Read on if you work in a Trade or the Construction industry and feel you are classified as Self Employed or a Subcontractor. Because there is a good chance you will be classified as a CIS Contractor, which makes obtaining a Mortgage and increasing the amount you can borrow much easier.

Spellman Financial Services is regularly approached by customers working in a Trade or the Construction industry. They are often under the impression they are classified as Self Employed for Mortgage purposes, and therefore need at least 2 years-worth of Self-Employed Accounts.

However, if you receive a payslip or some sort of invoice or you receive your pay after tax. Then the likelihood is, Mortgage Lenders will classify you as a CIS Contractor.

Where your Boss or the main Contractor deducts your tax before they pay you and pay the tax to HMRC. You then complete your tax return at the end of the year and dependent on your expenses you may then receive a rebate. 

You as the worker, do not need to register for the Scheme, it is down to your Boss or the main Contractor to Register for this. Which means the Workers or Subcontractors are often unaware of being paid under the Scheme.

Mortgages for those who are paid through the Construction Industry Scheme. 

Many Mortgage Lenders will often classify these Contractors as Self-Employed. However, there are a few Lenders which have their own Specialist Criteria for Borrowers that are part of this scheme.

These Lenders will use the Income on your Payslips before tax to calculate how much you can borrow. The other Lenders will require your Tax Return and will use the income displayed on these. This will almost always be less than what’s on your payslips because your tax return displays your income after expenses have been taken away.

Lenders with Specialist CIS Mortgage Criteria will calculate your income either by using your latest 3, 6 or 12 months-worth of payslips. How many payslips are requested is dependent on the Lender. 

Not necessarily.

The Mortgage Lenders which have Specialist Criteria for CIS Contractors are mainstream Mortgage Lenders. You will be eligible for one of their ordinary products.

You will almost always be able to borrow more 

You don’t need to have your Self Employed Accounts at all

You can get a Mortgage with Lenders after 3 months of working as a CIS Contractor

If you have at least 3 months payslips and have at least a 5% Deposit, you should be eligible for a CIS Mortgage.

If you have Adverse/Bad Credit, you may still be eligible for a CIS Mortgage, but this will dependent on the severity.

We will be able to tell you quickly, whether you will be eligible.

So don’t be put off if you have Adverse Credit.

At the very least we’ll be able to tell you when you can apply, if it isn’t immediately.

A minimum of 3 months payslips/invoices 

Aminimum of 5% deposit

We specialise in CIS Mortgages, deal with them regularly and know exactly what Lenders will accept you.

We are rated 5 stars by our customers on Google, Vouched For & Facebook.

We can provide face to face advice to customers in Coventry & Warwickshire. Or a telephony service if you prefer, for Local or National Customers.

Luke Spellman, the Mortgage Broker you will speak to, has over 10 years experience in Financial Services. 5 of which has been spent working directly with Mortgages.

So for simply more information and for a non-obligatory free chat. Please contact us here: CIS Mortgages Coventry! Or below for direct contact details.

Spellman Financial Services is a Mortgage Brokers in Coventry providing whole of market Mortgage advice to the people of Coventry & Warwickshire.

And we specialise in CIS Contractor Mortgage Advice.

If you would like any individual advice or further information on any of the above or alternative Mortgage or Insurance Advice.

Please do get in touch and contact us on the below details, to see how we can save you money on your Mortgage.