Mortgages for CIS workers in their first year

Aug 13, 2021

The Construction Industry Scheme (CIS) has simplified the way that contractors and sub-contractors pay their taxes. However, did you know it simplified some other areas as well? Mortgage planning being one such area. In most instances of self-employment, you would be expected to demonstrate your earnings for the last two completed years, often the average is then considered to be your income for the lender. (This isn’t always the case, but most high-street lenders will underwrite your income in this way.)

Individuals in receipt of CIS payslips can avoid this “two-year wait” by approaching lenders that will consider the income from the CIS payslips over as little as the prevailing 3 months. This little-known fact has helped lots of CIS workers accelerate their mortgage plans. Here at Advantage FS we have had lots of success in this area so if you or anyone you know is in receipt of CIS payslips then we’re always here to help out.

Steven Morris – Advising Director

CeMAP CeRER

 

Steve loves a complex mortgage. Most recently he has used his technical geekery to work his way up through Which? Mortgage Advisers, progressing to Senior Adviser and then Onboarding Manager. There, he was responsible for hiring, training and managing new advisers.

He also ran the monthly new starter inductions and wrote and maintained the telephony advice standards of the company. Outside of work Steve can be found coaching and being run ragged by his local under 10’s rugby team, Bristol Harlequins RFC.

Meet the rest of the Advantage Team

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