Subbie Tip #11 – The Value of References To Accompany Applications
It’s standard practice for lenders to seek employment references for applicants in full time jobs but not always the case when it comes to self-employed people. Having said that, many lenders that allow gross CIS income as evidence of affordability may insist that your construction firm does provide a reference for the application.
My advice though, regardless of the lender’s standard procedures, would always be to see if you can get a reference from your current ‘employer’. This is a great way of backing up your work history but also gives the potential lender confidence that you’ll have ongoing work and an income. It is worth warning your boss that they may be contacted by your prospective lender, so they are ready for the call rather than taken by surprise.
As a broker, my role is to provide a dossier of evidence to your prospective mortgage lender to ensure they feel confident enough to grant you a mortgage based on your CIS income and from experience, I know a reference from work will really strengthen your case and show them you’re a fantastic candidate for their money!
I, and my team, are always happy to offer CIS Subcontractors expert advice on any aspect of obtaining a mortgage; 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