Posted on 2 September 2010 by Anon

My husband works as a Contractor. We recently sold our house and are now looking for a bigger family house. However, due to his job as a Contractor it seems that getting a mortgage is highly difficult. Could you please advice where we should look for a good deal for Contractors?


I am not surprised that you have found it difficult to secure a new mortgage given the nature of your husband's employment. Lenders are quite reluctant to lend where you don't have permanent employment or a long trading record if you are self employed and they currently view anyone on a short term contract as an unnecessary risk.

However, depending on your individual circumstances, it should be possible to find a Lender who is willing to offer you a mortgage. They will want to know the terms of any current contract, how many times it has been renewed, your husband's previous experience in his field of work and together with your credit records they will be in a position to assess your application.

The trick is knowing which Lenders to talk to. The majority of the High Street banks and Building Societies rely on their computer systems to tell them whether or not to accept an application, whereas you need a Lender who will make an assessment based on their experience of the mortgage market. This is where a good quality independent mortgage broker can prove invaluable, using their knowledge to present your case in a manner that attracts Lenders rather than puts them off. I recommend that you speak to one as soon as possible.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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