What is a CIS Mortgage?

CIS Mortgages are a type of home loan specifically designed for self-employed contractors who operate within the Construction Industry. The scheme enables contractors to reclaim tax deducted from their payments. A CIS mortgage is secured against a property and works in exactly the same way as any other mortgage, but with additional flexibility to account for the contractor’s income. A CIS worker is the middle ground between being truly self-employed or permanently employed.

How does a CIS Mortgage work?

In order to apply for a CIS Mortgage, you will need to provide evidence of your income. You’ll need to show that your business is running successfully and that you can afford to make mortgage payments. This can be done by providing bank statements or invoices showing the jobs you have completed over the past year. It’s important to note that CIS Mortgages are a specialist product and lenders may be reluctant to lend if they feel the risk of default is too high.  Miles Rhodes Mortgages are specialists in this area.