- Construction Industry Scheme
- Day Rates & Hourly Rates
- From 5% Deposit
- Limited Track Record
- New Contractors
- Zero Hours
- Multiple Contracts
Mortgages for CIS Contractors
We have assisted a number of clients who are CIS (Construction Industry Scheme) subcontractors and work in and around the building industry.
As contractor specialists, we understand CIS payslips and work with a number of lenders who are happy to use these payslips when assessing mortgage affordability rather than having to produce self employed accounts.
This can allow you to borrow significantly more than if you were being assessed using lenders’ standard affordability criteria.
We will work with lenders who will consider your:
- current daily rate
- multiply by 5 days per week
- Then multiply that by up to 48 weeks for a year
- The resulting figure gives us an annual salary
- The annual salary can then by multiplied by up to 4.5 to 5 times this figure, depending on your circumstances.
John is a CIS contractor on a daily rate of £250 per day.
We multiply his daily rate by 5 days to confirm £1,250 per week.
We then multiply this weekly rate by 48 weeks to confirm salary of £60,000 per year
We then multiply this figure by 5 (lender multiple)
This gives John maximum borrowing of £300,000
Customers calling us often tell us they are frustrated that although they would be a very good mortgage customer, they are struggling to get a mortgage.
Whatever your situation, we may be able to assist. We work with a number of lenders who have a flexible approach to underwriting your mortgage. They will look at your mortgage on a case by case basis and a person will assess your situation rather than a computer.
We appreciate everyone’s particular situation is unique, which is why we look at every enquiry on a case by case basis. We work with both High Street and Specialist lenders and, if necessary, can recommend a lender who will manually assess your mortgage application rather than asking a computer to make a decision. In the current climate, we appreciate that everyone may not “tick all the boxes” for the high street lenders.
If you would like to see whether we can help you raise a mortgage for you on a property, do get in touch for a free no obligation quotation.