Monthly Archives: January 2014

UK Contractor Mortgages surge in new Help To Buy boom

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Contractor Mortgages Surge

95% UK Contractor Mortgages Surge

There’s been a contractor mortgages surge in the UK because of Help To Buy.

The demand for specialist contractor mortgages in the UK is soaring according to new figures. It seems that the average cost of a house in the UK is now £176,491 – up 0.7% in December from the previous month. It was predicted to rise by 0.6%.

Year on year, house prices were up by 8.8%. Tony Harris, a specialist contractor mortgages broker in the UK, is seeing contractor mortgages surge way above what it was even in the peak years up to 2007.

So, house prices are now just off their 2007 peaks – 4% off to be precise.

According to Howard Archer and economist at IHS Global Insight, “It is evident that the strength in house prices is spreading. This can only fuel concern that a new housing bubble could really develop in 2014.”

Help To Buy

It is the Help To Buy scheme that the Government has introduced that has caused this contractor mortgages surge in prices. It started in October and will remain in place for the next three years.

Prior to this, lenders were asking for deposits of 20% to 25% of the price of a house. This was keeping first time buyers out of the market.

Now, via its Help To Buy scheme, the Government is guaranteeing and subsidising the difference. That’s so that people can now get 95% mortgages again. This is fuelling a contractor mortgages surge.

UK Contractor Mortgages

This is causing an especial surge in the demand for specialist contractor mortgages in the UK. The 20% deposits had been a major problem for new contractors, who were now earning large sums of money. Many of them haven’t been saving long enough for a 20% deposit.

Tony Harris is able to get UK contractors mortgage offers on the very first day of their very first contract. All they need is their contract as guarantee and having contractor mortgage offers based on their daily rate x 5 x 48. The lenders then multiply this by up to 4, depending on their credit record, for the contractor mortgage offer.

To find out more or apply you should click on Specialist Contractor Mortgages

Contractor Mortgages: Help to Buy sending house prices soaring

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Specialist Contractor Mortgages

95% Specialist Contractor Mortgages are proving very popular with the advent of the Government’s Help To Buy scheme which started in October for existing houses and is due to run for the next few years.

It has really fired up a sagging housing market.

Rising House Prices

Rightmove, which is a property website have said that house prices have gone up by 1% in just the first two weeks of January. That’s an average of £2,406 per property. That’s the fastest they have ever gone up in that period says Rightmove.

House Prices have now gone up by 6.3% in the last year. That’s the highest rate of annual increase since the top of the market in November 2007.

In London it is just going crazy with house prices up by 15% in the past year. Indeed some experts are calling for Help To Buy to be cut short in London in case it overheats the market.

Mortgage Broker

Contractor Mortgages deals are flying off the shelf according to specialist Contractor Mortgages broker Tony Harris.

Normally contractors find it difficult to get mortgages, with high street banks demanding to see three years worth of accounts and making offers related to the contractor’s Director’s salary which is not usually that large.

Because of Tony’s reputation in the marketplace and the good payment record of the contractors that he has got mortgages, he is able to get contractors mortgage offers based on their daily rate and all they need is a copy of their contract.

First Timer Buyers

Indeed he can get first time contractors mortgage offers on their very first day of their very first contract. They can be in their dream house in another 4-6 weeks. One new contractor was even able to get the keys to his dream house within two weeks of his first ever contract.

To find out more, or to apply, click on Specialist Contractor Mortgages