UK contractor mortgages

Securing a mortgage may be more of a challenge if you’re self-employed (e.g. running your own business, or freelance).

Self-employed income is often less predictable and may also be less secure than a salary, so mortgage lenders need more reassurance that you can afford your monthly repayments in the long term.

You may therefore need to prepare more carefully if you’re self-employed, so that your mortgage application isn’t rejected.

Bear in mind that every rejected application can harm your credit score and make the next one more difficult, so give it your best shot the first time.

The self employed mortgage – busting the myths

You may have heard the phrase ‘self-employed mortgage’, but the truth is there is no special type of mortgage deal for self-employed people.

In principle you have the same choice of mortgages as a salaried applicant, although depending on your personal circumstances you may be offered a more limited range of deals, and may also face more stringent checks.

Get in touch with us today to speak with the UK’s Best Contractor Mortgage Broker.

Tips on mortgages for the self employed

Here are some guidelines for applying for a mortgage if you are self-employed, and how to maximise your chances of securing a good deal.

Can your spouse take the lead on the mortgage?
It might sound obvious, but if your spouse is salaried rather than self-employed, it can make more sense for them to be the first name on the mortgage, as their application may be more likely to be approved.

Even if their income isn’t quite as much as yours overall, the fact that it’s regular and predictable may count in their favour. Ask your mortgage broker about this option.

Show at least two years of accounts
In most cases you’ll need to provide at least two years of recent accounts – the most recent can be no more than 18 months old.

Hire an accountant to ensure the accounts meet the required standards, and ask him or her to explain the accounts to you in detail so you can speak confidently about them if questioned.

Some lenders ask to see an SA302 form (a confirmation from HMRC of the income you’ve reported to them) either instead of or in addition to your accounts.

These can take a few weeks to arrive, so request them in good time. You may also be asked to show some recent tax returns.

Increase your income if you can
When running a business, usually it’s good practice to retain as much profit as possible within it.

However, you may want to make an exception when trying to secure a mortgage.

Paying yourself a higher dividend of the profits can boost your application, and should also enhance your savings so you can afford a larger deposit.

Once you have your new home, you can readjust your income if you wish, so long as you can still afford the repayments and other outgoings.

Postpone major business changes
Lenders look for stability, so it may hinder your chances if you’ve only recently changed the structure or type of your business (e.g. from a sole trader or partnership to a limited company).

If you don’t want to delay that change, then give the new business structure time to bed down so that the lender can have confidence in it.

Make sure your lender is aware of the type of business structure you have, so they fully understand your level of income and how you receive it.

Get in touch with us today to speak with a specialist Contractor Mortgage Advisor.

Be aware of the deposit bands
This tip is useful for all mortgage applications, but it can make an even bigger difference when you’re self-employed.

A larger deposit always means lower repayments, but there are also bands above which rates become even cheaper (typically 10 per cent, 25 per cent and 40 per cent deposit).

If you’re close to one of these bands, see if you can raise just a little bit more money to get past it – it’s usually worth the effort.

Remember that lenders often have different criteria
Why would one lender say ‘No way!’ and another say, ‘No problem!’? Because they may consider your earnings in a different way and take different income into account.

For instance, Lender A might focus on salary and dividends, while Lender B may base their decision on your operating profit and retained profits.

So if you get turned down by one, don’t despair – another lender may say yes without any changes to your income.

It’s good to consider this before you apply, to avoid the knock-back of a rejected application, so ask your mortgage broker to find the lender most favourable to your position.

Use a specialist self employed mortgage broker
Find a mortgage broker who has a lot of experience in finding mortgages for self-employed people.

A specialist can anticipate problems in advance and also source the most likely lenders for you from the whole of the market.

This reduces the risk of having your application declined. Although one declined application is unlikely to harm your credit score by much, a series of them might.

Seeing an adviser maximises your chances of being approved first time.

By Nick Green

Source: Unbiased

Amid research showing that the ‘Bank Of Mum and Dad’ is doing a brisk business, it’s worth pointing out that in our experience, the number of first-time-buyer contractors utilising a limited company but requiring help from BOMAD is minimal, writes John Yerou, CEO of Freelancer Financials.

