CIS Mortgage Advice For Subcontractors
We specialise in Mortgage Advice for Subcontractors paid via the Construction Industry Scheme (CIS)
About CIS Mortgage Advice
If you’re reading this as a Construction Industry Scheme (CIS) contractor, then you or your partner are probably struggling to find a mortgage right now. We can help.
Contact us today and one of our mortgage advisers can give you an initial Fee Free, no obligation telephone assessment. During this initial call we will calculate how you may borrow based on your CIS day-rate before tax, instead of using an average of your last two year’s self employed income which most banks will ask for. Subject to providing us with evidence of your income and identification we can even obtain an instant provisional lending agreement
If you’ve only been a subcontractor, or self-employed, for less than a year, then our mortgage advisers can even help you get a mortgage without having to complete 2 or 3 years of accounts.
Give us just five minutes of your time, and we can advise you how much you may be able to borrow on a mortgage.
Instant mortgage decisions for all CIS Subcontractors
Subject to a Fee-Free no-obligation assessment
If you complete a self-assessed tax return for HMRC, and pay 20% tax at source through a construction firm, then you are part of the CIS Scheme.
Most CIS subcontractors do find it difficult to borrow sufficiently on a mortgage, because most banks make their lending decision based on your profit after expenses.
In addition, most banks require more than two years’ evidence of income to make a lending decision, giving a double-whammy to CIS subcontractors.
We say ‘YES!’ to CIS
Although we can’t guarantee you’ll get a mortgage, we are proud that we have helped 100’s of CIS subcontractors buy their dream home since 2010.
For our clients, the following circumstances are normal:
✅ Less than 1 year self-employed
✅ 5% deposit
✅ Less than 3 years in the UK
✅ High day-rate but low net profit
As long as you are on the CIS Scheme, and have 3 months’ worth of continuous payments and a good credit record, then we can help you get a mortgage offer based on your average day-rate.
Don’t worry if you’ve even had a few minor credit blips in the past; or have yet to complete your first self-assessed tax return: we can still help!
Seriously Competitive rates from High Street banks
Our friendly mortgage advisors are all experts in the CIS Scheme. They understand that you are neither employed, nor self-employed – but somewhere in between.
We use your average day-rate to calculate exactly how much you can borrow, and only place your CIS mortgage with a High Street bank.
In most circumstances, you can borrow up to 5 times your gross annual salary, and access the same fantastic mortgage rates available to someone who is directly employed.
How much can I borrow?
The simple answer is that different lenders apply different calculations.
We work with lenders that take the average of the gross amount you were paid over the last 3 – 6 months (before the CIS 20% deductions).
This figure is then annualised, to give the lender an indication of the amount you would expect to earn over the course of a year.
You are able to borrow around 5 times this figure on a mortgage, on average. Other brokers and lenders might calculate your income based on net profit, which allows you to borrow significantly less.