95% Contractor Mortgages
Contractors seeking to use Help to Buy to get 95% Contractor Mortgages got a major boost when the Chancellor, George Osborne, announced that Help to Buy was being brought forward from January next year to October this year.
It was already available for new houses but not for existing houses. Now, it will be available for contractors for all properties new or old starting from October.
Lending companies had been insisting on deposits of 20% or more, which scuppered a lot of new contractors. So, the Government is stepping in to underwrite the extra up to 95%.
Contractors have already been taking advantage of it for new houses. Now it is available for contractors going for old houses. Therefore, they are expecting to really pile in for any property.
Help to Buy
The scheme will last for 3 years. Already house prices have started to pick up a head of steam. Prices are up by 0.5% this month on last month which is an annual rate of 6%.
With the Government announcement that Help to Buy is being brought forward and available for contractors, they expect price increases to accelerate.
Tony Harris has been getting Specialist Contractor Mortgages for contractors for a number of years now. He has seen the market go through the roof recently.
The reason is that he can get contractors offers based on a multiple of their daily rate annualised (x 5 x 48 x 4) rather than an offer based on a contractor’s director’s salary as the high street banks do.
Production of Contract
They don’t need three years worth of accounts either as they would through a high street bank. Tony says that all they need is their contract.
Indeed he says that he can get contractors specialist contractor mortgages offers on the very first day of their very first contract. Furthermore, they can get the keys to their dream house within 4 weeks of starting their first contract.
This appears to be the time to buy. House prices are likely to be 15% to 20% higher in three years time.
95% Contractor Mortgages are now available for contractors.
To get more info, or to apply, click on Specialist Contractor Mortgages