This cookie is set by GDPR Cookie Consent plugin. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category 'Functional'. The cookie is used to store the user consent for the cookies in the category 'Analytics'. These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. Stay up to date with all the latest news! The HSBC distribution strategy for their mortgage lending is to very much cherry-pick the type of borrower they lend to, which is usually to the detriment of most contractors. Income multiples tend to be 3 – 3.5 times income, which is at the conservative end of the mortgage market. The result of this will most likely be an adverse lending decision. HSBC has little flexibility when it comes to any type of “declining income” via the salary and dividend draw, when previous years are compared to more recent ones. If the contractor is working via a limited company set-up, the lender will assess the income via the latest three years trading figures, with an average of salary and dividend draw being used to define earnings. As a result of this, a shortfall in funding or a declined application is likely. Problems are likely to be caused if the contractor is using any type of umbrella or payroll service, as HSBC underwriting is not set up to understand, nor assess this type of structure. What criteria is a HSBC mortgage assessed under?Ī HSBC contractor mortgage is assessed under very minimal criteria there are only two categories, “employed” or “self-employed”. Income Protection Insurance Contractors.Contractor Mortgage With 1 Year Accounts.How is a credit score calculated – a guide for contractors.Buying Property through Your Limited Company.Furness Building Society Contractor Mortgage.Lenders for Contractors and Independent Professionals.Contractor Mortgage, Calculators, and Tips 2021.Ask the Expert: Second Charge Mortgages.Help to buy mortgages: Everything you need to know.Self Employed Mortgage Calculator – Affordability Calculator for The Self Employed.Client stories – First time buyer case studies.

A Contractor Mortgage Case Study – CMME.

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