Mortgages for Gas Engineers
Our highly qualified experts know which lenders and deals work best for mortgages for gas engineers. Gas engineers often work as sole traders with their own limited companies, adding additional income factors that can complicate a mortgage application.
This means getting advice from an experienced broker can be very beneficial to finding the right mortgage lender and deal. Our team have over 20 years of expertise of finding great mortgages for gas engineers with very competitive rates.
Our advisors can compare thousands of mortgages across a broad panel of lenders helping gas engineers to save significantly on their mortgage repayments.
Mortgage advice for gas engineers
The best advice for mortgages for gas engineers would be that speaking to an experienced broker can be essential in finding the most competitive rates and deals. It is important to be confident in the advice you are receiving and that you are talking to a broker with the right background and experience.
There are hundreds of lenders currently operating in the UK, and some will be better suited to gas engineers than others. Our team can help you compare available deals quickly and easily, to ensure the mortgage you put in place is the most suitable.
We specialise in helping all types of gas engineers with their mortgages including:
- Self-employed gas engineers
- Employed gas engineers
- Sole trader gas engineers
- Trainee gas engineers
- Newly qualified gas engineers
How do mortgages for gas engineers work?
Gas engineers can be employed in various ways, and if working via an employer providing evidence of income should be simple. It is however a common scenario for gas engineers to be self-employed, which can lead to additional income questions from lenders.
Most lenders will be very familiar with lending to self-employed people and will likely have a standard process in place. Key income factors lenders could ask about include:
- How you receive your income (PAYE salary, dividends etc)
- Do you work as a sole trader with a limited company?
- Do you have debts or a poor credit history?
- Can you provide proof of income?
- Do you have 2 to 3 years of accounts/up to date accounts?
Which are the best mortgage lenders for gas engineers?
With a wide range of lenders currently operating in the UK, it isn’t always simple for gas engineers to know which is the best choice.
There are many factors that will be important to think about when choosing your mortgage lender.
Before applying for a mortgage, consider the repayment type you want (repayment or interest only), the mortgage type (residential, commercial, buy to let etc) and the type of property you are buying. There will be some lenders better suited to certain mortgages that can offer better deals and interest rates (fixed rate or variable).
How to find the best mortgages for gas engineers
There are several ways in which buyers can apply for a new mortgage or a remortgage. The way you apply can affect the rates and deals you can get so it is key to choose carefully.
The most common ways to get a mortgage currently are:
- Speak to a mortgage broker or mortgage advisor: this is the most common approach for many buyers, particularly for remortgages. This can be the best way to get a great deal as you will have access to a wide panel of lenders and expert advice.
- Apply to your Bank or Building Society: applying with a lender directly can work well for some buyers. This is especially true if there are no factors such as adverse credit that can complicate the application. You will however be more limited in your choice of deals, as you don’t have access to a panel of different lenders.
- Apply for a mortgage online or via a price comparison site: this a popular option as it can be cost effective and convenient. It can become time consuming to apply this way though and could be confusing without guidance and support.
Mortgages for self-employed gas engineers
If working on a self-employed basis, there will be specific criteria for lending that will need to be met before a lender will approve your mortgage. Some lenders and deals may have less strict requirements and be better suited to self employed mortgages.
We are often approached by self-employed gas engineers for advice about what requirements their mortgage may have.
Most lenders will ask to see:
- 2 to 3 years of accounts
- A reference from your accountant
- Net profit projections for the next year
- 3 months of bank statements
- Evidence of other profits/dividends
- A self-assessment tax return (SA302)
Mortgages for gas engineers with bad credit
Ending up with poor credit or debts is something that can happen to a lot of people and often through no fault of their own. You may have defaults, IVAs or CCJs on your credit file that can complicate a mortgage application.
This shouldn’t automatically prevent you from finding a great mortgage deal and our team have years of experience helping buyers in this situation.
Often you can still borrow through high street lenders with a small element of bad credit and there are specialist lenders who can help people with larger credit issues. We can help gas engineers with adverse credit find the right lenders to provide mortgages in this situation.
There are many excellent lenders who specialise in poor credit mortgages including:
- Accord Mortgages
- The Mortgage Lender
Specialist brokers for mortgages for gas engineers
Gas engineers can be incredibly busy, so our aim is to find the best mortgage deal and help them put it in place quickly and hassle free.
It is important when trying to find the right mortgage to know you’re receiving the best possible advice, so you don’t waste time applying to the wrong lenders.
Our brokers are specialists with years of experience in finding excellent rates for mortgages for gas engineers. We can help all types of tradespeople find the mortgage they need, with competitive pricing to suit all budgets.
*according to the Gas Safe Register