The employment market has changed a great deal over the last few years and it has become a lot more common for people to work on a freelance or contract basis. More and more people have also been choosing to set up their own business. There are many lifestyle and financial benefits to working in this way but you may be surprised to discover how much harder it is to find a lender who is prepared to give you a mortgage based on the way you now work.
Unfortunately most mortgage lenders these days don’t feel that fixed term contracts offer them the sufficient longer term security they need in order to feel comfortable to lend. Given the current economic situation we understand that no job is entirely secure, so what‘s the difference you might say.
Over the last few years we have seen the mortgage industry rebase itself and many lenders have adjusted their lending policy and tightened their lending criteria to suit the situations they perceive to be lowest risk, which has resulted in a much more rigid approach to assessing a case. Instead of looking holistically at a case and considering all the strengths and weaknesses together before making a lending decision you now have to ‘tick every box’ or the lender is not interested to lend.
At Domus Finance we are not tied to a small panel of high street lenders we have access to the whole market and have forged the very strongest relationships with not just the normal mainstream lenders but with those specialist lenders not widely available elsewhere who are more inclined to take a common sense approach to underwriting and consider you case on its merits.
We look to build a case for you by compiling a detailed picture of your current situation as well as a thorough understanding of your employment history amongst other things before approaching the lenders we know will listen.
If you are struggling to find a lender that will consider your situation, you need look no further. We can help. Give us a call on 020 3393 4333 or email us at firstname.lastname@example.org.