Seico Mortgages are our in-house independent mortgage advisors who give impartial advice. Here they answer some of their most frequently asked questions when it comes to contractors and those who are self-employed.
I am a day rate contractor. I’ve been told I need to have two years limited company accounts and/or SA302s before I can get a mortgage but I’ve just started contracting. Is there any way I can get a mortgage sooner?
Yes, it may be possible to use your contract from day one if you meet certain criteria, e.g. having been in the same line of work for at least two years.
I’m self-employed and my bank has told me that I can’t get a mortgage. Can you help?
Yes, not all banks have the same criteria. There is a misconception that self-employed mortgages must be more difficult. We will try and match your circumstances with an appropriate lender.
I only have one years’ accounts and have been told I need at least two years to get a mortgage. Is this the case?
There are lenders that will consider you with just one years’ accounts.