Monthly Archives: June 2013

Government Help to Buy Scheme makes one-way-bet

Posted on by
Government Help To Buy scheme

Government Help to Buy Scheme

The Government Help To Buy scheme  is sending the number of Contractor Mortgages soaring to even greater heights than the peak of the boom in 2007. The Government Help to Buy scheme is where the Government underwrites 20% of the mortgage so that customers can get 95% mortgages again.

The Government are doing it to boost the housing market and the economy. Most of all, though, they are doing it to increase the feelgood factor and get themselves re-elected.

Pundits have criticised the Government saying that the Government Help to Buy scheme will create a housing boom. However, that is what the Government intended.

House Price Increases

Nationwide have just released figures showing that house prices have increased by 4% in the first six months of the year. In London house prices are now 5% above what they were at the peak of the boom in 2007. The rest of the country is still 9% below that peak.

There has never been a better time to buy, though, with the Government committed to fuelling a house price boom. The Government Help to Buy scheme is to last for 3 years at which point a recovering economy should keep prices moving ahead.

Interest rates have never been lower at around 4% for a mortgage. This is definitely the time to go for a fixed-rate mortgage.

Specialist Contractor Mortgage Brokers

It is also better to use specialist contractor mortgage brokers. They are much better at getting contractor mortgages than the high street banks or building societies. Contractors don’t have to produce three years worth of accounts but merely their contract.

Indeed they can get these specialist contractor mortgages on the very first day of their very first contract.

They can get a quote of up to 4 times their daily rate annualised (daily rate x 4 x 48). Most banks and building societies, who don’t have experience of contractors, base it on Director’s salary.

To get more information or to ask for a quote click on Specialist Contractor Mortgages

UK Contractor Mortgage rates tumbling as prices soar

Posted on by
UK Contractor Mortgage Rates

UK Contractor Mortgage Rates

UK Contractor Mortgage Rates are tumbling in the UK as a new boom gets under way. The Government’s introduction of Help to Buy, where they will subsidise and underwrite part of the mortgage, has had the effect they desired. It has started to push the property market ahead.

House prices are now rising at the highest rates for years. The Government hope that a rising property market will help boost the economy. More importantly it will give a feelgood factor for the next election. This is bringing UK Contractor Mortgage rates down.

Interest Rates

So, the interest rates for a contractor mortgage have continued to tumble . The average cost for a 5-year mortgage has fallen below 4% for the first time. Before the credit crunch in 2007 the average interest rates for a 5-year mortgage were 6.36%.

It has never been cheaper to get a contractor mortgage. This is a saving over the lifetime of a mortgage of £10,000 in every £100,000 borrowed.

Many pundits are castigating the Government as they say that the Help to Buy scheme will send house prices soaring and create a new property bubble.

The Scheme is expected to last for three years. House prices are predicted to be much higher in three years time than they are now. This is good news for UK Contractor Mortgage Rates.

Fixed Rate Mortgages

At these low rates, contractors are being advised to buy now and take fixed rate rather than variable rate mortgages. 90% of those taking out mortgages are taking fixed rate mortgages compared to 76% just a year ago.

The reason is that fixed rate mortgage rates are now actually cheaper than variable rates for contractor mortgages.

Tony Harris has been getting contractor specialist contractor mortgages for years. He is able to get them at better than the market rates.

Unlike with a high street bank or building society he is able to get them without contractor having to produce any accounts. This can be at up to 5 times their daily rate annualised (48 times their weekly rate).

A high street bank would base the amount on a contractors’ director’s salary.

To get more info, or to apply click on Specialist Contractor Mortgages

Expert Contractor Mortgages going through roof

Posted on by
Expert Contractor Mortgages

Expert Contractor Mortgages

The demand for specialist expert contractor mortgages is going through the roof and hitting new levels. The housing market boom predicted by pundits after Chancellor Osborne created the Help to Buy scheme is starting to happen.

He hoped would cause a mini-boom to give a feelgood factor for the next election. He hopes that when people see their house prices going up it will give them the confidence to start spending money and get the economy going again.

The average home price is now £233,061. That’s a rise of £6,125 on a year ago. Experts expect that this will just be the start. They believe that house prices will soar in the next 3 years for the duration of Help to Buy.

The hope is that the economy will be in good shape by then to keep house prices on the boil. It is a kick-start for the housing market.

Market Rates

Tony Harris, who has been providing specialist expert contractor mortgages for years now says that the number of expert contractor mortgages that he is able to get UK Contractor is now exceeding the peak of 2007.

He said that contractors are now piling into this market before the main price rises that he expects to come.

He is able to get contractors mortgages at better than market rates at up to 95%. He can get them without any accounts and on the first day of a new contractor’s first contract. He can get them based on a multiple (up to 4 times) a contractor’s daily rate annualised (48 x their weekly rate).

Help to Buy

So, with the Government’s Help to Buy scheme this looks to be a one-way bet. This is because the Government are intervening to push house prices higher for their own purposes.

Therefore, it is an opportunity for contractors and freelancers to be able to trade up or get a foothold in the market before the prices rise.

To get more info, or to apply click on Specialist Contractor Mortgages

IT Contractor Mortgages demand is soaring

Posted on by
IT Contractor Mortgages demand

IT Contractor Mortgages Demand

IT Contractor Mortgages demand is soaring.

Specialist IT Contractor Mortgages have been available for some time now. Tony Harris has been getting IT Contractors mortgages at very cheap rates for a number of years.

Prior to Tony’s emergence into the market, IT Contractors, when they walked into high street banks or building societies were asked to produce three years worth of accounts.

Usually, when new contractors have had a doubling of their earning capacity when leaving their permanent jobs to become contractors, they want to buy a bigger and better house as they can now afford it.

Specialist IT Contractor Mortgages

However, to produce three years worth of accounts they must have been an IT contractor for at least 4 years. That’s a bit of a killer blow to new IT Contractors. I know it is from my own experience.

It was a big disappointment. By the time I had 3 years worth of accounts the market had moved on. Those specialist IT Contractor Mortgages were not available in those days.

I was also told that the offer would be 3 or 4 times my Director’s salary. As that wasn’t high I would have been better off applying with my permie salary.

Nowadays Tony can get IT Contractors offers based on their daily rate annualised (48 times their weekly rate)

Contractor Mortgage Offer

IT Contractors are able to take advantage of Tony’s credibility with lenders. They also owe contractors who got mortgages through Tony in the past a debt of gratitude for paying back their mortgages and not defaulting.

It means that today’s IT Contractors can get mortgages at better than market rates.

Now, Tony has talked lenders into trusting his judgement even more and he has now negotiated a deal to be able to get any type of contractor or freelancer a specialist contractor mortgage.

This opens up the market to engineers, accountants, doctors etc.

First Time Contractors

Tony claims that he can get a first time contractors on his or her first day on a contract an offer within hours and they should be turning the keys to the door of their dream house in 4 to 6 weeks.

That’s impressive.

Tony tells me that contractor mortgages demand is now greater than it was at the 2007 peak.

That’s impressive too. Mortgages demand remains healthy.

To apply, or get more info, click on Specialist Contractor Mortgages