The problem
Finding mortgage lenders for engineering contractors
As an engineer, you're used to designing plans and processes that run smoothly, finding solutions to issues when they arise. With so many challenges in your worklife, the last thing you need to deal with is complex and confusing mortgage applications in your homelife too.
Yet for many contractors working in specialist professions such as engineering, securing a mortgage is far from straightforward. Multiple, fluctuating or complicated income streams can often mean you are regarded as high risk, irrespective of affordability. Quite simply, many high street lenders view you as a square peg in a round hole - a nightmare for any engineer!
Eligibility
How to get an engineer contractor mortgage
As part of the contractor mortgage application process, you will need to provide evidence to prove your income and affordability. This would typically include:
- Current signed contract
- Up to date CV
- Business bank statements (if Ltd)
- Personal bank statements
- Umbrella payslips
Additional documentation may be required, including:
- Limited company accounts
- Details of any gaps between contracts
- Evidence of future contracts or pipeline of work
Your dedicated Cleerly client services manager will help put together your application and present it in the most favourable light to increase your chances of lender acceptance. They will also liaise with the lender throughout the process, ensuring you stay informed about your application's progress at every stage.
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