Contractor Mortgages
Mortgages based on hourly/daily rate, we are experts with over 10+ years experience working with contractors.
If you’re a CIS contractor struggling to meet traditional mortgage criteria, Connely Roberts Mortgage Services can help. Unlike most lenders or brokers who require two years of income proof, we use your CIS wage slips or invoices to assess your income, instead of tax returns. By annualising your income using just 3-12 months of wage slips, we can usually offer higher borrowing amounts.
Our approach includes:
– Flexible income assessment using CIS slips.
– Simplified paperwork, avoiding the need for 2+ years of self-employed accounts.
– Access to competitive rates tailored for CIS contractors.
By focusing on your gross income rather than net profit, we can increase your borrowing potential.
Find Out How Much You Can BorrowThere is no difference between a CIS Contractor mortgage and a traditional mortgage when it comes to the rates or lenders available, the difference is in the way we would evidence your income. Not all lenders will allow the slips / invoices to be used as proof of income, so it’s important to speak with an experienced broker in this field.
Eligibility for a CIS contractor mortgage is more straightforward than you might think. You’ll typically need:
Our team will guide you through every step to ensure you meet the requirements.
Other standard criteria applies.
When it comes to CIS mortgages, there are several options available to suit different financial needs and preferences. The two main types are fixed-rate and variable-rate mortgages:
It’s important to seek advice from a qualified mortgage broker who can provide advice as to what product is best suited to your needs and circumstances.
Traditional mortgage applications can be frustrating for CIS contractors. Here’s why:
At Connely Roberts Mortgage Services, we help you overcome these challenges by working with lenders who understand the unique nature of CIS income. Our expertise ensures you’re not penalised for working within the scheme.
We have helped a number of CIS workers get the mortgage they deserve. Find out how we can help you too.
For CIS contractors, understanding how income tax impacts your mortgage application is crucial. Under the Construction Industry Scheme, contractors have a portion of their income deducted at source to cover income tax. These CIS deductions are reflected on your wage slips or invoices.
When applying for a CIS mortgage, lenders will typically annualise your gross income based on these slips, rather than focusing on your net profit. This can be advantageous, as it often results in a higher assessed income, increasing your borrowing potential.
It’s essential to keep accurate tax records and ensure your self-assessment tax return is up to date, although these may not be required for the mortgage application, it is important to ensure you are compliant with HMRC regulations.
Speak to one of our experienced consultants, who will take some information in order for them to go away and assess your eligibility.
Gather your documents, usually you’ll be asked for 3-12 months worth of CIS Slips (depending on lender) along with matching bank statements to ensure the income credit matches the slips.
Once we’ve established we can help and you have an agreement in principle, we will proceed with the full mortgage application which is where the lender will assess your documents and issue a mortgage offer.
We have over a decade of experience working with clients working on a contract basis / self employed. We have a great relationship with our lenders meaning we will discuss your case in detail prior to submission to ensure we have the best chance of approval.
We ensure CIS workers are not penalised when it comes to the rates they’re charged. Although not every lender will assess a CIS worker in this flexible way, you will not be charged a higher rate just because you work on the Construction Industry Scheme.
Mortgages based on hourly/daily rate, we are experts with over 10+ years experience working with contractors.
We are here to help you take your first step onto the property ladder, with deposit options as low as 5%.
Is your remortgage due soon? We have access to over 100 lenders and have access to thousands of mortgage products.
We offer a range of Buy to Let mortgages to new and existing landlords, including HMO and Limited Company applications.