Bluestone: Empowering Contractors with Flexible Mortgages
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.
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.
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?
What credit agency does Bluestone use?
Bluestone Mortgages typically usesExperian,Equifax, andTransUnion 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.