These products are no different to any other mortgage in terms of pricing. The difference is how the lender assesses the application. Many lenders are now aware of the low risk these individuals are, and have chosen to update their lending criteria in order to accomodate for the growing number of flexible workers. They no longer look at traditional forms of income assessment, but rather channel the application towards bespoke underwriting criteria, specifically available for the contractor and freelancer community. This way, contractors can be assessed on a multiple of their annualised contract rate, thereby allowing them to borrow more in line with their true earnings. By utilising a specialist broker, contractors are able to access the same competitive interest rates that are available to permanent workers.
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