Subcontractor Mortgage

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

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While not exactly ‘self-employed’, subcontractors form a middle ground in the working world. Such individuals develop long-term contracts with companies while handling everything from accounting to expenses and taxes themselves. It’s the ideal balance of steady income and freedom for some, but this way of working can quickly become a sticking point when mortgages come into play.

Typically, subcontractor mortgages can be tough due to a general lender reluctance in the face of Construction Industry Schemes (CSI). This method for subcontractor payment is rife, but mortgage lenders often look upon it as irregular and unreliable, throwing the potential for mortgage acceptance into question.

The challenges for subcontractor mortgages don’t stop there, either. Other issues include –

  • High deposit amounts (standard 15%)
  • Refusal for contracts less than 1 year old
  • Expense-based reductions on gross profits

Each of these issues has the potential to stop subcontractors from going down the mortgage route altogether.

How can subcontractors qualify for mortgages?

Subcontractor mortgage approval is largely dependent on stringent requirements. While some lenders will ask for up to three years of accounts, even less strict agreements will require –

  • 3-6 months of payslips + bank statements
  • Proof of tax deducted at 20%
  • Evidence of deposit

How much can subcontractors borrow?

Borrowing amounts for subcontractors remain at the standard 4-5Xs standard income. Worryingly, though, lenders often deduct expenses from income before considering affordability. That means profits will take a hit even from high expenses in one month, leading to reduced borrowing possibilities and impossible repayment amounts.

What deposits do subcontractors face?

Deposits are another pressing concern for subcontractors with CIS payments. In fact, if you’re seeking mortgages from inappropriate lenders, don’t be surprised if you face deposit requirements of as much as 15% every time. That’s substantially higher than the 5% that’s now becoming standard among the rest of the population. While an increased deposit can be a benefit to you, such demands could see you struggling to save that money in the first place.

Help on hand with CIS Mortgage Advice

If nothing else, the potential setbacks mentioned lead many subcontractors to turn to our CIS specific mortgage advisors for a better deal across the board. We pride ourselves in finding the best subcontractor mortgage deals on the market, even if you don’t meet those ‘standards’ outlined above.

We’ve had great success helping subcontractors secure fantastic mortgage offers, despite the fact that many of the people who come to us have –

  • Contracts less than 1 year old
  • 5% deposits
  • High day-rates with low net profits

We can even work with you to guarantee that your expenses don’t feature in profits when it comes to affordability checks. And, we’ll be on hand every step of the way to ensure mortgage agreements in principle and mortgage applications that don’t trip you up just because you’re a subcontractor.

If you’re looking for a subcontractor mortgage today, simply phone us on 0800 030 6705 to arrange a free consultation that helps you towards your dreams at last.

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

CIS Mortgage Advice
5.0
Based on 35 reviews
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belayet hussain
belayet hussain
13:26 28 Nov 19
I would highly recommend CIS Mortgage 100%. David Sharpstone & his team went above and beyond to helped me secure... both my mortgages. He always kept me updated with the process and developments. Buying house is probably one of the most stressful times of your life, However David always reassured and guided us throughout the entire process. understanding, caring yet always remaining professional and supportive. Brilliant I cannot THANK him enough. THANK YOU!!read more
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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