CMME Mortgages and Protection

CMME Mortgages and Protection: contractor mortgages in the UK

CMME Mortgages and Protection is a British mortgage brokerage that presents itself as a specialist in mortgages for contractors and independent professionals. The firm works with UK lenders so that applicants who work for themselves or through contracts are not penalised for their employment status. Its approach focuses on assessing borrowing capacity based on day rate or contract rate, rather than applying only traditional payroll criteria.

Mortgage services for independent professionals

The company offers advice on various types of mortgage loan:

• First-time buyer mortgages.
• Home mover mortgages.
• Contractor remortgages.
• Contractor buy to let mortgages.
• Second charge mortgages.

It also provides a contractor mortgage calculator and a payments calculator, as well as a remortgage calculator and a buy to let calculator. The website includes guides on contractor mortgages, home moving, remortgaging, buy to let, second charge, buying property through a limited company, self-employed mortgages and Help to Buy, among others.

Professional profiles served

The firm details specific groups it can help: engineers, IT professionals, seafarers, doctors and interim managers. It also addresses specific situations such as mortgages with one year of accounts, required documentation, deposits, mortgage brokers, possible penalties for being a contractor, mortgage declines, longevity issues and the use of umbrella companies.

Lenders it works with

The site lists lenders it operates with, including Accord, Birmingham Midshires, Clydesdale Bank, Furness Building Society, Halifax, HSBC, Kensington, Metro Bank, Nationwide, NatWest, Saffron, Santander, Scottish Widows, Skipton, Virgin Money and Barclays.

Other financial and protection services

In addition to mortgage brokerage, CMME offers wills and estate planning, life and critical illness insurance, income protection insurance, life insurance, private medical insurance and financial advice. It also provides solicitor and conveyancing services, and has a client referral programme.

Eligibility criteria and application process

According to the information published, the general criteria for qualifying for a mortgage are: having a current contract, demonstrating continuity in the type of work, accepting applicants new to self-employment and being able to define income using an annualised day rate. The documentation CMME requires to support an application includes a copy of the current contract, SA302 forms, tax summaries or trading accounts where available, identification and bank statements. The company states that it can assess how lenders view the applicant's circumstances without obligation.

As for assessment, a standard application is analysed based on salary plus dividends or net profit if operating through a limited company, or net profit if self-employed. For contractors with an umbrella company, PAYE income is considered. When trading accounts cannot be provided, the application is assessed based on the gross contract rate, with less emphasis on the payment method. For umbrella contractors, the firm seeks lenders willing to include all payroll elements using the gross contract rate.

Track record and client volume

The company states it has helped over 120,000 contractors achieve their mortgage goals over more than 20 years, and declares it has worked directly with lenders for over 18 years. It presents itself as the original contractor mortgage specialist and maintains that it does not apply different pricing or work with lenders that penalise independent professionals.

Calculator and featured rates

The website includes a best mortgage comparison tool. At the time of analysis, it showed a 24-month mortgage with a base rate plus 0.78% and a total comparative cost of 5.0% APR; a featured remortgage maturing 31/01/2025, a rate of 5.62% and a total comparative cost of 5.9% APR; and a first-time buyer mortgage maturing 28/02/2028, a rate of 5.02% and a total comparative cost of 5.9% APR.

Editorial and news content

The site publishes news and analysis on current mortgage topics, such as the Bank of England's decision to hold interest rates, the consequences of a contractor's income interruption mid-mortgage and the 2025 Stamp Duty changes.