Contractors and the Bank Of Mum & Dad

Or at least, it’s minimal among contractors compared to their permie counterparts. Nearly all limited company contractors manage to save a minimum of 5-10% deposit without family help. The majority of PSC contractors who do get help from BOMAD are those who are trying to put down larger deposits — to get more favourable interest rates.

But how did we get here? How did we get to the Bank of Mum and Dad, potentially even propped up by the Bank of Auntie (‘BoA’), lending to those in need of a home loan? And why does it matter if you’re reading this as a limited company director who might need to open an account with BOMAD or even BoA?

Get in touch with UK Contractor Mortgages today to discuss your Buy to Let & Residential Mortgage requirements.

As safe as houses?

Well, following the 2007/2008 financial crises, the UK became home to tens of thousands of mortgage prisoners. These were homeowners who’d bought at the crest of the property market boom only to see it bust and shower them with shortcomings.

They thought, like many, that property investment was as safe as houses. But one global slump later, they found themselves in negative equity with outstanding mortgages greater than the value of their homes. To a lesser extent, there’s a real possibility of that happening again, post-covid. But that’s an aside to perhaps consider further down the line.

Mortgage prisoners removed many homes from the marketplace — their owners becoming stuck until house prices rose again. But even then, the sharp rise in the price of housing stock in the run-up to the crises made owning a home all but impossible for the younger generation or other first-time buyers.

Get in touch with us today to speak with the UK’s Best Contractor Mortgage Broker.

Extraneous factors fuelling the fire

Running alongside this phenomenon was rising EU immigration and successive governments failing to meet affordable housing targets. Tag on post-bust ‘Responsible Lending,’ which introduced stricter lending criteria, and the restrictions imposed on young borrowers formed a formidable, often unsurmountable barrier.

That interest rates plummeted to historical lows and Stamp Duty holidays became de rigeur didn’t matter. If you couldn’t afford the deposit — and at one point, you couldn’t get a mortgage with less than 15% — the first rung on the property ladder was out of reach.

Even if by some chance, young individuals and couples managed to find a home, afford and save a deposit, it was only the first stepping stone across a raging river. But such is the Brit way of life, from this adversity a solution came to prominence — the Bank of Mom and Dad (BOMAD).

Are you a limited company director needing a loan from BOMAD?

Since the pandemic, lending criteria have become protracted, for everyone, not just the self-employed.

One area that lenders’ mortgage advisers seem more interested in than ever is where a potential borrower found their deposit. These advisers on behalf of the lenders ask us, so we in turn have to ask our clients!

Now, we don’t just deal with contractors. We secure mortgages for all — sole traders, freelancers and even employed people referred to us by their contractor friends. And this is where we see a sharp difference in BOMAD borrowers.

Yes, we deal with contractors earning £50,000 a year. But they’re somewhat the exception. Many of our contractor clients earn upwards of £300/day. To get a mortgage with Halifax (unless they’re an IT contractor), they have to earn at least in excess of £75,000 a year.

This puts contractors in, typically, a higher income bracket than many other young people, even than permies who do the same job. This means they can save a lot harder, especially if they’re working through their own limited company (or Personal Services Company). Thus, contractors’ reliance on BOMAD is greatly reduced compared to the national average first-time buyer.

Get in touch with us today to speak with a specialist Contractor Mortgage Advisor.

Almost half of other first-time buyers use the Bank Of Mum & Dad

That contractors are more likely to go it alone bears out in our figures, too. Only around 5-10% of higher-end contractors lean on relatives for help with a deposit. In contrast, getting on for 20% of permies or sole traders/freelancers get help from their families to buy a home.

Across the industry, it’s expected that almost half a million borrowers will have borrowed from BOMAD in the three years up to 2024 — almost half of all first-time buyer activity. So a total of (roughly) £25billion families will have forked out to help their offspring move out.

Why BOMAD matters (answer: the lenders are interested in the source of your deposit)

One reason lenders ask where the deposit has come from is to help determine the applicant’s mortgage affordability.

If the money is a gift from parents, either from their savings or they’ve released equity to donate to their offspring’s cause, all well and good. But if that money has to be repaid, it’s as well to understand that the buyer can afford to repay both the mortgage and the BOMAD loan from the outset.

Banks need to know this in order to make an informed decision. But it’s a good exercise for the benevolent parents as well. The last thing anyone wants is rifts in the family due to money issues, especially where siblings may feel the impact of one of them welching on repaying back into the inheritance pot.

