We specialise in Mortgage Advice for Subcontractors paid via the Construction Industry Scheme (CIS)
Do I qualify?
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 answer yes to both questions, then you are paid through the Construction Industry Scheme (CIS) – and we can help you get a mortgage!
A CIS worker is the middle ground between being truly self-employed or permanently employed. However, most mortgage lenders treat CIS contractors as self-employed, and before considering a mortgage application they will ask to see accounts for at least 2 and perhaps even 3 years.
Now, to reduce your tax liability, your bookkeeper or accountant will usually advise you to record all business-related expenses. But when it comes to seeking a mortgage, this poses a problem. You see, banks use your net profit after expenses to calculate how much you can borrow. This typically yields a much lower borrowing figure compared to what is typically offered to someone employed as a full-time, permanent employee.
So why don’t banks treat you like this?
The simple answer is that most banks, and even independent mortgage brokers, do no not understand your status. But we do.
Contact our CIS mortgage advisers now, for an instant decision.
Our experts calculate how much you can borrow based on your daily rate of pay, rather than the profit you show the taxman after your expenses. They can also achieve a better level of borrowing, by placing your mortgage with a lender familiar with the CIS Scheme.
Give us just five minutes of your time and we can show you how.
Contracting for less than 1 year?
Many of you may have become a CIS contractor only recently.
Perhaps you changed trade or profession? Or perhaps a previous employer offered you better terms, or an enhanced salary if you’d switch to becoming a contractor.
Most other brokers, and banks, struggle to find a mortgage suitable for someone who has a continuous record as a CIS contractor running for less than 12 months. But this isn’t a problem for our team. Where others may have failed you, we are confident we can find a suitable mortgage after you complete our initial fee free, no obligation telephone assessment.
We Say Yes To CIS
Based on our specialist understanding of the CIS Scheme, our expert mortgage advisers can present a good case to the mortgage underwriters on your behalf.
Don’t delay, Contact us now for your initial fee free, no obligation CIS mortgage assessment.
Less than perfect credit history? Low deposit?
Even if you have managed to save just 5% of your expected purchase price, or have a small CCJ, or a default registered more than two years ago, don’t despair… 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 a 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.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE