Mortgages for Contractors

Are you a contractor dreaming of owning your own home? At MG Mortgages, we understand the unique challenges contractors face when it comes to securing a mortgage. Whether you're a freelancer, self-employed professional, or run your own contracting business, we are here to guide you through the process and help you achieve your homeownership goals.

Mortgages for Contractors Stockport

Contractors often face hurdles when trying to secure a mortgage. Traditional lenders may be hesitant due to irregular income patterns or the perception of job instability. At MG Mortgages, we recognise that contractors bring valuable skills and expertise to the workforce, and we believe homeownership should be accessible to everyone, regardless of employment structure. We understand the intricacies of your financial situation and work closely with you to find mortgage products that align with your unique needs.

Key Features of Mortgages for Contractors

Contractor-Friendly Lenders: We have cultivated relationships with lenders who specialise in working with contractors. These lenders recognise the nuances of contract work, enabling us to connect you with financial institutions that appreciate the unique nature of your income.

Flexible Affordability Assessments: Contractors often have variable income, making standard affordability assessments challenging. Our team at MG Mortgages works with lenders who take a more flexible approach, considering your contract rate, day rate, and overall financial circumstances to determine affordability.

Specialised Mortgage Products: We understand that one size does not fit all when it comes to mortgages for contractors. MG Mortgages collaborates with lenders offering specialised products tailored to the needs of contractors, including fixed-rate and variable-rate mortgages.

Proof of Income Options: Contractors may not have the typical proof of income, such as payslips. Our advisors assist you in navigating this challenge, exploring options like using contract income as proof of earnings or considering your average annual income.

IR35 Considerations: For contractors operating through a personal service company (PSC), the IR35 legislation is a crucial factor. We guide you on how lenders assess your IR35 status and help you understand its implications on mortgage eligibility.

Future Earnings Considerations: Contractors often have the potential for increased future earnings. We work with lenders who take your skills, experience, and future earning prospects into account, providing you with mortgage options that align with your long-term financial goals.

We're 5 Star Rated

Don’t just take our word for it

    
 
 
          Keith Chadwick 
 
 
 
 Trustindex verifies that the original source of the review is Google. We've recently used Mark and the team at MG Mortgages for our mortgage renewal and to tweak/setup some new protection. The process right from the initial contact has been excellent - Prompt, professional but simple and clear communication.

Mark worked through the available options for us, explaining the ins and outs of all the different aspects, and helped guide us to choose the right products for our needs.

The communication has continued to be excellent and we have been kept updated regularly throughout the process.

I would have no reservation in recommending Mark and his team at MG Mortgages to anyone looking to make this important piece of "Life Admin" as simple as it could be!
  
 
         fleur Belle 
 
 
 
 Trustindex verifies that the original source of the review is Google. Mark & his team were a dream to work with, so knowledgeable, so understanding & amazing at finding solutions. Will be recommending them to anyone that will listen
5 star service 🌟🌟🌟🌟🌟
  
 
         Carl John 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great, very professional service. Mark is highly knowledgeable, approachable and friendly. Highly recommend.
  
 
         Demi Wright 
 
 
 
 Trustindex verifies that the original source of the review is Google. Amazing customer service throughout, the whole team are super friendly and helpful. As a first time buyer this was a daunting experience so having MG Mortgages available for help and support throughout this process has helped me massively, couldn’t recommended them enough!
  
 
         Ric Roberts 
 
 
 
 Trustindex verifies that the original source of the review is Google. We recently completed a remortgage as part of a large extension project, and the service throughout was exceptional. Ours wasn't a straightforward case, with multiple stages, different objectives and several professionals involved, but everything was handled efficiently and with a clear plan from the outset.

What stood out most was the time taken to fully understand our goals and recommend products that suited our longer-term plans, rather than simply finding the quickest solution. Communication was excellent throughout – responsive, proactive and always clear, with detailed explanations that made complex decisions easy to understand.

The team also reviewed our existing protection arrangements, provided valuable guidance at no extra cost, and introduced us to an excellent wills specialist. Professional, knowledgeable, well-connected and genuinely focused on achieving the best outcome for their clients. Highly recommended.
  
 
         Mohsin Jamshaid 
 
 
 
 Trustindex verifies that the original source of the review is Google. MG Mortgages contacted me when I needed a mortgage. Phil from MG Mortgages got in touch first, and although I wasn’t sure initially, he made me feel comfortable by explaining everything clearly and in detail.

We arranged a video call, and he talked me through the whole process, answering all my questions and providing useful information that helped me make an informed decision. As a result, I decided to proceed with MG Mortgages.

