Brexit Contractor Mortgages Market Bonanza

Brexit Contractor Mortgages

Brexit Contractor Mortgages

It looks like there is going to be a post Brexit Contractor Mortgages boom which is good news for contractors.

Firstly, the Governor of the Bank of England, Mark Carney, went on TV to announce that interest rates are likely to fall in the summer.

Therefore, this will not only make mortgage cheaper, it will boost house prices across the country.

Rising House Prices

Secondly, the pound has fallen by around 10% against the Euro since the referendum.

This will make it 10% cheaper for people from outside the country to buy houses in the UK.

Furthermore, the fall is even more pronounced against the dollar which will make it cheaper still for Americans to buy in the UK.

Best Deals

Best Deals for contractors seeking mortgages

This will affect mainly London and the bigger cities but there will be a knock-on effect elsewhere. It should push house prices higher still.

Better Remortgage Rates Also

So, it seems that Brexit has been good for getting great rates on remortgages.

Indeed, just this week, HSBC have come out with a two-year fixed rate mortgage of just 0.99%.

Santander has come up with a 10-year fixed mortgage rate of just 2.94%.

This goes along with their 5-year fixed rate mortgage ast 2.24%.

It is predicted that there are going to be lots of great 5-year fixed rate mortgages being offered in te next few weeks.

Higher Property Prices

These deals are sure to send property prices north as mortgages become more affordable.

Prior to Brexit the pundits were predicting the end of cheap mortgages as they expected interest rates to start rising soon.

They said that the recovery in the economy would send interest rates rising. That would, therefore, mean mortgage rate increases.

House prices were expected to fall because of it.

Brexit Contractor Mortgages Boost

However, Brexit has changed all of that.

With the Brexit contractor mortgage market expected to bring lower mortgage rates, houses are likely to start moving higher.

Contractor Property Market

Contractor Property Market Opportunities

For contractors it is always better to contact a specialist contractor mortgages broker rather than step into a high street bank or building society.

Those specialist brokers can get the right mortgage for you.

They can also get it based on just your contract rather than having to see three years worth of accounts. Also, they will base the offer on your daily rate annualised rather than on your Director’s salary.

So, it’s a good time to take advantage of the Brexit Contractor Mortgages boost.

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Remortgage Deals | Cracking one-off rates for Contractors

Remortgage Deals

Remortgage Deals

There are a number of cracking remortgage deals for contractors at the moment.

Remortgage rates are at record lows as Lenders enter in to a price war in the run up to Christmas. It is a desperate bid by lenders to improve their lending stats before they have to show their books to the City. This is following a relative lending drought post MMR last spring.

As such, Contractors are in the ideal position to cash in and get remortgage deals on to a two-year fixed rate. This will enable them to ride out the widely predicted base rate increases expected in 2015.

Competitive Remortgage Deals

One contractor friendly Lender has launched a range of highly competitive remortgage rates which are based on contract rate alone. So you avoid the hassle of proving your income using company accounts.

You can, often, borrow more than your permie colleagues. Depending on how much equity you hold in your property you can access the following rate:-

– 60% LTV on a 2 year fixed rate at 2% with a £999 arrangement fee.

– 75% LTV on a 2 year fixed rate at 2.29% with no arrangement fee.

– 85% LTV on a 2 year fixed rate at 2.69% with no arrangement fee.

Remortgage Deals Only

All of these rates are available on remortgage only. They are to supplement the first time buyer rates which Halifax launched last week from as little as 2.99% at 90% LTV.

However, this is likely to be a flash sale. This is because when they release rates during a price war, they rarely stay around for long as Lenders test the market before stabilising their product book.

Contractors should act quickly to secure these competitive rates. They can then ride out the possible base rate rises and uncertainty that may be on the horizon for next year.

You are best to get contractor mortgages through specialist contractor mortgage brokers.

To find out more about these astonishing remortgage deals you should click on Specialist Contractor Mortgages and fill out the form there.