UK Mortgages For Self-Employed & Contractors

Why do Expats who are Contractors or Self-Employed struggle to get a UK Mortgage?

Liquid Expat Mortgages recognised early on that many contractors and self-employed expats found it difficult to obtain UK mortgages. This was mainly because they were “off payroll” and as such it was often difficult for lenders to verify their income. Add to this the fact that they work offshore- not in the UK, then it’s easy to see how many contractors and self-employed individuals found it hard to obtain mortgages.

In many cases working as a contractor means you earn more in comparison to a permanent employee in a similar role. A contractor’s specialist skills means that contractors are not part of a company’s headcount or overhead, and as many of them work on short term contracts, they are not entitled to employee benefits.

You can be classed as self-employed if you have more than a 20% share of the business from which you get your main income. You could be a sole trader, a partner or director, or a contractor who has set up a limited company. They have been previously penalised by lenders as they did not have a “full time position” or the fact they could not always provide payslips because of the way they operated and declared income.

However, the changing face of the job market has caused lenders to re-assess their stance when lending to Contractors and the self-employed. Their skills are in high demand with employers, and there are very few, if any, gaps in their contracts with employers.

When many high street banks in the UK see a foreign address or foreign currency on an application form, they usually say no to a mortgage application. Over the years Liquid Expat Mortgages has built up substantial relationships with lenders to help develop products with contractors and self-employed in mind.

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Liquid Expat Mortgages can help you avoid penalties for mortgage payments paid in a foreign currency

Lenders can often view people who are paid in a foreign currency as a greater risk. Because of this they can sometimes convert your foreign salary using a spot rate or they can take an average of currency fluctuations over 5 or 10 years to allow for variations in the exchange rate.

Liquid Expat Mortgages can help you with lenders who have experience in working with Contractors and Self-Employed customers. As such they can provide competitive rates without penalising them and offer products which allow you to buy or remortgage your UK property.

Can Contractors and Self-Employed Expats invest in the UK property market?

Yes, and Liquid Expat Mortgages can do far more for self-employed professionals and contractors looking to invest in the UK property market than just secure a fantastic mortgage deal.

Our team can share with you the latest off-market developments within the UK as we have built up an array of reciprocal partners who work with us in providing mortgages to some of their expats and foreign national investors.