Lenders will usually take an average of the earnings shown on your previous three to six months of payslips to calculate your annual income. They will then offer to lend an amount in line with their own criteria, which is commonly in the range of four to five times that amount. This varies from lender to lender; an expert mortgage broker will be able to advise you on different lenders’ criteria. As with all mortgages, the application will be subject to affordability testing based on the calculated income figure.

Aim to have a minimum of 10%, but 5% is also on occasion possible and bear in mind that as with any borrower, the greater the sized deposit the greater potential to access better rates.

Provided a subcontractor is registered for the CIS scheme, lenders will generally accept payslips as proof of income. If a subcontractor is not registered – meaning tax will be deducted at 30% rather than 20% – they should expect to be asked to provide at least one year’s accounts or an SA302, and for the declared figure to be used in the mortgage calculation.

Traditionally, self-employed people have needed to produce two or three years’ accounts in order to be considered for a mortgage, but now some lenders will accept just twelve months. People on contract are generally required to be able to show twelve months of continuous employment, with six months of their contract remaining, or else to be able to demonstrate two years’ service in the same type of employment. (Most lenders accept that contract workers may have gaps in their employment, either because they were between contracts or took a holiday.)

Over a quarter of workers in the UK are now self-employed or on a contract, which is leading many lenders to reconsider their previous, rather inflexible stance on lending to this type of worker. Working patterns are changing and lenders are having to adapt in order to accommodate the trend.

CIS mortgages are a specialist area of lending and not all lenders have mortgage products available. Couple that with bad credit, and the pool of lenders shrinks even further. That said, at Just Mortgage Brokers we have access to a number of specialist lenders that are willing to look at CIS mortgages with bad credit. These lenders will assess each case on its own merit and can even take into account the gross figure that shows on your CIS payslip.

Not every lender is able to offer mortgages fo CIS workers, however, we do have acess to a wide amount of banks and building societies that are perfectly happy with the CIS arrangement. Sometimes more specialist types of employment attract highet rates of interest but this does not apply with CIS workers, providing there are not any other issues which can prevent this. It is best to speak to one of our advisers who can give you an indication of rate and monthly payments, prior to an agreement in principle being applied for.

Some lenders do not offer mortgages for CIS workers, however due to our knowledge in the area, we are able to source a mortgage for you from a wide array of banks and building societies. It is worth while seeking advice from one of our experienced advisers, without this, you can sometimes effect your overall credit rating by applying to a number of lenders that cannot assist. We have a number of high street lenders that offer excellent mortgage rates, assuming all other issues are within their criteria, which again, we are able to assist with.

Acquiring a mortgage as a CIS worker needn’t be too difficult a task. At Just Mortgage Brokers, we have a specialist mortgage team that understands the market inside out and knows exactly where to turn to find the right deals. With access to thousands of mortgage products from over 90 lenders. We can also help you with your mortgage application and provide you with personalised specialist mortgage advice.

If you are a CIS worker and are looking to obtain a mortgage, speak to Just Mortgage Brokers today for free initial advice and no-obligation quotes.