Mortgage Market Review
If I decide to move house, will I risk missing out on a property due to the Mortgage Market Review (MMR) regulations?
Since the Mortgage Market Review was introduced on 26th April, typical high street Lenders have pushed back completion dates by weeks.
Many borrowers have failed to comply with the now much stricter affordability assessments. This has undoubtedly put some individuals off of even attempting to apply for a mortgage. However, this needn’t be the case.
Specialist Contractor Mortgages
Your Contractor status places you in a far stronger position. This is because you do not need to secure your mortgage through the local branch of your high street Lender. That is where the problems have been arising. Specialist Advisers such as Tony Harris use their contacts in the various Lenders underwriting departments, to ensure your application is processed quickly and smoothly.
They will expertly package your application to ensure that it is fully Mortgage Market Review compliant. Therefore it makes it easier for the Lender to process it. As such, Contractors are finding they are completing on purchases when others are failing.
Mortgage Market Review and Specialist Contractor Mortgages
Indeed the Mortgage Market Review is giving contractors the jump on other mortgage applicants. Contractor Financials are able to get specialist contract mortgages for contractors at better rates than the marketplace. That’s as well as getting them more easily.
If contractors walked into a high street bank or building society they would have to produce three years worth of accounts. Also, they would get a quote based on their director’s salary. As we all know, contractors like to keep that low so that they can take as much as possible in dividends.
If you want more information or to apply for a specialist contractor mortgage click on Specialist Contractor Mortgages