BOMAD stigma in the banking industry

With so much transactional cash involved, we understand why the financial authorities want to keep tabs on such activity. And that’s part of the reason, I guess, why people only mutter that they’ve borrowed from relatives rather than proclaim it.

It’s this stigmatism that large sections of the industry want to see eradicated. And, due to the current economic forecast, it may well become the norm that first-time buyers are expected to get help from relatives. And the more open we can be about the often-taboo subject of money the better off we’ll all be.

By John Yerou

Source: Contractor UK

The Bank of England (BoE) last week increased its base rate to 1.75% from 1.25%. This was the sixth consecutive rise in interest rates, taking it to the highest level since the credit crunch in 2008.

But as many temporary professionals are asking us, writes John Yerou, chief executive of Freelancer Financials, what does this significant leap mean for borrowers who are contractors?

Up, up and away
Struggles facing the economy have led to a prediction of 13% inflation by the end of 2022. Economists reckon it could potentially reach 15% in 2023. These figures are far cries from the BoE’s target inflation rate of 2%.

These predictions, against a background of soaring energy bills and spiralling food prices, have forced the BoE’s hand.

Over the last three quarters, the bank’s Monetary Policy Committee has steadily nudged up interest rates from its historic low of 0.1%. This week’s 0.5% increase, however, represents a more forceful move as the BoE grapples to contain inflation.

Additional rate rises by the bank look certain, driven by:

• the worst credit squeeze on consumer spending in years,
• severe labour shortages, and
• spiralling high food, energy, and fuel price hikes.

With the ever-growing economic challenges facing the economy, the question isn’t if increases are coming, rather — it’s when, and by how much.

Get in touch with UK Contractor Mortgages today to discuss your Buy to Let & Residential Mortgage requirements.

Will interest rate hikes curb inflation?
This latest interest rate rise to 1.75% is another blow to economic confidence. It places yet more financial strain on recovery as everyone continues to grapple with rising costs.

The reality is that it all makes the impending recession a self-fulfilling prophecy. How so?

Well, the governor of the Bank of England, Andrew Bailey, has been facing mounting pressure to keep up with the pace of global central banks. Both the European Central Bank and the US Federal Reserve have implemented rate increases of 0.5% and 0.75% respectively. This, in turn, has forced the Bank of England to act similarly to try and rein in rising inflation.

But we now question whether raising interest rates is the best way forward under the current conditions.

The textbook approach (isn’t going to cut it)
Any decent textbook on the topics of economics and finance will tell you that, yes, increased rates are the primary tool for reducing inflation. It reduces demand and helps to bring inflation under control.

And this is exactly what the BoE is doing; it’s textbook. By increasing the cost of borrowing, it’s trying to discourage spending. This theoretically leads to lower economic growth and lower inflation.

But will increased interest rates curb inflation in the traditional manner? In our humble opinion, unfortunately, no. That’s because the challenges we face are, to a great extent, unprecedented.

The catalyst for soaring food, energy, and fuels prices is the exceptional melting pot of global factors we face today:

• successive covid lockdowns,
• supply chains crippled (some fatally so)
• the war in Ukraine, and,
• worldwide labour / skills shortages.

This mix does not represent the usual backdrop for recession!

Get in touch with us today to speak with the UK’s Best Contractor Mortgage Broker.

Should contractors be panicking yet?
The 0.5% base rate rise and spiralling inflation headlines will leave many homeowners deeply anxious. And while it represents the largest individual hike in nearly 30 years, it wasn’t actually a surprise.

Those contractors old enough to remember the 80s and 90s may view today’s jump as no reason to panic (just yet).

But for the group of homeowners who’ve only ever known a sub-1% base rate since purchasing their home, it will certainly set off alarm bells.

It’s worth reiterating here that rates are low compared to historic levels. But the rise will affect monthly repayments and individuals’ abilities to borrow. So let’s look at the different scenarios.

What does this 27-year high in interest rates mean for UK borrowers and homeowners?
In the short term, the increase will undoubtedly spur another round of mortgage rate increases from ALL major high street lenders, including contractor-friendly lenders.

Interest rates are already 2% higher than they were at the start of the year, despite the base rate only moving up 1.25% over the same period.

Homeowners on tracker rate mortgages or their lender’s standard variable rate will see their repayments increase. Predictably, this group (some 21% of UK mortgagees), will be the first and hardest hit.

