Bram Vis answers your mortgage questions
I am a Contractor. How much can I borrow?
There is no law that says how much you can and cannot borrow as a Contractor. However – many lenders are seemingly converging at the moment on a pre-ordained set of requirements. What are these three requirements?
- That you have a contract that stipulates your day rate
- That you earn over £50,000 per annum
- That you have filed at the very least 1 set of accounts with Companies House
As an example, a Contractor is on £50 per hour the Day Rate is £375, 48 weeks of the year = £90,000 Pick a Multiple of 5 x salary = £450,000. The lender would lend a maximum of £450,000.
Please don't hesitate to call me directly on 020 7504 1090 or 01983 642 643 if you would like to talk, this or a similar scenario, through with me.
The information contained in this answer is for illustration purposes only and does not contain all the details required and should not be used as a personal recommendation without them. Do contact Bram if you would like an entirely free consultation to talk through your requirements, exact circumstances and best mortgage options.