To qualify for CIS mortgages, you need the following:

• 6 months CIS payslips
• Tax on the scheme must be deducted at 20%
• Minimum of 5% deposit

Provided a subcontractor is registered for the CIS scheme, lenders will generally accept payslips as proof of income. If a subcontractor is not registered, they may have to provide at least one year’s accounts or an SA302 and expect the declared figure to be used in the mortgage calculation.

It’s a good idea to have a minimum of 10% saved, but 5% is occasionally possible. As with any borrower, the greater the sized deposit the greater potential to access better rates.

Lenders will usually take an average of the earnings shown on your previous three to six months of payslips to calculate your annual income. Then they may offer to lend an amount in line with their own criteria, which can be around four to five times your annual income.

Best CIS Mortgage rates

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.

Mortgage lenders for CIS workers

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.