Mortgages for Gas Engineers
Most of the gas and heating engineers that we speak to are self employed as a sole trader or through their own limited company. This can have its own challenges when it comes to getting a new mortgage or a remortgage.
There are a few things that you’ll need to be aware of before you apply for a mortgage to get the right deal.
According to recent figures, there are over 120,000 certified gas engineers in the UK and this is a job in high demand. More gas and heating engineers are choosing to take the self employed route, rather than seeking employment.
About mortgages for gas engineers
When you apply for a mortgage, the lender will want to know details about your occupation and your income. For most gas engineers this will mean providing proof of either employment or accounts for your own business.
Currently there are more than 100 lenders in the UK and literally thousands of mortgage deals to choose from. As a gas and heating engineer, it can be difficult to cut through everything to find the best rates for your circumstances.
Here are some of the areas where we specialise and can help with mortgages for gas engineers:
- Self employed gas engineers (Limited company)
- Sole trader gas engineers
- Trainee gas engineers
- Gas engineers with multiple incomes
- New gas engineers (less than 3 years accounts)
- Employed gas engineers
Types of income and credit for gas engineers:
- PAYE (salary)
- Dividend income
- Company profit or Turnover
- Bad credit
- Less than 3 years accounts
There are many elements to getting the right mortgage deal and it can be a minefield if you don’t know what you’re looking for. Ultimately with our expertise we can guide you towards the best lenders for your individual needs and circumstances.
Can you get mortgages for gas engineers?
The answer is usually yes you can and often you will be able to get a loan with a standard high street bank or building society at normal rates.
There will be a number of key areas where your mortgage application will be assessed, and it’s our job to help you to get the best deals. As a gas engineer, you might also have some potential complicated elements to your mortgage needs which we can help you with.
Some of the normal issues that we help with mortgages for gas engineers:
- Non-standard income (e.g. self-employed, Limited Company, etc.)
- Multiple sources of income
- Bad credit history
- Less than 3 years accounts
All of these points can cause extra complications when applying for a new mortgage but all can usually be dealt with.
Mortgage advice for gas engineers
We pride ourselves on offering great advice that our customers can understand to help them to get the right mortgage.
It’s important to understand your circumstances and to make sure that we accurately assess your mortgage needs. This way, we can help you to find the best deal for you and your situation quickly to save you money.
Other options for getting mortgage advice for gas engineers:
- Bank or building society: it is also possible to get mortgages for gas engineers from your bank or building society depending on your situation and their lending criteria. This does reduce your options slightly so it is wise to check with a whole of market broker as well
- Online mortgage brokers: you may also be able to get advice through an online mortgage broker which can work for gas engineers who are busy in the day. This may be a more flexible way to get a mortgage but can be time consuming and might be difficult for complicated situations
Home mortgage for gas engineers
A home mortgage (or residential mortgage) is by far the most common type of mortgage that we deal with.
There are two main types of home mortgage, which are a new mortgage (purchase) or a remortgage. A residential mortgage is usually the most simple type of mortgage to apply for and in most cases will be the easiest to get.
There are a few things to think about when applying for a residential mortgage, such as:
- Type of mortgage rate
- Fees and charges
- Mortgage repayment type
- Early repayment charges (ERCs)
- Interest rates e.g. fixed rate vs variable rate
When you have figured out which of these types of mortgage you need, then you can search to find the best deal.
You may be able to avoid fees like ERCs with certain lenders and mortgage types so it is worth looking around to find the right deal for you.
Mortgages for self employed gas engineers
One of the most common areas that we deal with when processing a mortgage for gas engineers is self employed income.
The vast majority of gas engineers are self employed which means that you’ll need to be able to provide evidence of your income. We will help you to gather the evidence that is required by the lenders and find the right lender for your income type.
There are also several types of self employed gas engineers:
- Sole trader
- Limited company (e.g. Directors)
Some things that we’ll need to think about for self employed income are:
- Accountants reference
- Company trading history
- Salary and dividend
With our many years of experience and expertise, we’ll find the right lender for you based on all of these elements. Finding the right lender from the start will help you to save time, money, and reduce credit searches which has an impact on your credit score.
For more information on getting a mortgage when self employed CLICK HERE.
For our guide to evidencing income with an SA302 CLICK HERE.
Best mortgage lenders for gas engineers
Currently there are roughly 100 different mortgage lenders or institutions that offer mortgages to customers.
Finding the right mortgage can be like finding a needle in a haystack and sometimes extremely frustrating. It’s important to get the right advice from an expert who understands the mortgage market and can guide you in the right direction.
We have over 50 lenders on our panel and we offer thousands of deals to give you the best chance of getting the right rates.
Our best mortgage lenders for gas engineers include:
- Accord Mortgages
- Newcastle Building Society
- And more…
The best mortgage lender for you will be based on:
- Type of mortgage
- Mortgage deal
- Credit history
- Income and income structure
- Loan to Value (LTV)
Our team of experts will take the stress and hassle out of finding the right deal for you.
Mortgages for gas engineers with bad credit
It can be difficult to manage your personal finances and especially for anyone who is self employed, which can be common for gas engineers.
Most credit problems can be dealt with when applying for a new mortgage and we’ll also help you to look at how to repair your credit. Some of the most common types of adverse credit issues that we deal with for people are:
- Missed credit payments
- County Court Judgements (CCJs)
- Individual Voluntary Arrangements (IVAs)
- Mortgage arrears
Getting the best mortgage deal for gas engineers with bad credit can be extremely costly if you don’t get the right advice. It’s also important to understand how you can improve your credit report over time to save money in the future.
It is vital to ensure you take out a mortgage with repayments you can afford long term or you risk defaulting and your home may be repossessed in extreme cases.
For more information on getting a mortgage with poor credit CLICK HERE.
Mortgage specialists for gas engineers
We understand how busy gas engineers are and we know that your situation can be complicated.
There are also many challenges to applying for a mortgage as a gas engineer and it’s important to get the help that you need. There’s nothing worse than paying more than you should or wasting your time on bad advice.
We specialise in helping trades people to get the best mortgage deals and to save time and money.
essential MORTGAGES is authorised and regulated by the financial conduct authority, leaving us well placed to offer you professional, expert advice.