We partner with some of the best in the business and our mortgage partners are no different. Cleerly have a wealth of experience, and with bespoke underwriting agreements with the major banks and building societies, they can achieve mortgage lending based upon your contract rate, rather than just your taxable income, unlocking potentially hundreds of thousands of pounds worth of funding that would otherwise not be available.

Using an experienced broker ensures that you approach the right lender the first time – this is a particularly important point considering that one of the big knock-on effects of the discrimination against contractors in the mortgage world is that an application incorrectly assessed could mean a decline – subsequently, a declined mortgage application makes it even more difficult to gain acceptance with the correct lender.

What is the process of applying for a mortgage via Cleerly?

Here, our partners Cleerly have broken down their mortgage application process into the following steps:

  • Step 1– Contact Cleerly for a no-obligation consultation to establish lending options based on your contract income. You will be asked in detail about your personal situation, your credit situation, and your work.
  • Step 2– Provide Cleerly with any information required to liaise with mortgage underwriters on your behalf, typically your current contract and a copy of your CV.
  • Step 3– Your Cleerly consultant will call you within two working days of receiving the documentation to feedback what the options are, helping you to be as best prepared as possible when viewing houses.
  • Step 4– Find a house!
  • Step 5– When you’ve had an offer accepted and need to get the ball rolling on your mortgage application, your Cleerly consultant will outline all documentation that the lender will require – this may differ depending on the lender, how long you have been contracting and how you receive your income. Upon receipt of this, your mortgage application will be formally submitted. Your consultant will be happy to liaise where necessary with estate agents to reassure them and keep them updated on timescales for mortgage approval/valuation booking.
  • Step 6– The mortgage lender will begin to underwrite the application, and instruct the valuation, meaning the estate agent will get a call to book this in.
  • Step 7– Once the valuation is complete and the lender has finished their underwriting, they will look to approve the mortgage, and issue a mortgage offer. Typically, the mortgage market has an average timescale of between 4 and 6 weeks from mortgage application to mortgage offer, however, there are many variables here and the extensive pre-application work that Cleerly do for you often reduces this timescale. Your consultant will give you a good idea on processing timescales at the point of application.
  • Step 8– Exchange and Completion – you get the keys to your new home!

If you would like more information about contractor mortgages, Cleerly are on hand and happy to help, get in touch today.