How to get Construction Industry CIS Mortgages
These are solutions for those paid under the CIS scheme. These mortgages can be complex due to the way contractors are paid, however we are used to dealing with these cases and provide you with tailored options.
Do you work in the construction industry?
Solutions for those paid under the CIS scheme. These mortgages can be complex due to the way contractors are paid, however we are used to dealing with these cases and provide you with tailored options.
CIS (Construction industry Scheme) contractors are, by and large, considered as self-employed by lenders.
However, there are exceptions to this.
There are lenders who can accept income from a number of contracts.
A recent change in contract does not mean that a lender cannot be located.
Typically, to qualify for a CIS mortgage, you need the following:
6 months CIS payslips.
Tax on the scheme must be deducted at 20%
Minimum of 5% deposit.
You must be between the ages of 18-75
For help understanding how this works, get in touch so we can guide you through the process. We have a lot of experience with construction industry mortgages, and we can help you with your application. Contact us today!
Frequently Asked Questions
Is CIS just for builders?
CIS was devised for anyone working in the construction or related industries, e.g. architects, plumbers, roofing contractors, electricians, decorators etc. You must be registered with HMRC to ensure that you are correctly assessed for tax purposes under the scheme.
What happens if I am ever out of work?
There will be periods of time when you are not working on contracts. You should contact us if you think there will be long periods of time and you anticipate experiencing difficulties keeping up with your repayments.
What happens if I am off work?
If you are injured at work and need to take time off, you may qualify for sick pay. Or you could plan in advance in case of this event by taking out a protection policy – we have a range of these that we offer for our clients, please ask for details.
We can help you to understand more about how CIS Contractor Mortgages work and if it’s right for you – contact us today to arrange an appointment!
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