Mortgage borrowers on fixed rates will be protected from the immediate effects of the rate rise. But if you’re a contractor on fixed-term deal which expires in the next 12 months, you will need to be prepared. When you come to remortgage, you’ll see a sharp rise in the interest rates available.

What a mortgage broker can do for you in these uncertain times
Over the past few months, our mortgage brokers have played key roles in helping contractors and self-employed clients ‘lock-in’ competitive interest rates for the future. But the landscape on which they’re doing battle is changing.

We’re already seeing lenders tightening underwriting criteria for first-time borrowers, home-movers and further borrowing.

Applications are taking far longer to process because of increased ‘due diligence’ (whether that due diligence is necessary or not). And affordability calculators are changing every week, shrinking the window of opportunity even for borrowers who may have previously considered themselves well-heeled. These dynamics are making it tougher and more challenging to place mortgage applications.

Our brokers are having to demonstrate incremental creativity and tenacity to pair and select the most suitable lenders. Even so, we retain our ethos of matching clients to lenders whose products and services meet their specific needs. This ensures the underwriting teams we deal with take a common-sense view of the bigger picture — as far as affordability checks go.

Get in touch with us today to speak with a specialist Contractor Mortgage Advisor.

The current backlog at lenders: sorry, lenders but you’re not helping yourselves!
Another problem mortgage brokers face when base rates increase is that lenders almost immediately start withdrawing their current products.

Moneyfacts has recently reported that the average shelf-life of any single mortgage product is 17 weeks. That represents the shortest shelf-life on record. This lack of notice creates mayhem for mortgage applications in the pipeline that haven’t been secured.

Many of our clients have seen this coming, however. In recent weeks and months, our brokers have been receiving calls from clients with over 12 months remaining on their fixed term. They’ve been demanding urgent reviews in order to lock in a competitive fix rate; so concerned are they that interest rates are spiralling out of control.

If you’ve not acted yet, it’s not too late. No matter how difficult market conditions become, there are always options available through the right channels. We can help people achieve their homeownership dreams, irrespective of how they are employed. Yet contractors please note, the earlier you engage a mortgage broker’s service, the greater the options and support you will receive.

Moving forward, flexibility from lenders is going to become increasingly important. In the current climate, using rigid tick-box practices for underwriting will fail to serve the needs of many self-employed property buyers. Our goal is to ensure that, even for those most complex of income structures, we find wiggle room — with at least one lender!

Housing market
Over the last couple of years, we have seen extraordinary demand for property purchases. Low interest rates that have made getting a mortgage a lot easier have supported this trend.

But last week’s 0.5% interest rate jump will slow house price growth. Potential homebuyers will become more hesitant over fears of rising interest rates and inflation. However, we don’t foresee a crush or drop in housing prices as we did after 2008, just a cooling-off period. This isn’t a bad thing!

We will see a power shift though. Up until recently, all the negotiating power has been with the sellers. This might start shifting to buyers in the coming months as dwindling interest forces property owners to sell at more reasonable prices.

Behind the headlines…
It was inevitable that mortgage interest rates would increase eventually. They were never going to remain abnormally low forever.

In the short-term lenders will tighten their affordability calculators and underwriting criteria until the dust settles.

And although most lenders have accommodated specialist income such as that of limited company or umbrella contractors in more recent times, independent professionals may find more barriers than their permie peers in the interim.

Nonetheless, our belief is that the fundamentals of the economy are fine. So ignore the scaremongering from some quarters.

Keep in mind, the circumstances affecting today’s surging inflation and cost of living have been brought on by Covid lockdowns creating temporary labour shortages and production issues. The current supply cannot meet the demand – it really is as simple as that. The invasion of Ukraine has also exerted a serious impact on inflation, affecting energy and fuel prices. While serious, none of these aren’t permanent fixtures.

We should also recognise that lenders increasing interest rates isn’t always a response to a change in the cost of funds alone. Sometimes, like now, it’s a response that will help them manage their service levels.

Time after time this has occurred in the past, notably when banks are struggling to cope with the volume of applications. They push up rates to make them less attractive to borrowers. They’ll then reduce rates once they can resume service levels!

Many banks are still understaffed and struggling to cope with application volumes. Swathes of their staff still work remotely, another factor making applications take nearly twice as long as before covid.

