How to get a mortgage with non-traditional income types

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December 9, 2019

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Smarter Mortgages can help those with different income types

Gone are the days where we all work 9-5 with consistent regular income coming in. Lenders are starting to realise this and want to support these customers as well as making the mortgage process as simple as possible.

This includes customers that don’t fit standard income criteria such as supply teachers, day rate contractors, locum docters. Below are the sorts of things that lenders will allow to help you get a mortgage if you find that your income is non-standard.

  • They only require 6 months proof of income for Bank Nurses and Supply Teachers
  • If the Loan to Value of 75% or less the lenders can work off 1 years figures for sole traders
  • If you are a labour only contractor that has been contracted to no more than 2 employers over the last 12 months
  • For Fixed Term Contracts there are lenders that use the daily rate x 52 weeks to determine figures for affordability – increasing from daily rate x 48 weeks, they also don’t require that you have a minimum amount of time remaining on your contract left to accept this income.

If you don’t receive the traditional income types and feel like you could benefit from the above changes, get in contact today!

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