Subbie Tip #12 – Demonstrating Your Track Record
It goes without saying that lenders need to have confidence in you if they’re going to advance you a mortgage. Part of this comes with seeing that you have a good track record of employment within the industry; let’s be honest if you’ve only just started working in construction with no experience or track record it’s going to be much harder to convince a lender to part with their money or give them confidence that you’ll be able to meet your monthly repayments.
Ideally lenders willing to consider calculating mortgage affordability based on your gross CIS income would like to see at least two years track record of working in construction although some lenders I access will accept one year. However, it is important to note that this is does not necessarily mean you have to have been self-employed or even paid via the CIS for that entire length of time; just that you been involved in a trade-based construction job to demonstrate a successful track record in the industry.
So, if you are thinking of seeking a mortgage, now’s the time to start gathering together the evidence to enable your advisor to support your application. If you’d like further advice on this subject or help finding the right lender, I’d be very happy to help, just give me a call on 08000 306705 or drop me an email to: david@cismortgage.co.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE