Home Loans under the High Street Lights: A Theatre Pro’s Guide

Welcome, all performers and creative minds of the West End! We know that life under the spotlight is nothing short of magical, but behind the curtain, there’s a financial journey that sets you apart. In this blog, we’re diving into a topic close to our hearts – contractor mortgages.

For those of you who tread the boards or orchestrate symphonies in the West End, whether it be on The Book of Mormon, Lion King, Wicked or Frozen to name just a few, one thing’s for sure: you’re not just artists; you are entrepreneurs. Being self-employed is your norm, and with it comes the responsibility of managing your taxes and national insurance. Unlike a typical 9-to-5 job, you navigate the unpredictable world of auditions, gigs, and contracts. Your income doesn’t neatly fit the mold, which often leaves traditional lenders scratching their heads.

But fear not! We’re here to illuminate a path forward. Despite the setbacks brought on by the pandemic, there are high street lenders willing to look beyond the conventional and assess your mortgage based on your current contract rates. It’s a game-changer, and we’re about to show you how this option can unlock your homeownership dreams. So, take a seat, and let’s script your financial success story.

Picture this – you waltz into a high street bank with dreams of a home to call your own. But here’s the catch: traditional lenders often march to the beat of their own drum. They scrutinize your last 2 or 3 years’ net profit income. Sounds simple, right? Well, for professionals in the field, it’s not a straightforward tune. Often income fluctuates like the emotions of a Shakespearean character, making it a head-scratcher for those mortgage officers. But fear not; there’s a twist in the plot.

Then came the unexpected plot twist – COVID-19. Theatres, the sacred stages, stood dark for months on end, leading to a standing ovation of income losses. It hit like a plot twist we never saw coming. Suddenly, the traditional mortgage route seemed more like a tragedy.

Ever heard of high street lenders willing to take a bow for understanding your unique financial choreography? Yes, they’re out there! These forward-thinkers are offering mortgages based on current contract rates. It’s like music to our ears. But what does this mean for you?

Let’s break it down. You know those years when your net profit income didn’t quite capture the essence of your talent? Fear not! With this approach, you can borrow based on your current contract rates, potentially opening doors to a more substantial mortgage. It’s like finding a hidden encore to your financial dreams. While this option sounds like a show-stopper, there are some criteria to meet. Lenders will look for contract stability – the longer, the better – and assess your creditworthiness. It’s like landing a lead role; preparation and presentation are key.

First, let’s revel in the applause-worthy advantages. With mortgages based on your current contract rates, your borrowing capacity takes center stage. It’s like hitting a high note in your finances, allowing you to envision the home of your dreams. Plus, the flexibility of this option harmonizes perfectly with our ever-changing schedules, offering peace of mind as we continue to shine under the spotlight.

Now, let’s dim the lights and cast a discerning eye on potential considerations. While this mortgage option is a beacon of hope, it requires stable contracts and a solid credit score. It’s like perfecting your lines and cues; preparation is key to a standing ovation.

To sum it up, the theatre industry may have faced challenging times, but the show indeed goes on, and so does your journey toward homeownership. Despite the hurdles, these tailored mortgage options bring hope and access to centre stage. So, let’s take a bow, and remember that with the right financing, the spotlight of homeownership can be yours. Your financial success story awaits, and we’re here to guide you through every act. Reach out to us today to see what your available options are and what your personal rates would look like!