Mortgages for Contract Engineers

Being an engineer is a fantastic career opportunity. From all your hard work at university or working your way up the ladder in employment, it really can open many doors. A contract engineer is even better as it comes with the perks of travel and exciting prospects of new projects. But what is the only downfall? Is it applying for a mortgage?

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Mortgages for Contract Engineers

Applying for a mortgage as a contract engineer doesn’t need to be a daunting task. With the right financial advice, it can be both simple and effective. You can apply for a mortgage with the confidence that you will be accepted.

Over the years, contractors seem to have one of the biggest struggles in being accepted for a mortgage. This can be down to a lack of experience from a broker, or not being forthcoming enough with financial documentation or evidence. Discussing your financial credentials with a financial adviser can really open numerous doors to high street lenders.

Some lenders are designed especially for contract works and some even especially for engineering contract workers.

Your workload can be demanding and a lot can be expected of you on a new project, so why let your mortgage application be another stressful factor? Lenders tend to dismiss these sorts of applications due to project work being short-term contracts. And yes, it is true that anything under 6 months is seen as a slippery slope.

This is only due to lenders thinking contract engineers are an at-risk profession. However, you know this isn’t the case and you are aware you earn a good wage. Experienced lenders and tailored contract lenders will take all this into consideration to help you find your perfect mortgage.

A few things to consider, that will work in your favour, are things such as preparing for a deposit. If you are able to put aside a good amount each month, increasing your deposit size means you will be asking for less money to borrow. Another aspect is to ensure your credit rating is at least reasonable if not rated “good” on the scoring system. A few things to help with this are to ensure you don’t miss any payments and to double-check you are registered to vote at your current property.

A final suggestion is about providing your stability as a contract worker. Prior to your application, taking a 12-month contract out with proof of it being ongoing can show your lender that you have financial stability. If this isn’t something you wish to consider, then discuss this with a financial advisor who can assist with the options available to you.

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