{"id":1603,"date":"2021-08-27T09:00:40","date_gmt":"2021-08-27T09:00:40","guid":{"rendered":"https:\/\/www.themortgageheroes.co.uk\/?p=1603"},"modified":"2021-10-13T08:13:01","modified_gmt":"2021-10-13T08:13:01","slug":"cis-mortgages-all-you-need-to-know-about-cis-mortgages","status":"publish","type":"post","link":"https:\/\/www.themortgageheroes.co.uk\/cis-mortgages-all-you-need-to-know-about-cis-mortgages\/","title":{"rendered":"CIS Mortgages \u2013 All You Need to Know About CIS Mortgages"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 modal nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-background-blend-mode:overlay;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-background-color:rgba(0,0,0,0.5);--awb-flex-wrap:wrap;\" id=\"myModal\" ><div class=\"fusion-builder-row fusion-row\"><div 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class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-column-content-centered\"><div class=\"fusion-column-content\"><div class=\"fusion-text fusion-text-3\"><h1 style=\"margin-bottom: 20px; text-align: left;\">CIS Mortgages &#8211; All You Need to Know About CIS Mortgages<\/h1>\n<\/div><div class=\"fusion-text fusion-text-4\"><p>As a contractor in the construction industry, getting a mortgage can be a real headache. Between inconsistent earnings, tax deductions and wary lenders, it can be difficult to get yourself a good deal, even if you\u2019re in a great financial situation!<\/p>\n<p>Now, there\u2019s no specific \u2018CIS mortgage\u2019, you\u2019ll be applying for a sole trader\/self-employed mortgage, but the Construction Industry Scheme (CIS) makes it a whole lot easier for subcontractors to make their way through the process and get a legitimately good offer, rather than dealing with the faff that many self-employed people have to deal with.<\/p>\n<p>In this article, our experts at <a href=\"https:\/\/www.themortgageheroes.co.uk\/\">The Mortgage Heroes<\/a> will run you through everything you need to know about CIS mortgages \u2013 how to get one, what you need to do to qualify and how they work.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-background-color:#f8f8f8;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-column-content-centered\"><div class=\"fusion-column-content\"><div class=\"fusion-text fusion-text-5\"><h2>What is a CIS Mortgage?<\/h2>\n<\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_2_3 2_3 fusion-two-third fusion-column-first\" style=\"--awb-bg-size:cover;width:66.666666666667%;width:calc(66.666666666667% - ( ( 4% ) * 0.66666666666667 ) );margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-column-content-centered\"><div class=\"fusion-column-content\"><div class=\"fusion-text fusion-text-6\"><p>Ordinarily, getting a mortgage while self-employed comes with some real pitfalls. Most lenders will take your annual income, and multiply it by (roughly) four times in order to calculate how much you can borrow. This can vary from lender to lender, but it\u2019s a good general rule.<\/p>\n<p>As your annual income is calculated after declaring for tax, you might find yourself being stung after accounting for expenses. The CIS makes it so that your gross turnover is considered your income, rather than relying on the self-assessment documents that are reported to HMRC. This means that if you qualify for a CIS mortgage, then you\u2019ll likely be able to borrow significantly more than you would otherwise (a fairer amount that actually considers your full incomings).<\/p>\n<\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;margin-top:10px;width:100%;\"><\/div><div class=\"fusion-sep-clear\"><\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_3 1_3 fusion-one-third fusion-column-last fusion-no-small-visibility\" style=\"--awb-bg-size:cover;width:33.333333333333%;width:calc(33.333333333333% - ( ( 4% ) * 0.33333333333333 ) );\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-image-element in-legacy-container\" style=\"--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\"><img decoding=\"async\" width=\"1024\" height=\"683\" title=\"Purchase agreement for hours with model home\" src=\"https:\/\/www.themortgageheroes.co.uk\/wp-content\/uploads\/cis-mortgages.jpg\" data-orig-src=\"https:\/\/www.themortgageheroes.co.uk\/wp-content\/uploads\/cis-mortgages-1024x683.jpg\" alt class=\"lazyload img-responsive wp-image-1607\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271063%27%20height%3D%27709%27%20viewBox%3D%270%200%201063%20709%27%3E%3Crect%20width%3D%271063%27%20height%3D%27709%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/www.themortgageheroes.co.uk\/wp-content\/uploads\/cis-mortgages-200x133.jpg 200w, https:\/\/www.themortgageheroes.co.uk\/wp-content\/uploads\/cis-mortgages-400x267.jpg 400w, https:\/\/www.themortgageheroes.co.uk\/wp-content\/uploads\/cis-mortgages-600x400.jpg 600w, https:\/\/www.themortgageheroes.co.uk\/wp-content\/uploads\/cis-mortgages-800x534.jpg 800w, https:\/\/www.themortgageheroes.co.uk\/wp-content\/uploads\/cis-mortgages.jpg 1063w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 900px) 100vw, 800px\" \/><\/span><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-4 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-7\"><h2>Who Can Apply for a CIS Mortgage?