Monthly Archives: April 2016

Cashback Deals for Contractor Mortgages from Halifax

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Cashback Deals for Contractor Mortgages

Cashback Deals for Contractors

The Halifax have just reported that they are re-launching their special cashback deals for first time buyer contractors.

The deal is that first time buyers will get 1% of the amount they have borrowed deposited into their bank accounts. That will take place within 30 days of the contractors finalising their mortgages.

So ,if a contractor borrowed £200,000, he, or she, would get £2,000 put into their account by the Halifax.

Cashback with Contractor Mortgages

Cashback with Contractor Mortgages of 1%

There is a maximum of £2,000.

Special Deal for Contractors

This is a special deal just for contractors.

After being initial nervous about loaning to contractors, more and more lenders are realising what a lucrative market loaning to contractors has become.

Those first time buyers who can take advantage of the Halifax’s offer don’t have to show a track record of contracting and earning like they used to have to do.

Therefore, all they need to show is a copy of their contract.

Contractor Mortgage Offer

Their mortgage offer would be based on their daily rate annualised, i.e. their weekly rate x 48 times 3 or 4 or 5.

Contractors are becoming more and more popular with mortgage lenders.

They are getting more and better and better offers from them.

The good track record of other contractors who took up specialist contractors mortgages has helped here.

EU Referendum

So, he market is still looking pretty good with the lowest interest rates  on record.

Contractor Mortgage Quote

Contractor Mortgage Quote at best rates

House prices are likely to rise once the uncertainty of the EU referendum is over. This is especially if it is a vote to stay in.

Markets don’t like uncertainty. So, the mortgage market will be hoping for business as usual after the EU vote with an increase in sales and house prices likely.

Contractor Mortgage Information Pack

To get your information pack on the Halifax’s new offer on cashback deals to contractors just fill in the short form at Specialist Contractor Mortgage Information.

Best Deals Around for Contractor Mortgages

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Best Deals

Best Deals

Specialist Contractor Mortgage Brokers offer the best deals for contractors.

Indeed, those specialist brokers have multiple lenders in tow that they can approach on behalf of the contractor in order to get the best deals available for them.

Gone are the days, however, when contractors were told by banks and building societies that they must produce three years worth of accounts and would get mortgage offers based on their director’s salary rather than their daily rate.

Contractor Mortgage Quote

Contractor Mortgage Quote at best rates

So, that would come as a shock to contractors who expected the red carpet to be let out for them on the back of the huge amounts of money they were now earning.

I say ‘gone are the days’ but if a contractor walked into a bank or building society on the high street, even now, that is exactly what they would be told.

So, that is why contractors use specialist broker who specialise in getting contractors mortgages with the best deals possible.

Best Deals Available for Contractors

So, what are the best deals available, at the moment, through these specialist brokers?

There are 3 that catch the eye.

Firstly there is a 2-Year Tracker Mortgage where the Loan to Value is 60%, i.e. you need a deposit of 40%.

That’s at a rate of just 0.79% plus base rate (currently 0.5%). That ends at the end of March in 2018.

Secondly, there is the 2-year fixed loan at 1.8% where a deposit of 25% is needed. Again that runs out at the end of March 2018.

Finally there is the 2-year fixed loan at 1.89% plus base rate (currently 0.5%). That runs for two years and the deposit needed is only 10% of the loan value.

Cheap Mortgages for Contractors

So, mortgages have never been so cheap – especially for contractors.

IT Contractor Mortgages interest rates

IT Contractor Mortgages offers

First of all, mortgage lenders used to charge them a premium before the advent of specialist mortgage brokers.

Now those specialist brokers can get contractors mortgage offers based on their daily rate annualised – with only their contract as proof of earnings.

What’s more they can get mortgage offers on the same day as they apply because of these brokers.

Indeed, first time contractors can get a mortgage offer on their very first day on their very first contract.

Therefore, to get further info just fill in the form here and a specialist broker will be in touch.

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    Contractor Mortgage Offers Based on Contract Value

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    Contract Value - Contractor Mortgage Offers at best rates

    Contract Value

    Specialist brokers can get contractors mortgages based on their contract value.

    Most lenders don’t understand contractors when making contractor mortgage offers. They don’t know how they operate.

    They should, as most of them employ heaps of contractors in their IT departments and other departments.

    However, those at banks and building societies who are the ones who decide if contractors should get mortgages are not the same people who interact with contractors in their computer departments.

    Best Contractor Mortgages

    Best Contractor Mortgages Rates & Offers

    Contractors Risky to Lend To

    From their point of view contractors are a big risk.

    As they don’t have permanent (and secure) jobs they need to show a track record.

    So, they ask to see 3 or more years worth of accounts.

    Mortgage Offer Based on Director’s Salary

    Now, what they are used to dealing with, when they make their mortgage offers, are salaries.

