If you are a contractor or are self-employed, securing a mortgage can be a challenge. Before the credit crunch things were more straightforward with self-certifying mortgages allowing those with a fairly new self-employed status to get on the property ladder. As the recession took over, the market changed dramatically and the self-certified era came to an end.

Contractor Friendly Mortgage Lenders


Interest-only mortgages also swiftly came to an end which meant contractors or the self-employed had no choice but to submit evidence of historical income. As the numbers of self-employed and contractor workers has increased the banks have had to think again. Now thankfully things have improved and the number of affordable contractor mortgages has increased. There are a number of contractor friendly lenders on the market where affordability is based on your contract rate alone, not on your accounts. As a result of basing your suitability for a mortgage on your annual contractor income, you will find there is a higher opportunity of securing the loan you need, as either a first-time buyer or as a seasoned home owner who wants to move up the property ladder.

It can be difficult shopping for a contractor mortgage on the high street as advisors may not fully understand the complexities of self-employment or contractor status. That’s why you need to come to the experts to ensure all options are made available to you. The Cambridge based team from Limetree have over 75 years’ industry experience and are specialists in contractor mortgages. We are here to ensure you get the best deals that are open to you and that you secure the mortgage perfect for your needs.

Our experienced advisors have access to a variety of lenders that are considered to be contractor friendly. The advantage of being an independent financial services company with no ties to specific lenders results in a market of possibilities being open to our clients.

We are also happy to work out of normal office hours which can be extremely helpful to contractors and the self-employed, there is no need for you to lose income as a result of a meeting with your mortgage advisor. Our bespoke service ensures that what we offer you is unique to your own requirements and our open and honest service guarantees you understand everything we do from beginning to end. Being regulated by the Financial Conduct Authority is another indicator that you are dealing with an organisation that has your best interests at heart.

So if you would like to discuss how we can secure you a contractor mortgage, give our friendly Cambridge team a ring today on 01223 266140.

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New Landlords: 10 Costs To Consider.

Are you thinking of becoming a landlord in Cambridge?  If you’re new to the buy-to-let market and property investment read on for our financial advice to make sure you aren’t caught on the hop.  You should always keep a reserve of money for…

  1. Repairs: If something goes wrong or breaks, in some cases it’s up to you to pay for the repairs. e.g. costs for a plumber to fix a leak, or to replace a broken appliance. Do keep all receipts for repairs you’ve paid for, as these could be tax deductible.
  2. Mortgage repayments: If you don’t own your property outright, you’ll still need to pay your mortgage even if you aren’t getting rental income.
  3. Bringing your property up to standard: You’ll need to spend a bit of money to make sure it’s up to code. Includes fire safety precautions, electrical upgrades & more. There are extra compliances to consider if it’s going to be a ‘House in Multiple Occupation’. Legislation does change so you have to keep abreast of laws pertaining to rental properties.
  4. Refurbishment costs: e.g. painting and decorating. You may need to refresh the decor between renters.
  5. Agency fees: letting an agency handle your property means you don’t have to be ‘on-call’ for tenants. It also reduces some of the admin work. The typical charge is 10-15% of the rent, another cost to consider.
  6. Furniture: If you’ve decided to rent your property as ‘furnished’, you need to ensure sofas are fire resistant (and have the fire safety label attached). You’ll also need budget to replace furniture that becomes damaged or unsafe as a result of wear and tear.
  7. Insurance: tenants usually take on the responsibility for most monthly bills like gas and electricity but you are responsible for sorting out (and paying for) buildings insurance.
  8. Energy performance certificate: costs between £50 – £100 and is a legal requirement if you’re renting or selling a property. It lasts 10 years, so you don’t need to renew it for every tenancy.
  9. Membership of a Landlord Association: an optional consideration. They charge anywhere from £50 to £184 per year, depending on which one you choose and which level of membership you go for.
  10. Solicitors’ fees: it’s a good idea to get your tenancy agreement looked over by a legal professional to ensure it’s watertight. If you join a landlord association, you’ll may have access to solicitor-approved tenancy agreements.

Our team of advisors have decades of experience sourcing and managing buy-to-let mortgages, we are independent so have access to the entire buy-to-let mortgage market. Whether this is your first or 50th property investment we have the skills and expertise to guide you through your purchase.