Bluestone: Empowering Contractors with Flexible Mortgages
Bluestone is a mortgage lender that specialises in providing mortgages for people with unique financial situations, including contractors. They understand that contractors often have irregular income and non-traditional employment structures, so they offer flexible mortgage solutions tailored to these needs. Bluestone considers factors like contract income and the overall financial situation of the contractor, even if the applicant has a less-than-perfect credit history (includes missed payments, low credit scores, or past financial issues like defaults or County Court Judgments). Their approach aims to make it easier for contractors to secure a mortgage, even when traditional lenders might not approve them.
We work with more than 120 mortgage lenders, including:
Why Bluestone Mortgages is a Great Option For Contractors
Bluestone Mortgages is an ideal choice for contractors who face challenges due to unforeseen financial issues like contract gaps, fluctuating income, or unexpected expenses. They believe contractors should not be prevented from owning a home because of life events or non-traditional work arrangements. Unlike traditional banks with strict rules, Bluestone offers flexible mortgage solutions tailored to those with complex financial conditions or adverse credit. Their experienced underwriters take a holistic approach, considering each applicant’s unique circumstances to ensure they receive the right mortgage solution for their needs.
Curious About How Much You Can Borrow?
Find out in seconds! Use our quick and easy mortgage calculators to see how much you could borrow based on your day rate. Keep in mind, this is just an estimate – for a free, personalised recommendation, contact us today!
We partner with banks and underwriters to navigate the complex landscape of contracting and simplify the process of using contract earnings alone for affordability assessments.
In today’s fluctuating housing market, understanding how much you can borrow is crucial. As a local mortgage broker in Watford, we provide expert advice to help you navigate this unpredictability. Whether you’re a first-time buyer in Watford, looking for a buy-to-let mortgage, or considering remortgaging in Watford, we ensure you secure the best possible deal.
Your Estimated Borrowing Amount
Essential Checklist for Securing a Bluestone Contractor Mortgage
If Bluestone mortgages seem like a good fit, we at contractor mortgage solutions can help with your application. Here’s what you need to know:
Contract Requirements
Your current contract must have at least one month remaining at the time of application and must be signed by both parties.
Income and Currency
Halifex accepts income in many currencies, including from Europe, Africa, Asia, North America, the Middle East, and Australasia.
They calculate income based on a 46-week period for daily rates.
Documentation for ltd
Provide the latest month’s business and personal bank statements.
Documentation For Umbrella Contractors
Submit the latest three months’ umbrella payslips along with the corresponding three months of personal bank statements.
Documentation for Payee Contractors
3 months bank statements and payslips.
Contracts Gaps and Earnings
3 months bank statements
There shouldn’t be more than a six-week break between contracts in the past 12 months.
You must earn at least £75,000 a year, with a daily rate of £326.08 or more over 46 weeks.
By meeting these criteria, you can benefit fromBluestone’s quick processing times and secure the mortgage you need.
Partnering with Bluestone Mortgages for Seamless Contractor Mortgages
We work closely with Bluestone senior underwriters to make your mortgage application fast and easy. Our experience helps us submit your application quickly and correctly, often getting you a mortgage in principle within 24 hours. The full application usually takes about three days, with completion in 2 to 4 weeks. Bluestone understands the contracting lifestyle and offers flexible options. If you’re worried about how a lender will view your income, our friendly team is here to help and guide you through the process.
Compare & Find the Right Mortgage for You
Don’t settle for less—explore, compare, and secure the best mortgage deal tailored to your needs.
Mortgage Comparison
Find the Right Mortgage in Minutes
Finding the right mortgage can be overwhelming, but we make it simple. Our mortgage comparison tool lets you explore options from top lenders, ensuring you get the best deal for your situation. Whether you’re a contractor, self-employed, or a first-time buyer, you can compare interest rates, loan terms, and monthly payments all in one place. Get a clear breakdown of costs and repayment terms before making your decision. With tailored solutions for contractors, securing the right mortgage has never been easier.
Mortgage Quote
Personalized Mortgage Quote, Instantly
Want to know how much you can borrow and at what rate? Our mortgage quote tool gives you a quick, no-obligation estimate based on your income and financial profile. We specialize in contractor mortgages, ensuring you get access to exclusive rates designed for self-employed professionals.
With no impact on your credit score, you can explore your mortgage options with confidence. Get a personalized quote in minutes and take the next step toward securing your dream home.
FAQ’S
Can I get a mortgage if I’m a contractor with a short-term contract?
Yes, you can still qualify for a mortgage with a short-term contract. Bluestone will evaluate the overall stability of your income and your ability to make mortgage repayments, even if your current contract is short-term.
What is Bluestone’s approach to contractor mortgages for individuals with fluctuating seasonal income?
For individuals with seasonal income, Bluestone:
- Reviews average income over multiple seasons to account for fluctuations.
- May request additional documentation or forecasts to understand income patterns.
- Adjusts affordability assessments based on seasonal variations in income.
What credit agency does Bluestone use?
Bluestone Mortgages typically uses Experian, Equifax, and TransUnion for credit checks and assessments. These are the three major credit reference agencies in the UK.
Does Bluestone Mortgages allow foreign currency?
Bluestone Mortgages generally does not accept income in foreign currencies for mortgage applications. Bluestone primarily deals with income that is received in GBP (British Pounds), and any foreign income would need to be converted into GBP.