    They then make an offer based on a multiple of a person’s salary.

    They get the contractor’s accounts and peruse it for something they know.

    “Ah, there it is” they think. “There’s the director’s salary. We will multiply that by 3 or 4 or 5 and make the contractor an offer based on that.”

    The contractor would have been better to try to get a mortgage before he turned contractors.

    Specialist Contractor Mortgage Brokers

    Contract Based Mortgage Offers

    Contract Based Mortgage Offers from Specialist Brokers

    However, in the past few years, specialist contractor mortgage brokers have managed to convince some lenders that the contractor market could be a lucrative one for them.

    They convinced one or two lenders to give it a go and lend to a few contractors.

    The results were good. The contractors paid their mortgages regularly and didn’t default.

    So, they gave out more and more mortgages.

    Daily Rate Annualised

    They based these mortgage offers on the contractor’s daily rate annualised rather than their director’s salary.

    They also only needed to see the contract as proof of earnings.

    In the beginning the lenders were quite conservative when lending to contractors.

    However, they gradually relaxed once they saw that contractors were actually quite good payers.

    Despite the uncertainty of working as a contractor, they were able to organise themselves into making regular payments even when they were out of work.

    More and More Mortgage Offers for Contractors

    As a result, specialist contractor mortgage brokers are able to get more and more mortgages for contractors from more and more lenders.

    What’s more, it is at high street rates or sometimes better.

    Every so often they get a special mortgage offer just for contractors based on their contract value.

    Specialist Contractor Mortgages

    Specialist Contractor Mortgages brokers

    Contractors now have access to a growing number of lenders and a growing number of mortgage offers.

    The process is pretty quick too.

    You can normally get contractor mortgage offers on the very day you ask for one, providing you have all the details and could, potentially, be able to move into your dream house anywhere between 2 and 6 weeks after you sought the offer.

    Applying for a Contractor Mortgage

    To find out more, or to apply, just click on Contractor Mortgage Application and fill in the form there.

    Contractor Mortgages Lender Allows for Breaks Between Contracts

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    Contractor Mortgages Lender

    Contractor Mortgages Lender

    In a new breakthrough, a brand new lender has turned the contractor mortgages market upside down.

    It used to be that it was very difficult to get a mortgage if you were a contractor.

    Many contractors, with their new contract rates, double what the earned as permies, expected to be welcomed with open arms by high street banks and building societies.

    However, they were seen as risks by them. Contractors had to produced three years of accounts which scuppered new contractors for several years.

    Specialist Contractor Mortgages

    Specialist Contractor Mortgages brokers

    I know. It happened to me when I first started contracting. I was shocked.

    Offer based on Director’s Salary

    What’s more they only offered you mortgages based on a multiple of contractors’ director’s salary.

    As we all know contractors like to keep this as low as possible. They don’t want to hit the upper rate of tax and so take much of their money in dividend payments.

    You would have been better off applying for a mortgage as a permie before you went contracting.

    Contractor Mortgage Brokers

    However, in the past decade specialist contractor mortgage brokers have sprung up.

    They have convinced mortgage lenders to loan to contractors.

    Contractors could now get mortgage offers based on their daily rates instead of director’s salary

    They could also get mortgage approval with just their contract as proof rather than having to produce three years worth of accounts.

    Many contractors are taking advantage of these offers obtained through these specialist mortgage brokers.

    Contractor Mortgages UK

    Contractor Mortgages UK based on daily rate annualised

    This was much better for contractors – although the lenders were still a little conservative.

    Bluestone Mortgages

    Now, a new lender, Bluestone Mortgages, backed by the private equity arm of Lloyd’s Bank, have come up with a mortgage much suited to contractors.

    This new flexible contractor mortgage would suit those contractors who like to take time off between contracts.

    Even more importantly, it will suit those forced to take time off between contractors.

    Many a sleepless night has been spent by contractors who have all their bills to pay whilst not knowing when they will get their next contract.

    Breaks in Contract Work

    Bluestone Mortgages are showing a great understanding of the contracting profession.

    Previously contractors would find it difficult to get a mortgage if they had any break in contract work in the past year.

    Now Bluestone Mortgages will allow up to a 6 month break in the past year.

    They will also take a flexible view of any missed payments that are on a contractor’s credit file.

    Knowing how contracting works they are even accepting the odd serious credit transgression showing on the contractor’s credit file.

    Best Mortgage Deals for UK Contractors

    Best Mortgage Deals that UK contractors can get

    Major Breakthrough

    This is great news for contractors and a major breakthrough in the specialist contractor mortgage market.

    This new contractor mortgages lender is the perfect fit for contractors of any mortgage lender so far.

    To find out more from the specialist contractor mortgages broker who negotiated this deal with Bluestone Mortgages simply fill in the form below and someone will be in touch.

    Please click on Contractor Mortgage Application and fill in the form there.