Monthly Archives: August 2014

95% Specialist Contractor Mortgages now available for all Contractors

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Mortgages Now Available

Mortgages Now Available

95% Specialist Contractor Mortgages now available.

For years Tony Harris has been getting specialist contractor mortgages for IT Contractors. This was based on their daily rate rather than their Director’s salary the way a High Street Bank would calculate it.

Also, the contractors wouldn’t have to produce three years worth of accounts like they would have to with a High Street Bank.

He has a deal with a major contractor mortgage provider that uses his credibility with them to get contractors mortgages.

Types of Contractors such as Engineers, Bankers, Oil & Gas Workers, Construction Workers and Media Workers can now benefit from these specialist contractor mortgages now available. They are also available to Freelance Professionals such as Doctors, Nurses, Teachers, Accountants and Business Consultants. This is all based on Tony’s credibility with the lenders and the good business he has brough them in the past.

Previously all lenders based their lending on Director’s Pay. That is a lot less than their daily rate, with the exception of IT Contractors who had this deal before.

Contractor Mortgages Deal

So, how do you get one of these mortgages now available?

Firstly you must be earning a daily rate of at least £300 a day or £75,000 a year – and that’s basically it.

It doesn’t matter how long you have been contracting and you don’t have to produce accounts. Even if you are only a day into your first contract you can still apply. Tony tells me that he would expect you to be walking into your new house 4-6 weeks after you apply. He can get a decision in days.

Any contractor in any sector, no matter their experience, can now get 90% mortgages. They can take that to 95% using the Government’s Help to Buy scheme.

Interest Rates

The interest rates for the various loans are as follows:-

o 60% LTV mortgage at 2.29%,

o 75% LTV mortgage at 2.74%

o  85% LTV mortgage at just 3.74%.

There’s a £999 arrangement fee which can just be added to the loan.

Bigger Loan

In terms of the amount offered, this lender will beat the normal 4 times Director’s salary. They will make it 5 times the daily rate annualised.

So, if you are making £400 a day, that would be an annual rate of  £95,000 to £100,000. This would mean that you could get a mortgage offer of £475,000 to £500,000. You would get that just one day into your first ever contract.

Tony has a dedicated underwriter and case handler. This means he can get you a quote and an agreement in principle within hours of you contacting him. It has happened that contractors are in their new home within a week of their initial enquiry.

Pundits are panning the Government saying that they are going to cause a new housing boom due to their new Help to Buy policy. Furthermore, agents are reporting a major upturn in enquiries since Help to Buy was announced. This appears to be the time to buy or contractors may miss the boat.

How to Apply

To make further enquiries about mortgages now available or to ask for a quote based on your rate fill in the form at Specialist Contractor Mortgages and get your enquiry answered or a quote within a couple of hours or even quicker.

Making money when you are out of work

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Making Money when out of work

Making Money

We advise you on making money when you are out of work.

Booming Houses

The property market is booming in the South of England, and further north as well. This will not last forever. At some point, i.e. when the recovery starts and interest rates rise, property prices, especially in the south, are going to turn downwards.

What can the people who are out of work do about this in terms of benefitting and making money? Well, if they are out of work, there is no reason that they need to continue living where they are currently.

If you are out of work, it might be an idea to sell your house in the South of England. Buy one in Scotland (outside Edinburgh or Glasgow) where the prices haven’t gone up by much so far. It’s a good way of making money.

Buy Value Property

If you had a property worth, say, 400 grand, you might save yourself a drop to 350 grand. You could buy one in Scotland for 400 grand. If you bought in Scotland, you might find, in the next year, that it had increased to 500K. This would mean that you are net 100K richer (less costs).

You would get a fantastic house in Scotland for 400K. Also, your wealth would increase by more than you would earn contracting (without the tax), whilst doing nothing (except a spot of salmon fishing).

Making Money from your House

You would make £100,000 on the house and saved yourself a loss of £50,000 on your previous property. Isn’t that a good way of making money? That’s as while having a holiday in Scotland for a year

When the market picks up next year, sell your house in Scotland and come back south. You would pick up a better house / flat than you had before.

Wouldn’t it be nice to breeze back down to the South of England and back to work after a nice year off, whilst your house in Scotland appreciated, and your house / flat back in the South depreciated?

To assist in this here is how to get in touch with a Specialist Contractor Mortgages  Broker

Contractor Mortgage Offers – Calculation of your offer

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Contractor Mortgage Offers best rates

Contractor Mortgage Offers

Contractor Mortgage offers can vary greatly. Indeed if you went into a high street bank or building society they would base it on your Director’s salary. We all know that wouldn’t lead to great contractor mortgage offers.

They may not even give you an offer as they need three years worth of accounts as well.

If you go to a specialist contractor mortgages broker like Tony Harris, contractor mortgage offers are based on your daily rate annualised. That’s much better, isn’t it?

It’s basically Daily Rate x 5 times 48 times x 4. The last figure would be up to 5 depending on circumstances and how much deposit you put down.

However, a very rough figure would be got at for your contractor mortgage offers by multiplying your hourly rate by £7,200.

Example Offers Based On Rates

Hourly Rate – Offer

£20 – £144,000

£30 – £216,000

£40 – £288,000

£50 – £360,000

£60 – £432,000

Indicative Guide

It has to be said, again, that this is very rough and depends on your circumstances what your contractor mortgage offers are.

However, it is an indicative guide as to what you can get. Through specialist contractor mortgage brokers like Tony, you can get a mortgage offer within hours of the very first day of your very first contract.

There didn’t used to be specialist contractor mortgage brokers when I started contracting and I was ‘blown off’ by building societies and high street banks when I went looking for contractor mortgage offers. The three years of accounts needed were a killer.

Specialist Contractor Mortgages

However, Tony persuaded banks and building societies that there was a lucrative new market for them in loaning money to contractors. They dipped their toes in the water. When the contractors kept up to date with their mortgage payments and didn’t default, it gave Tony lots of credibility with the loaners.

Since then he’s been able to get more and more contractor mortgage offers for more and more contractors. It’s at good rates too.

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