FAQ

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

Can I get a mortgage with less than 2 year accounts?

Yes, some lenders now accept the first year of trading plus a projection. In fact, with a good credit score, some banks do not even ask for a projection.

I only have a 5% deposit; can I still get a mortgage if I’m self employed?

Quite simply, yes.  Being self employed doesn’t mean that you need more deposit than your employed counterparts. You will find that with a 5% deposit the interest rates are higher, and lenders set the bar higher to pass their credit checks

I have some bad credit, can I get a mortgage?

It depends on what sort of bad credit, how long ago it was registered, whether it is satisfied, and the amount registered against you.  One or two late payments are unlikely to because you harm. If you have a default with a mobile phone company some lenders will overlook this because they realise how easily these companies give them out.  Lenders hate to see payday loans, debt management plans and IVA.

How long does it take to get a mortgage?

Mortgage lenders will identify the paperwork required to support the application. Once all of this is sent to the lender, expect the whole process to take between 7 and 10 working days. During this time, the property needs to be valued and will depend on the availability of the surveyor. More banks are moving over to a system of automatic valuations based on market data.

How long do I have to be contracting for before I can apply for a mortgage?

If you are a CIS contractor, you will need to be contracting for at least 6 months, of which the bank will take an average of your last 13 weeks income before tax. Any private jobs you do will be ignored. For other contractors, most banks will look for at least a year, and will expect to see that the contract has been renewed at least once.

I’ve been in the UK for less than 3 years – can I still get a mortgage?

The ability to get a mortgage largely depends on credit score and history. The longer you have been in the UK the more history you have. That said, some banks will allow less than 3 years in the UK, but be prepared to have at least 15% deposit.

I do a lot of cash jobs, can I use this income to get a mortgage?

As long as the cash is being accounted for and you are paying tax, then you can evidence this income to support a mortgage.

What paperwork do I need to apply for a self employed mortgage?

Standard ID documents will be required along with evidence of your deposit

If you apply as a CIS contractor you will need your last 3 months/13 weekly payslips and bank statements showing the income in your account.  You will need to provide both your business and personal bank statements. If you are applying as a sole trader or Limited Company Director, most banks will ask for your last two or three self assessments. Your accountant can obtain these for you, or if you self assess they are also available on you government gateway access.  You will need your SA302 document or summary page from the online account confirming‘100% Complete’. You will also need a document for each tax year called a ‘Tax Year Overview’

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

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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