5 Main Challenges for Contractors to Qualify For a Mortgage

 


Remortgage has many benefits for contractors. Cost savings, debt consolidation and credit score increase are among these incentives, but contractors face many challenges in obtaining contractor remortgages. Non-permanent contracts, low credit scores, delinquent mortgages, gaps in contracts and low work experience are the most important challenges for contractors to get a remortgage.

Lenders' behavior compounds these challenges in contractors' remortgage varies greatly. Therefore, to overcome these challenges, contractors need the advice of contractor remortgage brokers.

AWS Mortgage advisors with years of experience in providing contractor remortgage consulting services take the necessary measures to improve the contractors' credit score, estimate the required deposit, more savings solutions, increase financial capacity, collect evidence and accurately estimate related costs.

Talk to AWS Mortgage experienced advisors to make it easy for you to overcome the challenges you face easily. AWS Mortgage experienced advisors have access to a wide range of contractor lenders and can help you make the right choice among the wide range of remortgage products on the market.

Comments

Post a Comment

Popular posts from this blog

How to Get a Contractor Mortgage as Per Contract Rate

Image
  A contractor mortgage is like any other mortgage. But the underwriting process makes the difference between this mortgage and others. For example, a contractor mortgage based on a fixed-term contract can allow contractors to borrow significantly more than conventional mortgages. In contrast, conventional lenders limit small business owners' financing to a "salary plus dividend" formula. But some lenders use contract rate underwriting, which is a better contractor method. These underwriters "annualize" the contractor's day rate using contract rate underwriting. Using this gross figure, lenders and contractor mortgages brokers determine how much a contractor can borrow.  So if the lender is faced with anything other than the contractor's rate, it is unlikely that the contractor will get the mortgage amount they deserve. Here are the most important advantages of getting a contractor mortgage per contract rate and the ways to achieve it.  The Advant
Read more

Contractor Mortgages in London

Image
  All borrowers have to supply paperwork to satisfy a lender, but those applying for contractor mortgages will have to supply more information than most. You will need a copy of your contract, details of your track record of contracting, bank statements and proof of ID. Make sure you are on the electoral roll, and check your credit file before making a mortgage application – if your credit rating is poor you won’t get a mortgage, even if your income is exceptionally good. If there are mistakes on your credit file, get them corrected, or they will cause problems for you during the mortgage application.
Read more

Easy Ways to Stop and Avoid Foreclosure on Your Home

Image
  Home is a place that we look forward to reaching, by the end of the day, where we can spend time with our families, that protects us from freezing cold, wet rain and hot summers. Life without home is not easy. So, it’s very important to save our home. However, sometimes, life gets a bit difficult and you might face financial issues. These troubles could lead you to face your worst nightmare: foreclosure. Then, you might need to take a swift action against it, as it will not only ruin the credit rating but will also make finding another house a very hard job for you. Also, there are ways by which you might avoid this foreclosure. You can either apply for bankruptcy, file a lawsuit or apply for a loan modification. When you get a mortgage for your home, you sign a contract, where you agree to pay the lender according to the mentioned terms. It’s very important to do your research and understand the terms properly. You need to be sure that you will be able to pay the money on time. If y
Read more