Mortgages can be a lot to take in and often leave borrowers with many questions, mainly if they are self-employed or on a fixed-term contract. But speaking to a mortgage expert can help by matching you with the right lender for your specific needs. As a contractor on various fixed-term contracts, getting a mortgage can underwhelm lenders, who, since the financial crash in 2008, have been risk-averse. Being on a fixed-term contract does not preclude you from getting a mortgage, but lenders will want to see your earnings record.
Case profile
The client approached us to raise finance for a £1.5m property based in the South East of England. He struggled to arrange the finance himself using mainstream lenders due to his income structure. The client’s income was not regular, and his revenue stream came from three different companies. Moreover, part of the client’s income was paid in foreign currency. We were confident we could draw upon our network to source a lender happy to accept the client’s income structure.
Solution
Our client was thrilled with the offer sourced! Associate Director Nigel Bedford found a high street lender with market-leading rates who was comfortable to accept the client’s income partly made up of foreign currency and an income from three umbrella companies. The mortgage was offered on a part interest-only, part repayment basis, with most of the loan on an interest-only mortgage. This bespoke mortgage offer means that our client can be comfortable paying off the mortgage while allowing him flexibility for his cash flow.
Are you struggling to secure a mortgage deal? If you’re self-employed, on a fixed-term contract, or get paid in multi-currency, talk to one of our experts today on 020 7519 4900. We work with specialist lenders that take a bespoke approach to assessing individual cases. We have access to solutions you just can’t find on the High Street, and we take a bespoke and tailored approach to every single client case.
If you are looking to take out an Interest only-mortgage, its important you seek expert professional advice. At the end of an interest-only mortgage, the full capital of the loan will need to be repaid to the lender. You must ensure you have a suitable repayment strategy in place and monitor its performance regularly to ensure it will cover the full loan at the end of the term.
