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        Contracting and Mortgages: What You Need To Know

        In today’s ever-changing job landscape, contracting and freelancing have become increasingly common career choices. As more individuals embrace the freedom and flexibility that contracting offers, the question of whether being a contractor poses a barrier to getting a mortgage often arises. In this comprehensive article, we delve into the intricacies of the mortgage approval process for contractors and how they can overcome any potential hurdles.

        Contracting and Mortgages: What You Need To Know
        Understanding Contracting and Mortgages

        Understanding the Mortgage Approval Process for Contractors

        Securing a mortgage as a contractor might seem daunting, but it is far from impossible. Lenders evaluate mortgage applications based on a combination of factors, and being a contractor should not automatically disqualify you from obtaining a mortgage. Traditional employment may provide a steady income stream, but contractors have unique circumstances that lenders are increasingly recognizing as a viable source of income.

        Showcasing a Stable Income as a Contractor

        One of the main concerns for lenders when evaluating contractor mortgage applications is the perception of irregular income. To alleviate these concerns and enhance your chances of mortgage approval, it is crucial to showcase a stable and predictable income stream. This can be achieved by providing detailed documentation of your contract history, client testimonials, and consistent income flow over a significant period.

        Building a Strong Financial Profile

        Aside from a stable income, lenders also assess your overall financial health before approving a mortgage. Building a strong financial profile as a contractor involves prudent financial management. Paying off debts, maintaining a healthy credit history, and having a substantial down payment can positively impact your mortgage application.

        Leveraging Specialized Mortgage Lenders

        While traditional lenders may be apprehensive about lending to contractors, specialized mortgage lenders are more familiar with the intricacies of contractor income. These lenders are well-equipped to assess your unique financial situation accurately. Partnering with a specialized lender can significantly increase your chances of mortgage approval and provide you with tailored mortgage options that suit your needs.

        Importance of Tax Returns and Financial Records

        As a contractor, your tax returns and financial records play a pivotal role in the mortgage approval process. These documents provide essential insights into your income, expenses, and overall financial stability. Maintaining organized and accurate financial records is crucial to demonstrate your creditworthiness and secure a favourable mortgage.

        The Impact of Contract Length and Consistency

        The length and consistency of your contracts can influence your mortgage application. Long-term contracts and a history of consistent work may be viewed positively by lenders, as they indicate a steady income source. It is essential to highlight any long-term contracts or recurrent clients in your mortgage application to strengthen your case.

        Seeking Professional Mortgage Advice

        Navigating the mortgage landscape as a contractor can be complex, and seeking professional advice is highly advisable. Consulting with a mortgage broker or financial advisor with expertise in working with contractors can provide valuable insights and guidance throughout the application process.

        In conclusion, being a contractor does not have to hinder your chances of getting a mortgage. By understanding the mortgage approval process, showcasing a stable income, building a strong financial profile, and seeking professional advice, contractors can successfully navigate the mortgage landscape and secure their dream home. Remember that every individual’s financial situation is unique, and it is essential to work with a specialized mortgage lender who understands the nuances of contractor income. With careful preparation and the right approach, obtaining a mortgage as a contractor can be a smooth and rewarding process.  Here is a guide by Money Sherpa on Best Mortgage Brokers, 5 Insider Tips to help navigate you through the process.

        What we can do for you

        If you need professional guidance on your future career prospects get in touch with us.

        STEM Recruitment Partners specialises in the placement of Contractors from Science, Technology, Engineering & Mathematics backgrounds into Manufacturing, Life Science, Supply Chain & Engineering Businesses nationwide.

        Our leading engineering and life science recruitment agency have offices based in Limerick & Cork, and we have excellent job openings all over Ireland. Check out some of our roles in our job portal.

        Our goal is to become Ireland’s No.1 Recruitment Agency Specialising in the following areas

        • Executive Search Recruitment
        • Manufacturing and Engineering Recruitment
        • Medical Device Recruitment
        • Engineering to Senior Management Recruitment
        • Construction Engineering Recruitment
        • Supply Chain Recruitment
        • Life Science Recruitment
        • Contractor Solutions – Talent as a Service

        Reach out to our Head of Contractor Solutions, Cormac Malone, for more information on our Talent as a Service Contractor Solutions.

        Cormac Malone

        cormac@stemrp.ie

        or send your CV to info@stemrp.ie

         

        View more market insights

        We specialise in the following career categories:

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        Testimonials

        • 1

          "STEM Recruitment Partners are brilliant at what they do! Throughout the application process, CV prep, Interview prep, communication, and organisation all top notch couldn't recommend them more."

          - John O Dwyer

        • 2

          "Can't recommend STEM Recruitment Partners enough. Very helpful and will answer all your questions. "

          - Jp Rawle

        • 3

          "I would highly recommend STEM Recruitment Partners for the engineering job opportunities in Ireland and I couldn't give anything less than 5 Stars. I had a wonderful experience they really supported and guided me through each and every phase of th..." Read more

          - George Baby

        • 4

          "Excellent service and the support STEM RP provided was great throughout the application process. Would highly recommend STEM RP!"

