Mythbusting – #4 There’s Only One Lender That Looks At Your Gross Day Rate Income
At CIS Mortgage Advice, we help CIS subcontractors get a much bigger mortgage from their gross income. We’re really passionate about showing subbys that being paid via the CIS scheme should be seen as a massive advantage to getting a mortgage, and never a hurdle to leap over.
The last mythbust showed you that having a low credit score or the blip doesn’t necessarily prevent you from getting a mortgage with you gross CIS income.
Today, is a nice quick Myth to dispel –
So myth number 4 –
‘There’s only one mortgage lender that does a mortgage using your gross day rate income’
This one I hear all the time, and it couldn’t be more wrong. More often than not, I speak to sub contractors that have already been to this famous Scottish associated bank either directly or through another broker, and when that lender does not want to provide a mortgage then the subby often feels there is nowhere else to turn, or the mortgage broker they have spoken to isn’t aware of the other options on the market place – I don’t blame them because unless you specialise in this area, then you don’t always know.
The good news, however, is that there is a long list of lenders we regularly deal with that understand the CIS pay structure and can calculate mortgage affordability based on gross, average day rate income.
Most of these other lenders don’t openly publish these lending criteria for the public or even other brokers to read. A lot of the time, it’s the unwritten rules or held on their internal policies, BUT it’s only through experience and knowledge and working for a long time with subcontractors that there are plenty of options out there for a whole range of individual scenarios.
So don’t worry if you’ve already been told by a famous Scottish bank that you can’t have a mortgage, get in touch with us via FaceBook messenger, or call us, email us, and we’re on hand to help you out.