Introduction
Skipton contractor mortgages
Skipton stands out as a premier choice for contractor mortgages, renowned for its efficient processing times and streamlined application process. Their proactive approach means they place a consistent emphasis on finding ways to approve, rather than decline, applications from contractors and self-employed professionals.
Eligibility
Skipton contractor mortgage criteria
Prior to 2018, Skipton assessed contractors based on a two-year net profit average. They now evaluate affordability based on daily contract rate x 5 days x 48 weeks, demonstrating their understanding that contractors are not inherently high risk borrowers.
As part of the Skipton mortgage application process, contractors will typically be required to present the following:
- ID and proof of address
- Evidence of income
- Evidence of current contract
- Proof of deposit
- Latest bank statements
To learn more about Skipton’s lending criteria for contractors and explore deals tailored to you, speak to one of our contractor mortgage consultants today on 02394 212912.
Self-employed
Skipton mortgages for self-employed professionals
In line with Skipton’s lending criteria for self-employed professionals, borrowers would normally be required to provide:
- ID and proof of address
- Previous two years’ SA302 forms and corresponding tax year overviews
- Copy of current contract
- Signed business accounts from previous two years
Our team will assist you in gathering all necessary documentation and liaise with Skipton on your behalf to secure an agreement in principle. Contact Cleerly today to get the ball rolling.
Skipton Building Society contractor mortgages FAQs
Skipton will do a soft credit search for an Agreement in Principle and a final, hard credit search if you decide to progress with a full mortgage application.
A contractor is usually classed as any professional who works on a contract basis and pays tax either through an umbrella company or via self-assessment.
Securing a mortgage when paid through an umbrella company is feasible but is not without its challenges. To optimise your chances for approval, speak to one of our umbrella mortgage consultants who will be happy to guide you through your options.
Cleerly partnered with Skipton to design its contractor policy and is now considered the market leader for contractor mortgages. Compared to many of its competitors, Skipton prioritises a streamlined documentation process, swift processing times and a proactive approach towards application approvals rather than rejections. For more information on Skipton’s rates and lending criteria, contact us on 02394 212912.
Fantastic service from start to finish, responsive, understanding and helpful all the way through the process. The company is fantastic and cares about your needs and helps every step of the way. Amazing service from Dil a real credit to the company. Would recommend this company again and again.
I would recommend Will, from the first initial introduction that I had with him he gathered enough details on what my needs were and what as a company they could offer. Very professional, financial consultant company who kept me abreast from the word go he also explained any legal jargon and financial implications very clear. Would I use them again, yes especially when it comes to mortgage or remortgage you want someone with experience and knowledge to help with your search and assure what you are committing. So, thank you for your excellent service and negotiating a deal on my behalf.
Highly recommend to other contractors! After running into challenges with high street mortgage lenders on a somewhat standard remortgage, I sought help from PCM and Mark McBurney. Mark successfully secured us a high street remortgage product at a competitive rate. Very grateful for Marks work and the overall service provided by PCM.
Very professional got me increased borrowing at a slightly better rate than i was previously able to obtain. Simon listened carefully to me and then suggested a plan to allow me to repay my mortgage after two years once Ive sold my house. Anytime I emailed a query the response was swift and helpful. Will recommend in the future to colleagues and friends.