          - Bismay Kumar

        • 5

          "We worked with Teresa in 2022 to help fill our requirement for new project engineers within the company. Teresa’s approach to understand our business needs was fantastic and coupled with her positive attitude Teresa delivered some great candidates..." Read more

          - John, Engineering Manufacturer, Cork

        • 6

          "''I cannot praise STEM Recruitment Partner's services enough. Derek, in particular, has supported me through the entire recruitment process and I am now due to start the job I have ever dreamed of.''   STEM RP are a re..." Read more

          - Costanza Sirabella | Senior QA Engineer

        • 7

          "''Derek and the team at STEM were excellent to deal with. They gave me great support. The whole process was straightforward and efficient. Thanks, Derek and team.''   STEM RP are a recruitment consultancy, specialisin..." Read more

          - Nigel McElligott | Senior Engineer

        • 8

          "‘Teresa placed me in a position a number of years ago and every step of the recruitment process (and aftercare) was flawless. Teresa took the time to understand my background and personal circumstances, and ensured the position I sought was aligne..." Read more

          - Kevin Hosford | Senior Mechanical Engineering

        • 9

          "“Teresa Tyler is an exceptional Recruiter and Account Manager, having known her for many years. Her attention to the unique detail of the organisation so as to get the right person for the position is to me, her hallmark. I totally recommend her t..." Read more

          - John Cahill, | HR & H&S, Weener Plastics Ltd

        • 10

          "In my opinion Derek & Teresa are the best recruiters I know and have previously worked with. I recommend them highly to those making a career move and to employers looking for staff!   STEM RP are a recruitment consultancy, speciali..." Read more

          - Service Delivery Manager | Stephen McNally

        • 11

          ""Derek Perill is an outstanding recruiter and in addition his business consulting experience, adds real competitive value to companies looking to improve their internal hiring processes. We look forward to working with Derek and the team at ST..." Read more

          - Unison Engineering | Colm Ring

        1

        John O Dwyer

        STEM Recruitment Partners are brilliant at what they do! Throughout the application process, CV prep, Interview prep, communication, and organisation all top notch couldn’t recommend them more.

        2

        Jp Rawle

        Can’t recommend STEM Recruitment Partners enough. Very helpful and will answer all your questions.

        3

        George Baby

        I would highly recommend STEM Recruitment Partners for the engineering job opportunities in Ireland and I couldn’t give anything less than 5 Stars. I had a wonderful experience they really supported and guided me through each and every phase of the recruitment process

        4

        Bismay Kumar

        Excellent service and the support STEM RP provided was great throughout the application process. Would highly recommend STEM RP!

        5

        John, Engineering Manufacturer, Cork

        We worked with Teresa in 2022 to help fill our requirement for new project engineers within the company. Teresa’s approach to understand our business needs was fantastic and coupled with her positive attitude Teresa delivered some great candidates.

        Our aim was to fill one role but due to the high level of candidate’s provided we filled two engineer positions, and both are still with us today in late 2023 and proving to be an integral part of our company. We look forward to working with Teresa again in the near future to assist us in the recruitment of critical engineering roles within the business.

        6

        Costanza Sirabella | Senior QA Engineer

        ‘I cannot praise STEM Recruitment Partner’s services enough. Derek, in particular, has supported me through the entire recruitment process and I am now due to start the job I have ever dreamed of.”

         

        STEM RP are a recruitment consultancy, specialising in the placement of candidates into Manufacturing, Life Science, Supply Chain & Engineering Businesses nationwide.

        See our candidate recruitment solutions for your business here

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        7

        Nigel McElligott | Senior Engineer

        ”Derek and the team at STEM were excellent to deal with. They gave me great support. The whole process was straightforward and efficient.
        Thanks, Derek and team.”

         

        STEM RP are a recruitment consultancy, specialising in the placement of candidates into Manufacturing, Life Science, Supply Chain & Engineering Businesses nationwide.

        See our candidate recruitment solutions for your business here

        Stem Navy Logo

        8

        Kevin Hosford | Senior Mechanical Engineering

        ‘Teresa placed me in a position a number of years ago and every step of the recruitment process (and aftercare) was flawless. Teresa took the time to understand my background and personal circumstances, and ensured the position I sought was aligned with my expectations’’

         

        STEM RP are a recruitment consultancy, specialising in the placement of candidates into Manufacturing, Life Science, Supply Chain & Engineering Businesses nationwide.

        See our candidate recruitment solutions for your business here

        9

        John Cahill, | HR & H&S, Weener Plastics Ltd

        “Teresa Tyler is an exceptional Recruiter and Account Manager, having known her for many years. Her attention to the unique detail of the organisation so as to get the right person for the position is to me, her hallmark. I totally recommend her to employers looking for real talent solutions”

        10

        Service Delivery Manager | Stephen McNally

        In my opinion Derek & Teresa are the best recruiters I know and have previously worked with. I recommend them highly to those making a career move and to employers looking for staff!

         

        STEM RP are a recruitment consultancy, specialising in the placement of candidates into Manufacturing, Life Science, Supply Chain & Engineering Businesses nationwide.

        See our candidate recruitment solutions for your business here

        Stem Navy Logo

        11

        Unison Engineering | Colm Ring

        “Derek Perill is an outstanding recruiter and in addition his business consulting experience, adds real competitive value to companies looking to improve their internal hiring processes. We look forward to working with Derek and the team at STEM Recruitment Partners as we scale up”

        STEM RP are a recruitment consultancy, specialising in the placement of candidates into Manufacturing, Life Science, Supply Chain & Engineering Businesses nationwide.

        See our candidate recruitment solutions for your business here

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