We offer advice and recommendation on an extensive range of mortgage products
Contractor Mortgages
Historically it would be difficult to arrange mortgages for people working under contract structures, but as the labour market has changed, so too has the mortgage market and there are now 12 mainstream lenders who have a dedicated contractor lending policy, not to mention the more ‘specialist’ lending options, which continue to proliferate.
Capricorn have been advising in this space for over 10 years and are true experts, giving us significant leverage with the key lenders in this market.
We have exceptional lender contacts, often with dedicated underwriters all of which vastly improves the chance of your mortgage being approved.
Case Study
Previous Employment
Salary: £70k
Benefits: 4 x Death in Service
Pension: Full
Monthly income: £3978
New Situation
Day rate: £500 per day
Week rate: £2500
Weeks per annum: 48
Annual income: £120k
Monthly income: £8000
Company benefits: £0
Previous Mortgage Capacity
Salary: £70k
Benefits: 4 x Death in Service
Pension: Full
Monthly income: £3978
New Mortgage Capacity
Day rate: £500 per day
Week rate: £2500
Weeks per annum: 48
Annual income: £120k
Monthly income: £8000
Company benefits: £0
Previous Protection Solution
£280k of cover, dependent on their employer
Case Study 2
Full Life Cover for mortgage, so £350k: £15 per month (based on applicant 30 years of age, non-smoker, in good health)
Critical Illness Cover of £100k: £27 per month (based on applicant 30 years of age, non-smoker, in good health)
Income Protection Benefit of £4k per month, deferment period of 6 months: £47 per month (based on applicant 30 years of age, nonsmoker, in good health)
The client is fully protected for: £89 per month, and they should be able to run this through their limited company, as life cover, which has further tax benefits.
A Capricorn Protection Specialist can advise on this in more detail alongside the mortgage process. There is no initial charge for this service and no obligation
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances
and changes which cannot be foreseen.
What are the benefits?
Much greater mortgage capacity
Same interest rates as before
Earning twice as much now as they were before
More protection than they had before
Critical Illness Cover of £100k
Income Protection running for 25 years, not 6 months
Cover will be set up correctly, in a tax efficient method and in trust where appropriate