<\/h2>\n<p>The CIS covers a lot of work in construction, including site prep, decoration and refurbishment. You\u2019ll likely qualify if you work in:<\/p>\n<ul>\n<li>Site prep \u2013 laying foundations, etc.<\/li>\n<li>Building work<\/li>\n<li>Demolition<\/li>\n<li>Decorating<\/li>\n<li>Alterations &amp; repairs<\/li>\n<li>Installing heating, lighting, water, power or ventilation systems<\/li>\n<li>Construction follow-up (cleaning inside the buildings once a project has finished)<\/li>\n<\/ul>\n<p>There is work that is exempt from the CIS, however:<\/p>\n<ul>\n<li>Scaffolding hire (without labour)<\/li>\n<li>Carpet fitting<\/li>\n<li>Material delivery<\/li>\n<li>Non-construction site work (canteen work, etc.)<\/li>\n<li>Surveying and architecture<\/li>\n<li>Material manufacture for construction<\/li>\n<\/ul>\n<p>There are some exceptions to these rules. Say, for example, an architect who also helps with the manual building work \u2013 they would be covered by the CIS as they\u2019re working in both groups.<\/p>\n<p>It can be really tricky to determine whether or not you\u2019ll qualify for a CIS mortgage. We recommend getting in touch with <a href=\"https:\/\/www.themortgageheroes.co.uk\/contractor-mortgages\/\">specialists<\/a> who can advise on whether or not you\u2019re eligible, and how much you can borrow.<\/p>\n<h2>What are the Benefits of a CIS Mortgage?<\/h2>\n<p>CIS mortgages are perfect for construction workers who either don\u2019t have three years of accounts, or who have declared a low net profit on their tax return.<\/p>\n<p><strong>Get a Higher Mortgage Ceiling<\/strong><\/p>\n<p>By seeking a CIS mortgage, you might be able to snag yourself a significantly larger mortgage than you otherwise might have.<\/p>\n<p>Say, for example, you earned \u00a360,000 in a year, but after declaring your travel expenses and working with your accountant, you end up declaring \u00a338,000. A mortgage lender would take the \u00a338,000 and allow you to borrow a maximum of \u00a3152,000 (\u00a338,000 x 4).<\/p>\n<p>In the same situation, but through the CIS, you\u2019d declare your gross income before tax, making your buying power a hefty \u00a3240,000 (\u00a360,000 x 4) at a minimum; that\u2019s an increase of \u00a388,000 \u2013 not bad!<\/p>\n<p><strong>One Year vs Three Years of Accounts<\/strong><\/p>\n<p>Lots of lenders will request (on average) 3 years\u2019 accounts for self-employed people or contractors. This can be frustrating, as it can severely delay your mortgage application. With a CIS mortgage, you\u2019ll usually only need to show your gross income from the last 12 months, meaning you can get yourself on the ladder much sooner.<\/p>\n<h2>Deposits in CIS Mortgages<\/h2>\n<p>A CIS mortgage isn\u2019t anything special, it\u2019s still a normal mortgage, with the only difference being that your gross income is considered.<\/p>\n<p>This means that the deposit that you\u2019ll need will be exactly the same as any other mortgage. If you\u2019ve got a strong employment history, you might be able to find a mortgage with a small deposit of 5%, however, we always recommend trying to overshoot the minimum deposit of any mortgage. If possible, saving for a 10-20% (or more) deposit will always work in your favour, putting you in prime position to shop around for a more favourable deal.<\/p>\n<p>Depending on the size of house that you\u2019re after, you could even decide to borrow less than your maximum allowance, making your deposit a larger percentage and putting you in an even <em>stronger<\/em> position.<\/p>\n<h2>Apply for a CIS Mortgage with The Mortgage Heroes<\/h2>\n<p>Phew, that\u2019s a lot to take in! At <a href=\"https:\/\/www.themortgageheroes.co.uk\/\">The Mortgage Heroes<\/a>, we help people working in construction to find the most suitable mortgage all year round. It\u2019s completely normal to get a little lost when looking for a mortgage, especially if you\u2019re trying to fulfil specific criteria (such as the CIS).<\/p>\n<p>For help finding the most suitable \u00a0mortgage, or to get a little more information, <a href=\"https:\/\/www.themortgageheroes.co.uk\/contact\/\">contact our heroes<\/a> today! We\u2019re available seven days a week, so there\u2019s never a bad day to give us a call!<\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-5 overflow-none nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-6 fusion_builder_column_3_4 3_4 fusion-three-fourth fusion-column-first\" style=\"--awb-bg-size:cover;width:75%;width:calc(75% - ( ( 4% ) * 0.75 ) );margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-8\"><h2 style=\"margin-bottom: 20px; text-align: left;\">We can help you find a mortgage. Contact a mortgage hero today.<\/h2>\n<h2 style=\"text-align: left; font-size: 20px;\"><a href=\"tel:01275 405 050\"><span style=\"color: #27d5d1;\">01275 405 050<\/span><\/a><br \/>\n<a href=\"mailto:hero@themortgageheroes.co.uk\"><span style=\"color: #d43b6e;\">hero@themortgageheroes.co.uk <\/span><\/a><\/h2>\n<p style=\"text-align: left;\">Heroes available 7 days a week!<\/p>\n<\/div><div class=\"fusion-text fusion-text-9\"><div id=\"red-button\"><div class=\"fusion-button-wrapper\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-1 fusion-button-default-span fusion-button-default-type\" 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