Contractor Mortgage Offers Based on Contract Value

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 scramble as house prices soar

Contractor Mortgages Scramble

Contractor Mortgages Scramble

There is currently a contractor mortgages scramble.

The Government’s Help To Buy scheme has boosted contractor mortgages. This is where contractors can get 95% mortgages aided by Government funds. At the moment it only applies to new houses but next year it will apply to older houses too.

The Government say that they brought in Help to Buy to help get the housing market going. This would help boost the economy. Furthermore, it would also artificially create a feelgood factor in time for the elections.

As a result,there has been a contractor mortgages scramble. House prices have turned the corner and have now risen by 5.4% in the past year. Further rises are predicted during the 3-year period of the Help to Buy scheme. A rising economy should keep house prices rising after that.

Tony Harris has been getting specialist contractor mortgages for IT Contractor for many years. He has now expanded that to all contractors. His credibility in the marketplace with lenders has enabled him to get contractors better-than-market-rates for mortgages.

Contractor Mortgage Rates

Also, his credibility comes from IT Contractors paying back their mortgages over the years and not defaulting. High Street banks see contractors as a risk. So, they ask for three years worth of accounts. Furthermore, they only offer a loan of a multiple of Director’s salary rather than the multiple of daily rate annualised that Tony can offer.

They don’t need three years worth of accounts either. He can get them a mortgage offer on the very first day of their very first contract. All they need to do is produce their contract. About a month later they can be turning the keys of their new dream home.

There’s a contractor mortgages scramble now with prices on the up. The Government are trying to force prices up before the next election. If contractors wait a couple of years they may find house prices 10% to 15% higher. This appears to be the time to get one of those specialist contractor mortgages. This is because house prices are expected to rise more than contractor rates over the next 3 years.

IT Contractor Mortgages demand is soaring

IT Contractor Mortgages demand

IT Contractor Mortgages Demand

IT Contractor Mortgages demand is soaring.

Specialist IT Contractor Mortgages have been available for some time now. Tony Harris has been getting IT Contractors mortgages at very cheap rates for a number of years.

Prior to Tony’s emergence into the market, IT Contractors, when they walked into high street banks or building societies were asked to produce three years worth of accounts.

Usually, when new contractors have had a doubling of their earning capacity when leaving their permanent jobs to become contractors, they want to buy a bigger and better house as they can now afford it.

Specialist IT Contractor Mortgages

However, to produce three years worth of accounts they must have been an IT contractor for at least 4 years. That’s a bit of a killer blow to new IT Contractors. I know it is from my own experience.

It was a big disappointment. By the time I had 3 years worth of accounts the market had moved on. Those specialist IT Contractor Mortgages were not available in those days.

I was also told that the offer would be 3 or 4 times my Director’s salary. As that wasn’t high I would have been better off applying with my permie salary.

Nowadays Tony can get IT Contractors offers based on their daily rate annualised (48 times their weekly rate)

Contractor Mortgage Offer

IT Contractors are able to take advantage of Tony’s credibility with lenders. They also owe contractors who got mortgages through Tony in the past a debt of gratitude for paying back their mortgages and not defaulting.

It means that today’s IT Contractors can get mortgages at better than market rates.

Now, Tony has talked lenders into trusting his judgement even more and he has now negotiated a deal to be able to get any type of contractor or freelancer a specialist contractor mortgage.

This opens up the market to engineers, accountants, doctors etc.

First Time Contractors

Tony claims that he can get a first time contractors on his or her first day on a contract an offer within hours and they should be turning the keys to the door of their dream house in 4 to 6 weeks.

That’s impressive.

Tony tells me that contractor mortgages demand is now greater than it was at the 2007 peak.

That’s impressive too. Mortgages demand remains healthy.

To apply, or get more info, click on Specialist Contractor Mortgages