What is an IT Contractor mortgage?
As mentioned, the many specialist mortgage lenders on the market – and indeed a reasonable number of high street providers due to the growth in demand – have tailored specific products to be geared towards contractors. If you’re looking for a mortgage that takes the nuances of your income into account as someone working on a freelance or contract basis in IT, it’s likely you’ll be applying for a deal within one of these product ranges – an IT contractor mortgage.
This means when assessing your suitability and the affordability of the mortgage, the lender will understand how what might appear at first to be an unpredictable income is in fact a steady stream of work, often through retainer service agreements, set period contracts or long-term relationships. They’ll want to see how much of your current contract is due to run, and also what is upcoming in your pipeline.
IT contractors are actually in a reasonably strong position. As highly trained professionals with expert specialist knowledge, their skills are very much in demand in a world that has been transformed by digital technology over the last couple of decades. Aside from the enormous amount of documentation and information most businesses store on servers, numerous other processes – from shopping to booking anything from dinners to holidays and even managing your finances and investments – are also managed digitally, not to mention the technology required to facilitate routine communications and online meetings via all kinds of desktop and mobile devices. Contractors working in the field of IT are now rarely without work and can command quite lucrative daily rates.
For a professional, reliable IT contractor, proving your income and long-term suitability for a mortgage shouldn’t be overly difficult. Once we have the big picture on your current income, anticipated revenue streams, and predicted earnings over the years to come, we’ll be able to frame your mortgage application so that it paints your finances in the most favourable light and meets all the criteria our chosen mortgage lender will need to see.