CIS Contractor Mortgages
If you are a CIS contractor and want to get your hands on a new mortgage, it can be difficult to fully understand what you should be doing. CIS Mortgages can be a pain when working alone, that’s why our team offers services to make sure that you have all of the information you need.
By choosing JG Mortgage Services, you will be given access to our expert mortgage brokers who will be on hand to help you whenever you need us. Please do not hesitate to contact us today if you have any questions about mortgages for CIS contractors.
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Why are CIS Mortgages Different?
CIS (Construction Industry Scheme) mortgages differ from standard mortgages because contractors are paid based on invoices, rather than a regular salary, making it difficult to demonstrate affordability and income stability to lenders.
However, many lenders now specifically cater to CIS contractors, providing mortgage options that assess gross income or weekly invoices instead of solely relying on tax returns. This has now turned out to be much more accurate than other methods.
What Can We Help You With?
Getting through the mortgage process as a CIS contractor can be challenging, but you don’t have to do it alone. At JG Mortgage Services, we specialise in helping CIS contractors secure tailored mortgages that meet their needs.
Our experienced brokers work closely with lenders who understand your unique situation to make sure the process is as smooth and hassle-free as possible. Contact us today to discuss your options and we will be happy to answer all of your questions.
Eligibility For CIS Mortgages
To qualify for a CIS mortgage, you must be registered with the Construction Industry Scheme and receive post-tax pay under it. As stated before, lenders will also usually require proof of income, like payslips, invoices, or bank statements.
Eligibility criteria will differ depending on the lender, but some may accept applications with a short work history or adverse credit. A specialist mortgage broker can assist you in exploring your options.
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Recently sorted our remortgage with JG Mortgage Services and i really couldn’t be happier with the amazing service by Josh & Joel. It has been such a stress-free process to what I have experienced in the past. There has no need to chase for updates etc, Josh/Joel have been in contact with me straight away via email or WhatsApp. Any questions I’ve had have been answered promptly, the service has been truly impeccable. I loved how all figures sent to us were super easy to understand so we understood exactly what out finances would look like. Josh even managed to reduce our interest rate from what was originally advised with our provider which we are delighted about. This for me shown just how they go above and beyond to help their customers to the best of their ability. The service provided and dedication to customers is very important to JG Mortgage Services and this 100% shines through on their work.
Highly recommended and we will certainly be in touch when our mortgage is next due. If you are looking for a mortgage advisor I would highly recommend JG, for me there will be no other options to use going forward.
Kelly & Carl J – 17/11/2022
Borrowing with a CIS Mortgage
The borrowing amount for CIS contractors mostly depends on your gross income, the lender’s criteria, and your overall affordability. Some lenders determine your borrowing capacity by multiplying your gross day rate or weekly income by a standard number of working weeks in a year.
While many lenders offer 4 to 5 times your annual income, a mortgage broker can help you find lenders that provide higher borrowing amounts tailored to your circumstances.
CIS Contractor Mortgage FAQs
How Big Should My Deposit Be?
The deposit requirement for CIS mortgages is similar to that of standard mortgages. Typically, you’ll need at least 5% to 10% of the property’s value as a deposit.
However, the size of your deposit can impact the mortgage rates available to you. A larger deposit may result in lower interest rates and a wider choice of lenders. Specialist lenders may also offer flexible options if your deposit is smaller.
What Banks Do CIS Mortgages?
Luckily, there are plenty of banks that offer CIS Mortgages, however, this is not something you would need to worry about if you were to get in touch with our team. We will deal with the banks for you while you focus on finding the perfect home.
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