What contractor mortgage-holders should do next
One of the key ways to determine where lenders’ interest rates will go (next) is to look at SWAP rates.

SWAP rates are what lenders pay to financial institutions in order to acquire fixed funding for a specific duration. This could be anywhere between one to 10 years.

The cost of this SWAP rate will then be used to price up mortgage products for lenders to secure a profit margin. At the time of writing, current three, five and ten-year money funding is all lower than two-year funding rates, which implies that rates will peak — but start to come back down again.

As a contractor with a mortgage, what your next move is will depend on your current home loan small print and its associated fixed term. We’ve outlined different scenarios for remortgaging on our blog for you to consider. Alternatively, ask us about your current situation and our brokers will outline the avenues open to you. But do ask, and at the risk of repeating myself — act.

By John Yerou

Source: Contractor UK

With some high street banks turning away self-employed mortgage applications from those who have taken out government Covid grants during the pandemic, and a recent report from Shawbrook Bank revealing that 35% of borrowers are unsure if they will get a mortgage due to being self-employed, many consumers may feel that being self-employed is a barrier to homeownership.

In fact, the research from Shawbrook Bank found that although 23% of borrowers were unsure if they could get a mortgage if they were self-employed, while a further 12% believed that being self-employed would result in a mortgage rejection. Meanwhile, some self-employed applicants have found that high street banks have turned down their mortgage applications due to taking out the government’s self-employment income support scheme (SEISS) grant.

Although being self-employed may make it harder than an employee to get accepted for a mortgage, being self-employed is not a complete barrier to homeownership. Here are some ways those who are self-employed can help to ensure that their mortgage application is accepted.

Have the right financial records

A mortgage lender is most interested in whether the borrower can make the repayments needed on the mortgage. While this is usually easier for employees to prove – they just need to show their wage slip – for those who are self-employed this can be harder to prove, especially as their income may vary month-to-month. As such, those who are self-employed will need to show a larger number of financial documents. For those who are self-employed, this means providing various documentation to help evidence your financial position. This includes two or more years of certified accounts, tax calculations and tax year overview, bank statements, proof of address, and your last mortgage statement (if you’re remortgaging). Some lenders may ask for further documentation later down the line, for example, if you’re a contractor, lenders may review past and future contracts. Either way, getting everything in order well in advance will help smooth the process.”

To find out more about how we can assist you with your Contractor Mortgage please click here

Be in a strong financial position

Along with wanting to ensure that borrowers have the income needed to meet repayments, mortgage lenders also want to make sure that the mortgage is affordable given the applicant’s outgoings. As such, getting finances in order before making an application will help to improve chances of getting accepted for the mortgage. For example, paying off outstanding debts, such as credit cards or personal loans, can help to improve the borrower’s attractiveness to mortgage lenders. As well as this, improving credit scores can also help to boost the chances of the application being accepted. Mortgage applicants should consider checking their credit score online – which they can do for free here – and work towards improving their score if needed. “A good credit history will stand you in good stead when it comes to dealing with lenders,” revealed Murphy. “Keeping up with credit card payments, paying bills on time, or closing any unused bank accounts in the run up to your application will help with this. If you can show you have a good credit score, you’ll be in a great position for getting a mortgage.” For tips on improving credit scores read our guide on how to improve your credit score.

Save for a large deposit

Rising house prices may make it harder to save for a deposit, but if possible, saving for a large deposit of 15% or more will help to increase the chances of the mortgage application being accepted, particularly for those who do not have a long history of financial records. Using a Lifetime ISA (LISA) can be a good way of boosting savings when saving towards the deposit for a first home as a 25% Government bonus is added to deposits each year, up to a maximum of £1,000 per year. Those considering a LISA should, however, be aware that the money saved must be used towards the deposit of a first home, or during retirement, and if withdrawals are made for any other reason a hefty penalty fee is charged. For more tips on saving towards a house deposit read our guide on savings for your first home.

Use a mortgage broker

Using a mortgage broker can help to improve chances of the application being accepted as they will not only be able to guide applicants through the process, including ensuring they have all the relevant documents needed, but will also be able to highlight deals that are more likely to accept applications from those who are self-employed.

By Derin Clark

Source: Money Facts

For more information on getting a contractor mortgage click here.

Can the self-employed get a mortgage?

