IT Contractor Mortgage Options

There are many horror stories that go around the island about trying to get a mortgages for tech professionals as a contractor, but how many of those are true versus hearsay? Were all the problems because of the system or were there some mistakes that could have been prevented? There’s no denying that in the UK it can be a challenge to get approved funding for an IT contractor finance
mortgage but there are options for those willing to push that extra mile and find a solution to their funding problems.

Mainstream Concerns
There’s a general belief that the “High Street” model of lending simply is not going to be helpful in this situation and should be all but ignored. They don’t really understand contracting for the sake of a mortgage, and many traditional banks and lenders are arm in arm with local housing authorities in not being thrilled at the idea of an LLC grabbing a mortgage as opposed to an individual.

This isn’t necessarily impossible to overcome, but it can make things difficult. If you hear unreasonable demands like 50% down then that might not be the best lender for an IT contractor mortgage and you need to move on to potential provider.

Finding Options
The good news is that if you do enough pitching, you will find an approved UK lender who will be willing to work with you. The biggest thing to discuss up front is how much they understand about how contractor mortgages work. If you’re talking to someone knowledgeable who is willing to engage you have a good early sign. If the conversation turns stilted and one sided then you already have your answer even before the initial no.

Do a little bit of research, find the right lender, and you’ll be happy with the results after you do.

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