractors don’t really fall into either camp.
The mistake many contractors make is to think they are self-employed, which leads to an awful lot of extremely dull forms being filled out and an awful lot of time (mainly yours) being wasted.
As ever, here at CEJ we are here to help
Top tip number 1: If you’re looking for a mortgage, let us know. When you do, we’ll set you up on our HMRC portal and we’ll be ready to access your 'Tax Overviews' when they are requested. These are only ever needed for mortgage applications so we don’t do it unless we need to. Some accountants charge extra for proof of income and help with mortgage (and rent) applications; you won’t be surprised to find out that for CEJ clients it’s completely free.
Top tip number 2: When you’re looking for a mortgage provider, keep an eye out for brokers who are specialists in securing Contractor Mortgages. You might be surprised to discover that such things exist; you won’t be surprised to find that using such brokers will make it much easier for you to get the residence of your dreams.
Top tip number 3: We don’t usually include links to external websites here at CEJ (unless it’s YouTube or Spotify) but as we are accountancy experts rather than mortgage brokers, we’re happy to include this one, where you’ll find lots of other tips on getting a mortgage as a contractor.
Now all you need to do is find somewhere to live. Happy hunting!
As ever, if you have any questions, get in touch: email Jo (email@example.com), Ben (firstname.lastname@example.org) or Peter (email@example.com).