Mortgages for IT Contract Workers

Applying for a mortgage as an IT contract worker does not have to be as complicated as it seems. With the right financial advice, you can ensure you will find a mortgage, specifically designed for your needs.

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Mortgages for IT Contract Workers

The IT industry is becoming more and more developed in today’s society, and it will continue to do so going forward. A bigger industry means a bigger workforce of employees, especially contract workers. IT contract workers are on the rise, and for some reason, the perception of getting a mortgage as a contract worker seems to be an almost taboo subject.

Within the IT industry, it appears that some mortgage brokers do not have the knowledge or experience to understand this line of work. This could be due to a number of things as IT contractors are a relatively modern career path, and therefore there isn’t always the experience timeframe to be equipped in this area. However, there are now lenders who are specifically designed just for IT contract workers.

This is great news if this is your line of work as it now means you can become a homeowner without the worry of not being accepted for a mortgage. As with any mortgage application you are still required to complete the standard checks of credit history, current financial circumstances and proof of income.

The proof of income as a contract worker just means you need to show a stable income from the last 2- 3 years, if possible. If this isn’t the case, you are still eligible to apply for a mortgage, with the assistance of a financial advisor. If your income varies, then there are a few things you can do to help with your application.

As you’ll know, self-employed income has its good and bad months, and lenders just want to ensure you are able to pay your mortgage with no financial strain on the rest of your life. If at all possible, offering a larger deposit is always a great start. This means less money to borrow and you will appear as less of a risk if you have the ability to save a larger deposit.

Maintaining a good credit rating is another key point in mortgage applications. If you are able to not miss any payments prior to your application, this can really help your chances. But the real winner for a contract mortgage is to show stability.

Even though the benefits of contract work are that you can be flexible within roles, if you are able to show long-term commitment to your current contract, this will give your lender peace of mind that you have financial stability. More financial stability makes you look less of a risk to lenders.

Speaking to a financial advisor is always advised when looking into contract mortgages.

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