Flexible Mortgage Solutions for Contractors with Kent Reliance
Kent Reliance is a UK lender known for offering specialised mortgage solutions, including options tailored for contractors. They understand that contractors often have irregular income, so they provide flexible mortgage options that consider your entire financial situation, not just your latest payslip. Kent Reliance allows contractors to apply for mortgages using daily rates, annual contracts, or limited company accounts, making it easier for them to get approved. They are also willing to lend to those with less than a year’s contracting history, making them a good option for both new and experienced contractors.
Why Kent Reliance is The Top Choice For Contractors
Kent Reliance stands out because they understand the unique income structure of contractors compared to regular employment. Instead of focusing solely on your latest payslip, they consider your total earnings, including daily rates and annual contracts. This makes it easier for contractors to get a mortgage that suits their financial situation. Even if you’ve been contracting for less than a year, Kent Reliance can still offer good rates and flexible options. They have experience with more complicated cases, making it easier for you to get the right mortgage.
Your Essential Checklist for Securing a Kent Reliance Contractor Mortgage
If Kent Reliance seems like a good fit, we at contractor mortgage solutions can help with your application. Here’s what you need to know:
Contract Requirements
You need 12 months of experience in the same industry and at least 3 months left on your current contract. You must provide contracts from the past 12 months, and you can include extra contracts if you have them.
Income and Currency
Your daily income is calculated over 46 weeks, and everything must be done in UK currency. There’s no minimum income requirement.
Documentation for Limited Company Contractors
You need to submit the latest 3 months of both business and personal bank statements.
Documentation For Umbrella Contractors
You need to submit the latest 3 months of umbrella pay slips and personal bank statements. You don’t need to provide business bank statements.
Documentation for Payee Contractors
You should provide your standard PAYE payslips and personal bank statements.
Contracts Gaps and Earnings
Be prepared to explain any gaps in your contract history, as they might affect your application.
By meeting these criteria, you can benefit from kent reliance quick processing times and secure the mortgage you need.
Partnering with Kent Reliance for Seamless Contractor Mortgages
We work closely with Kent reliance 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. Kent Reliance 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
How does Kent Reliance handle credit history?
Kent Reliance has a lenient credit policy, focusing on recent credit issues. They accept applicants who have not declared insolvency in the past 3 years, making it easier for those with past credit problems to get a mortgage.
How is my income calculated for a Kent Reliance mortgage?
Your income is assessed based on your daily rate averaged over 46 weeks. This flexible approach helps reflect your actual earnings more accurately, accommodating the irregular income patterns common in contracting.
Can I get a mortgage with Kent Reliance if I have a history of financial issues?
Kent Reliance is more flexible with past financial issues than many lenders. As long as you haven’t declared insolvency in the past 3 years, they may still consider your application.
What happens if I need to change my contract during the mortgage application process?
If you change your contract, inform Kent Reliance as soon as possible. They may need updated information to reassess your application based on the new terms of your contract.
Is there any support available if my mortgage application is declined?
If your application is declined, Kent Reliance can provide feedback on why it happened and what steps you can take to improve your chances for future applications. They may also offer advice on alternative mortgage options.