- 0791-557-7777Mohit Mehra
- 0795-766-5907Paul Asare
- 0788-972-7335Ankur Daru
What is a CIS Mortgage?
The Construction Industry Scheme (CIS) was introduced by the HMRC with the aim of allowing contractors to deduct money from a subcontractor’s payments and pay it to the HRMC. The deductions then count as advance payments toward the subcontractor’s tax and National Insurance. Contractors must register for the scheme but subcontractors don’t have to. If subcontractors don’t register for the scheme then deductions are taken from their earnings at a higher rate. Payslips are usually provided to subcontractors showing their gross and net income. Those using this scheme can then apply for a mortgage using this method of income, allowing them to benefit from borrowing more.
How much can you borrow on a CIS mortgage?
CIS lenders will calculate the average from the earnings shown on your last 3-6 months of payslips to establish an estimated annual income. The amount they offer will usually be based on this calculation alongside their own criteria – often in the range of 4-5 times your annual income. This is a very broad estimate, and it will vary from lender to lender – a specialist mortgage broker will be able to advise you on the full criteria of different lenders. Ultimately, the application will involve affordability testing based on those calculated income figures.
What deposit is usually required for a CIS mortgage?
You should aim to put forward a minimum of 10% for a deposit. In some cases, a lender will allow a deposit for 5%. Remember, however, that the greater the deposit you have, the more potential there is to access the best rates.
What do I need to qualify for a CIS mortgage?
If you are a subcontractor registered for the CIS scheme, and you work for one employer who pays your tax and national insurance then payslips will usually be accepted by lenders as adequate proof of income. For subcontractors who are not registered, and thus pay the higher rate of tax, you should expect to provide 1+ years of accounts and/or an SA302. The declared figure(s) will be used for the mortgage calculation.
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TYPES OF MORTGAGES
CIS Mortgage is very similar to normal mortgage. Through a CIS Mortgage your turnover is considered rather than you sole trader profits.
Are you a First Time Buyer?
If you are a First Time Buyer and also CIS subcontractor, it can be really challenging to get your mortgage. Our experts will always be there to hold your hands at every step of the way.
Are you a Home Mover?
Moving home can be a very daunting process but our team of experts will help you make this transition as smooth as possible.
Re-mortgage
You may want to remortgage to raise more capital, lower your repayments or pay off your mortgage earlier. Whatever you reason is, we’ll help you find a good remortgaging deals.
Typical construction roles often using this scheme include
- Groundworker
- Bricklayers
- Builders
- Joiners
- Electricians
- And many other construction roles
- Plumbers
- Fitters
- Decorators
- Railway Workers
- Project Managers
Reviews
Excellent ★★★★★
140 reviews on 
Oster Fernandes
14/10/22
Just got my Mortgage approved within a week. Mohit was really helpful and guided me throughout the process as well as was constantly following up on the same. Would definitely recommend him and go back as and when I would need the service again.
Margaret Bambejee
10/06/22
I recently done a remortgage which had been challenging to say the least. It took a great deal of patience for Mohit and myself to finally find a lender. I have now managed to complete a purchase on a new property . Mohit has been amazing always very patient, efficient, responsive and professional from start to finish.
Eliska Zahradkova
13/09/22
Mohit helped me recently to get my first mortgage in the UK. He is the best, he acts very quickly, listen customer needs and proposes the best options for everyone needs. Definitely won't be using anyone else when it comes to remortgage time.
Tarun Sakhrani
06/10/22
We worked with Mohit on our mortgage and have to say, we were extremely happy with his support and knowledge of the market, terms and types of lenders to approach. Mohit was diligent and very responsive to our requests. He went out of his way to answer our queries, but also in convincing what turned out to be a tricky lender. His persistence ensured that we were successful in obtaining the mortgage to our house.
AIK Trading
08/12/22
We found Mohit on Google and the previous reviews are completely accurate. He was responsive, professional with a wealth of knowledge at all times during the process. We loved the fact that he didn't over promise to us, we felt we could trust him from the beginning and we weren''t proven wrong. It was very hard to find a good deal with the current climate, but Mo went above and beyond. Thank you Mortgage Matchmakers.
Y Jin
03/02/22
Mohit is a very professional and helpful mortgage broker, made our first time mortgage application so easy and smooth. He explains things clearly and always responds quickly. With his help we got our offer within 10 days. He’s a very nice and trustworthy broker. Would definitely recommend.
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