The service was excellent, and they managed to get my mortgage approved in just 2 days. The whole process was quick, professional, and stress-free.

I would highly recommend MG Mortgages, and a special thank you to Phil for all his help in sorting out my mortgage.
  
 
         Steve Dewar 
 
 
 
 Trustindex verifies that the original source of the review is Google. The efficiency and professionalism of both Andy and Michelle to organise the mortgage for me and my partner was excellent and I can’t thank them enough.

Wholly recommend them and MG for your mortgage needs ⭐️ ⭐️⭐️⭐️⭐️
  
 
         Ste H 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great team, great communication kept everything clear and simple. Must say Phil really stepped up when time margins were tight and helped get things over the line. Thanks.
  
 
         Martin Wiegand 
 
 
 
 Trustindex verifies that the original source of the review is Google. Our advisor Andy has been absolutely brilliant, involved every step of the way and giving us all the options available. This is the first time for me on this process and he has been incredibly helpful making this as transparent as possible, can only recommend. For the fee they take, they do offer more than their money's worth.
  
 
         Kevin McCarthy 
 
 
 
 Trustindex verifies that the original source of the review is Google. Absolutely fantastic service from Mark and the team. There was a real personal touch to it, and they were genuinely committed to finding the best mortgage deal that suited my circumstances.

They really know their stuff, and it was all sorted in great time, with clarity every step of the way.

One of the things that sets them apart from the others was the clarity of communication - there was no bamboozling jargon, and never once did I feel rushed. I honestly can’t speak highly enough of them. Excellent.
  
 
  
 
  
 
   Google rating score: 5.0 of 5, based on 113 reviews

Why Choose MG Mortgages?

Expert Guidance: Our team consists of seasoned mortgage professionals who are well-versed in the complexities of contractor mortgages. We stay updated on the latest industry trends and lending criteria to provide you with the most relevant and accurate advice.

Tailored Solutions: We don’t believe in one-size-fits-all solutions. At MG Mortgages, we take the time to understand your specific circumstances and financial goals. This allows us to tailor mortgage solutions that suit your unique situation.

Access to a Network of Lenders: As an established mortgage broker, we have cultivated strong relationships with a wide network of lenders. This gives us the flexibility to explore a variety of mortgage options, increasing the likelihood of finding the best terms and rates for contractors.

Streamlined Process: We know your time is valuable. Our goal is to streamline the mortgage application process, making it efficient and hassle-free. From initial consultation to the final approval, we guide you through each step, ensuring a smooth experience.

Frequently Asked Questions

How do lenders assess a contractor's income?

When contractors apply for a mortgage, lenders assess their income through a nuanced process, recognising the variable nature of contract-based earnings. Unlike traditional employed individuals with a steady salary, contractors often receive income based on project timelines and contractual agreements. Lenders typically consider factors such as the length and stability of contracts, the contractor’s track record, and the consistency of income over a specified period. They may also evaluate the contractor’s day rate and contract renewal prospects. Additionally, some lenders are more flexible and consider gross contract income, understanding that contractors have unique financial circumstances.

How Does IR35 Affect Your Mortgage Application?

Understanding your IR35 status is vital when applying for a mortgage as a contractor. Lenders often assess income stability, and if your contracting falls within IR35, it means your income undergoes tax and National Insurance deductions at source, resembling traditional employment. This can positively impact lenders’ perception of your income reliability. Additionally, contract terms, length, and IR35 determinations play a role in affordability assessments.

How Do Future Earnings Impact a Contractor's Mortgage Application?

Future earnings play a significant role in a contractor’s mortgage application, influencing how lenders assess their financial capacity. Lenders take into account a contractor’s skills, experience, and the potential for increased earnings when determining mortgage eligibility. A contractor with a strong professional track record and the prospect of higher future income is often viewed favourably. This consideration may lead to lenders offering more flexible terms and larger loan amounts. The contractor’s ability to showcase not just current income but also the potential for sustained financial growth can positively impact the lender’s confidence in their ability to meet mortgage obligations.

We're here for the now and the always.

If you have a mortgage or insurance related question, please don’t hesitate to get in touch. Simply complete the contact form or send us a WhatsApp.

Mortgages for Contractors in Stockport

At MG Mortgages, we specialise in helping contractors in Stockport navigate the complexities of securing a mortgage. Whether you’re a freelancer, self-employed, or run your own contracting business, we understand the unique challenges you face, such as irregular income and contract-based employment. Our expert team works with contractor-friendly lenders to offer tailored mortgage solutions, flexible affordability assessments, and access to specialised products that suit your needs. From handling proof of income to addressing IR35 considerations, we guide you through every step of the process, ensuring a smooth journey to homeownership.