Contractors fear they will find it harder to qualify for a mortgage according to research by Accord Mortgages.
The survey commissioned by the broker-only lender, owned by the Yorkshire Building Society Group, said one in five (22%) contractors and self-employed workers believe the way they are paid makes it harder to qualify for a mortgage compared to employed workers.
It also showed nearly a third (29%) of contractors think banks and building societies perceive them as being a bigger lending risk. While the number of workers worried about being accepted for a mortgage is greatest (19%) among those with less than two years’ experience contracting.
Aaron Strutt, product director at Trinity Financial, says: “Some of the biggest banks are very keen on contractors because they are often well-paid and experienced professionals.
“We have helped a wide range of contractors, often when they have left employed roles and started working in the same line of business on a contract basis.”
Some banks have been running pilot schemes through brokers to test their systems and ensure contractor applications will go through smoothly. They are looking to catch up with the leading contractor lenders.
Accord Mortgages commissioned the survey of 250 contractors and self-employed workers and it was conducted by YouGov.
To secure a contractor mortgage, call Trinity Financial on 020 7016 0790.