What Is A Contractor Mortgage?
First off, there is no such thing as a “contractor mortgage.” There are, however, lenders who specialise in dealing with contractors. In any case, there are certain things to consider when applying for a mortgage as a contractor.
Due to the nature of the work, contractors don’t have a stable income compared to people who are in full-time employment. This raises the risk for lenders and can make it harder for them to calculate your mortgage affordability (how much money they can lend you).
However, it’s still very much possible for a contractor to secure a mortgage — you just have to provide sufficient documentation in order to convince a lender that you can afford to repay your mortgage. Here’s what you need to know about securing a mortgage as a contractor.