Contractor Mortgages for healthcare professionals
The term 'Contractor Mortgage' only refers to the method in which your income is calculated, as described below.
Many healthcare professionals are self-employed and are paid a daily rate. Lenders have simplified the way of calculating self-employed income instead of using the traditional way self-employed clients are typically assessed. The calculation can vary for each lender but typically it involves multiplying by 5 (for the weekly rate) and then by a certain number of weeks. This calculation then provides a gross income figure that will be used to evidence your earnings.
The lender may also have additional requirements, and these will also vary between each lender. You will likely need to at least provide information on your work history, how long you have been contracting and remaining length on your current contract
Using your current day rate, means your gross annual income for the year is used before any costs and tax are considered by your limited company. Typically, the latest years income is used so historic earnings are discounted which might be lower and you may not have a long history of contracting yet. If you have not got a long history of contracting yet, you do have options. There are lenders who can lend as soon as you start contracting providing you have previously worked in the same professional field.
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