CIS Mortgage

We specialise in Mortgage Advice for Subcontractors paid via the Construction Industry Scheme (CIS)

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Find The Right CIS Mortgage

If you’re a Construction Industry Scheme (CIS) subcontractor, you may find it a struggle to find the best mortgage for your individual needs and circumstances. This is because as a contractor, your income may not be as steady as someone who is employed full time. But don’t lose hope, as we specialise in providing mortgage advice for subcontractors paid via the Construction Industry Scheme to ensure that contractors do not get a raw deal and get the right mortgage for their needs.

How can we help

Instead of making the process of getting a mortgage for subcontractors gruelling, we aim to take away the stress and hassle from it. To reduce your tax liability, your bookkeeper or accountant will usually advise you to record all your business-related expenses. However, this poses a problem when it comes to seeking a mortgage as banks use your net profit after expenses to calculate how much you can borrow. This typically yields a much lower borrowing figure in comparison to what is offered to someone employed full time.

The reason why banks treat you like this is that they do not fully understand your status – but luckily, we do.

At CIS Mortgage Advice, our specialists’ mortgage advisors calculate how much you can borrow based on your daily rate of pay, rather than the profit you show the taxman after your expenses. We can also achieve a better level of borrowing, by placing your mortgage with a lender that is familiar with the CIS Scheme.

All you need to do is give us five minutes of your time and we can show you how.

Do I qualify?

If you’re wondering whether you qualify for a CIS mortgage or not, ask yourself these simple questions:

  • Are you a self-employed builder, decorator, electrician, heating engineer, or other role working in the construction industry?
  • Do you work for a construction firm that deducts 20% of your salary for tax?

If you answered yes to these two questions, then you are paid through the Construction Industry Scheme (CIS) – and we can help you get a mortgage.

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 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.

What is a CIS worker?

A CIS worker is the middle ground between being truly self-employed or permanently employed. However, most mortgage lenders treat CIS subcontractors as self-employed, and before considering a mortgage application they will ask to see accounts for at least 2 and perhaps even 3 years. But what if you’ve been contracting less than a year?

Contracting less than a year?

If you’ve only recently become a CIS subcontractor, most high street banks or mortgage brokers would penalise you for it. They struggle to find a mortgage suitable for someone who has a continuous record as a CIS subcontractor running for less than 12 months.

But, we are different. We are on your side and we understand that you might have changed profession, or maybe a previous employer offered you better terms or enhanced salary if you’d switched to becoming a contractor – these things happen. Where others may have failed you, we are confident we can find a suitable mortgage after you complete our fee free, no-obligation telephone assessment.

So if you’ve only been a subcontractor, or self-employed, for less than a year, our mortgage advisers can even help you get a mortgage without having to complete 2 or 3 years of accounts.

How much can I borrow?

The simple answer is that different lenders apply different calculations.

Typically, it is 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.

What Deposit Do I Need?

It’s possible to get a mortgage with a deposit as low as 5% with incentives like the Help to Buy scheme, however, as with most mortgages, the higher the deposit, the better rate you’re likely to achieve. A lender probably prefers you to have a deposit between 10% and 20%.

Looking for a mortgage with bad credit?

Even if you have managed to save just 5% of your expected purchase price, have a small CCJ or a default registered more than two years ago, we can still help you get a mortgage.

Our mortgage advisers will ask you a detailed set of questions about your circumstances and if there is less than perfect credit record you must be prepared to explain the situation around each negative point – this will help our advisors build a case to support your application for a mortgage.

But they must know all the facts about you and your credit situation, because only then can they mount a successful challenge for a mortgage, based on your day-rate. So, if you have any bad credit, no matter how minor, obtain a copy of your credit report and present it to your mortgage advisor.

Whether you ready to buy now, are just planning ahead in order to buy a new home in the future, call us; or send an enquiry and have one of our experienced CIS mortgage advisers call you right back.

We Say Yes To CIS

Less than 1 year self-employed

5% Deposit

Less than 3 years in the UK

High day-rate with low net profit

paul montgomery
paul montgomery
10:15 12 Nov 19
Can’t give nothing but praises and thank you to David and CIS Mortgage’s from very first conversation to being offered a Mortgage he and his company kept me informed of every process and explained in every detail of application and history required with nothing but first rate professionalism throughout I will use him in future and recommend him to anyone in the same difficult situation I was in, as I was given bad advice before this company which gave me the feeling would never get on property ladder now David has dealt with my case will be moving into my first home in couple months thank you again David and CIS team. If you’re in difficult situation or just need advice please just call CIS Mortgage’s.Paul.read more
Becca larkin
Becca larkin
11:19 18 Oct 19
If you are thinking about using CIS mortgage, 100% do it! I can't explain how happy my partner and I are with the service. After seeing a previous mortgage adviser who told us we couldn't get a mortgage, David, within days got us a mortgage. So pleased with the outcome and it was so refreshing to speak to someone who completely understands CIS through and through. Amazing!!!read more
Ruaridh black
Ruaridh black
13:56 24 Aug 19
Went directly to a bank for a mortgage with my cis statements and they didn't even consider giving us the mortgage. Me and my wife were gutted as it was our dream home and one we could start a family in together. Thanks to David here we managed to get a mortgage and got the house we wanted! We are now expecting our our first child and in our dream home! Wouldn't have been possible to get the house/mortgage without them so very appreciative. Fast and professional and would recommend them to anyone who works under the CIS payment scheme and are self employed.read more
P. Jiten
P. Jiten
09:56 17 Aug 19
For CIS self employed people this is the best company in UK. Got mortgage in principle certificate after submitting required documents and mortgage approved in 10 days after submitting file. Hassle free process throughout and any question or query promptly answered. David and Lisa are amazing people to work with.read more
Michelle Perrin
Michelle Perrin
09:28 17 Aug 19
My husband and myself have been dealing with David since our first property purchase in 2012. David has a vast amount of knowledge, has always put us at ease and answered our questions throughout the process. David is great to deal with, always goes above and beyond and we have already recommended him to several of our friends and family, one of which is nearing completion of their first home. Always fantastic service, highly recommend CIS Mortgage Adviceread more
Veronica Grosu
Veronica Grosu
09:36 12 Aug 19
Fantastic service from start to finish. David made it simple and effective for us. We are very happy with the outcome. I would definitely recommend!read more
Rob
Rob
09:23 18 Jul 19
David has been faultless from the beginning and helped me and my girlfriend out loads and without him we would not be moved into the house we are in now. He understands the difficulties of being a CIS worker with mortgages and gives you the best advice he can and is very quick on the ball at getting stuff sorted. My case I appointed him for was more complex than most I would say due to being self employed and having a limited company but he had no trouble with achieving me a great mortgage deal and borrowing amount with the information I gave him. It has been a pleasure to deal with david through buying this property and I shall definitely be using him on any future purchases or remortgages. Nothing was ever to difficult for him and he was always just at the end of the phone when you needed him even after his working hours he went above and beyond by helping me with help to buy also.read more
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