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We have recently arranged a number of mortgages for IT contractors (and other professionals working on a short term contract basis) where their income is based on their contracted daily payment rate, rather than the income level that they are able to show on their last two years accounts.

This is particularly useful if borrowers have made the transition from an employee to a self-employed contractor and they do not have sufficient trading period to be able to produce two years accounts.

Case details

Our client has been an IT Contractor for 18 months and they have struggled to get a mortgage because of the way they are paid. Trinity were able to secure them a low deposit mortgage by approaching one of the leading banks offering contractor mortgages.

Property: Converted flat in central London valued at £400,000.

Mortgage rate and loan: Approximately £350,000 on a two-year fixed rate at 4.69% taken over a 25-year term. The reversion rate is 4.69%.

Arrangement fee: £999 and this can be added to the loan amount.

APR: The overall cost for comparison is 4.2%.

Repayment type: Capital repayment mortgage.

Loan-to-value: Approximately 88% of the property value.

Early repayment charges: 3% in year one and 2% in year two.

Trinity can help: If you are an IT Contractor and you would like help to secure a best buy mortgage, call us on 020 7016 0790. 

You can also email us at enquiries@trinityfinancialgroup.co.uk 
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To arrange a meeting with one of our expert mortgage advisers complete our enquiry form and we will call you back. Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

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