Contractor Mortgage Deals
We look, now at contractor mortgage deals in the current market.
Tony Harris is a supplier of specialist mortgages to the contractor market. It used to be that if a contractor wanted a mortgage, he, or she, would:-
1. Have to produce three years worth of accounts
2. Be given an offer based on your Director’s salary.
Still, to this day, if you walked into a hight street bank or building society, they would ask for the same.
Specialist Contractor Mortgage Brokers
Tony has been getting great contractor mortgage deals from Kensington, Newbury, Furness and Kent Reliance.
Now, after seven years of negotiating Tony has managed to get a great contractor mortgage deal from the Nationwide – and at market leading rates.
He has done some business with Nationwide in the past but only on behalf of Umbrella Company contractors.
Limited Company Contractors
Now Nationwide has agreed to provide great contractor mortgage deals for limited company contractors. Indeed, they are offering them at the same great market-busting rates that they offer to permanent workers based solely on their contract rates.
Nationwide are prepared to offer those contractor mortgage deals to contractors in several professions including IT, engineering, oil and gas and interim managers as well as a host of others.
There is no minimum income requirement.
With these new contractor mortgage deals, Nationwide are expected to become the lender of choice for UK contractors.
Contractor Mortgage Offer
When they are working out their mortgage offer to you, Nationwide will take into account 80% of your contract rates over a 52 week period. That will give contractors a shedload of money for house buying purposes.
They’ll give you loans of up to 90% of the value of the property as a loan or 85% if you are remortgaging an existing property.
They have some really good specialist contractor mortgage deals on the table. These include a 10-year fixed rate mortgage. With interest rates due to rise this is the time to be taking one of those.
2-Year Fixed Contractor Mortgage Deals
Here’s what they are offering on 2-year fixed deals.
60% LTV – 2 years fixed at 1.49% with a £999 arrangement fee
75% LTV – 2 years fixed at 1.79% with a £999 arrangement fee
80% LTV – 2 years fixed at 1.89% with a £999 arrangement fee
90% LTV – 2 years fixed at 3.14% with a £999 arrangement fee
You don’t have to pay the mortgage arrangement fee up front as that can be added to the mortgage.
10-Year Fixed Rate Mortgage Deals
Here’s what they are offering for 10 years fixed rate mortgages, which could be just what you want with interest rates set to rise. These rates lead the market.
60% LTV – 10 years fixed at 3.14% with a £999 arrangement fee
75% LTV – 10 years fixed at 3.44% with a £999 arrangement fee
80% LTV – 10 years fixed at 3.69% with a £999 arrangement fee
If you sell your house and buy another one, you can simply carry these rates over to your next property.
Nationwide Tracker Mortgages for Contractors
Here’s what Nationwide offer for Tracker Mortgages.
75% loan to value – 2 year tracker at 1.44% (0.94%+BBR) with a £999 arrangement fee
80% loan to value – 2 year tracker at 1.94% (1.44%+BBR) with a £999 arrangement fee
85% loan to value – 2 year tracker at 2.69% (2.19%+BBR) with a £999 arrangement fee
90% loan to value – 2 year tracker at 3.49% (2.99%+BBR) with a £999 arrangement fee
All the above specialist contractor mortgage deals are available on purchase and remortgage.
Indeed, if you are remortgaging to the Nationwide, they will cover your legal and valuation fees which is a pretty good deal.
Contract and Address Details
If you want to apply for one of the above deals, Tony and his team will need:-
1. A copy of your contract
2. Proof of address details from your passport and a utility bill from the past 3 months
3. Your personal and business bank account information from the last three months.
Having those together, when applying, speeds the process up a lot. The Contractor Buy To Let Market is also booming.
Contractor Mortgage Offer
When you contact Tony and his team you can get an offer in principle within an hour of you contacting him.
They don’t charge a fee which some contractor mortgage brokers do, so that will save you £500 or so.
To find our more, or to get a quote, simply click on Contractor Mortgage Application and fill in the form there.