Freelancer Financials have negotiated “Contract Based Underwriting” with a number of mainstream lenders and building societies. This means that they can arrange a mortgage on your behalf based on a multiple of your contract earnings alone.
Freelancer Financials has championed contractor mortgages for self-employed people for more than a decade. Where the High Street fails, John Yerou and his team have found ways to succeed. And it’s the contractor community that High Street lenders fail most often.
The need for specialist brokers to help today’s independent professional secure mortgages is growing. Despite more lenders welcoming contractors, the message on the High Street is still misleading.
Many lenders’ default method for working out how much a contractor can afford for a mortgage uses accounts. So in essence, they can service contractors.
But those methods ignore key elements that make contracting worthwhile. Their calculations don’t incorporate retained company profits. And that’s the black hole that sucks up most contractors’ dreams of homeownership.
Instead, these lenders use net salary and drawings to work out how much a contractor can borrow. We know that contractors keep these figures minimal to optimise tax-planning strategies. But High Street mortgage lenders? They just don’t (or won’t or can’t) see it.
Freelancer Financials has one goal: provide mortgages for the UK’s self-employed that befit their status.
It’s been a hard slog. But John Yerou, Freelancer Financials founder and MD, he’s up for the fight.
His direct negotiation with many lenders has helped establish and promote contract-based underwriting. That input has prised open doors once closed to independents from all industry sectors.
In 2014, Mortgage Intelligence acknowledged Freelancer Financials’ efforts. Moreover, they awarded John and his team the top-performing broker accolade.
Yes, this recognition marked a milestone in how far bespoke mortgages for contractors have come. But there’s still a long way to go. Most independent professionals remain ignorant of their best asset: their contract.
Don’t you go making that same mistake. Start here and now by entering your day rate into the contractor mortgage calculator. It’s a free guide to how much you can borrow using your contract rate, with no obligation.
And, yes – you can put your accounts and payslips away. We don’t need those for true contractor mortgages. Good luck!