Yes, self-employed workers can apply for a mortgage in the usual way, with many lenders accepting self-employed income and some even specialising in self-employed mortgages. At one time, self-certification mortgages were available that allowed self-employed borrowers to declare their income without providing proof, but these were banned in 2014.

These days to get a mortgage when you’re self-employed, you’ll have to prove your income to lenders – which we’ll discuss in more detail below – but you may also need to make yourself a more attractive lending prospect than if you were employed. This means you’ll probably be expected to provide a more substantial deposit than may normally be required or if you’re remortgaging, you’ll need to own a large amount of equity already. A high credit rating will also mean you’re less risky in the eyes of lenders. If you’re not sure where you stand credit-wise, make sure to check your credit report in advance, and spend the time to improve your score if necessary.

It may also be worth utilising the services of a mortgage broker. They’ll know the lenders that are most likely to accept self-employed borrowers and will have links to specialist lenders too, not to mention access to deals that are not available direct from lenders to borrowers. This, together with knowledge of how to navigate the process, could make it much easier to secure that all-important mortgage deal as a self-employed borrower.

Is it harder to get a mortgage if self-employed?

Yes. Your income isn’t guaranteed, and although you’re required to prove how much you earn, it isn’t certain that your income will stay at that level during the term of the mortgage. As such, providers may be less willing to lend to you, and you may have to pass stricter affordability criteria – or jump through a few more hoops to prove your creditworthiness – as a result. This may seem unfair in some respects, but it’s designed to ensure that you can afford the mortgage; the days of self-certification saw many borrowers take on mortgages that were unaffordable, and since the Mortgage Market Review was implemented in 2014, lenders have tightened their lending criteria and have an obligation to lend responsibly.

To find out more about how we can assist you with your Contractor Mortgage please click here

How many years of accounts do I need for a self-employed mortgage?

You’ll need at least two years of certified accounts in order to comfortably apply for a self-employed mortgage, and preferably three years or more if you want access to the best deals. Ideally, these accounts should have been prepared by a qualified and chartered accountant to prove your reliability. If you’ve only got accounts for one year or less, it may be more of a challenge to prove that you can afford a mortgage. A mortgage broker can be particularly helpful in this scenario to find a mortgage deal for you. You can improve your chances if you can show that you’ve got regular work and/or evidence of future commissions to show how you’re planning to maintain your income.

How to prove self-employed income for a mortgage

You’ll need to provide a lot more evidence of what you earn if you’re self-employed than if you had an employer, simply because you don’t have anyone else to back up your claim. You’ll need to show SA302 statements – which provide evidence of your earnings and tax paid after submitting your self-assessment tax return – or tax year overviews for the preceding two or three years, which can be obtained from HMRC. Some lenders will require you to see your full accounts too.

If you’re a contractor you’ll also need to show evidence of current and any upcoming contracts (which lenders may use to estimate your annual income), and if you’re a company director, you’ll be expected to show proof of dividend payments or retained profits. No matter which category of self-employment you fall under, lenders will typically focus on average profit over the preceding two years to determine your mortgage eligibility, though they all have different methods. Income multiples and/or assessments of affordability will then be used to determine how much you’ll be able to borrow.

Yet it isn’t only evidence of your income that you’ll need to provide. As is the case for all borrowers, lenders will require several other documents too, including your passport and driving licence, council tax bill and recent utility bills to verify your identity, as well as six months’ worth of bank statements. The latter will be scrutinised, and you may be asked to provide more detail in certain areas – particularly around other borrowing commitments, childcare costs, household bills and other outgoings – to prove affordability.

Are self-employed mortgages more expensive?

Not necessarily. As with all mortgages, the rate that you’re offered will depend on your level of deposit/equity, your credit score and your income. As long as the mortgage lender is provided with enough evidence for the latter, there’s no reason that you can’t be offered the same deal as someone in a comparative salaried position. However, that’s not to say that it won’t be a challenge, and some people may find it difficult to be accepted by mainstream banks. In this case, they may have to approach specialist lenders where rates can be higher. However, to find the best deals it all comes down to comparing the options and boosting your chances of getting approved for a mortgage.
You can also speak to a broker to access their knowledge of those lenders most likely to accept you and to find the best deals.

By Leanne Macardle

Source: MoneyFacts

For more information on getting a contractor mortgage click here.