Buy to Let Contractor Mortgages
Buy to Let Contractor Mortgages are one of the best investments for contractors. It is a means of putting their hard-earned contractor money to work for them. Buy to Let Contractor Mortgages give contractors an opportunity to have a second stream of income to augment their contractor earnings. There is also the prospect of a fat capital gain on the property.
It brings forward the date when contractors can pack it all in. It also means that, when they are out of work they still have some income.
Many contractors buy a second home when they are working away from home and live in it. Often what they pay out on the mortgage isn’t any more (or may be less) than what they would be paying for accommodation away from home. They take out Buy To Let Contractor Mortgages to do that.
Portfolio of Properties
When their contract is up they simply let it out. I knew one contractor who built up a portfolio of properties by buying them up when he was contracting away from home. He did all this via Buy To Let Contractor Mortgages.
Many Contractors think that because they don’t have regular income they wouldn’t get Buy To Let Contractor Mortgages.
This might be true if you popped into a high street bank or building society. If you had three years worth of accounts you would be fine but your offer would only be based on your Director’s salary.
Specialist Contractor Mortgages Broker
What you need is a specialist contractor mortgages broker to get you one of those mortgages. It used to be difficult for contractors to get ordinary mortgages never mind these ones.
However, Tony Harris has been specialising in this market for years now. He talked banks into giving contractors mortgages on production of their contract and basing it on their daily rate annualised. As his contractors paid back the money and didn’t default, this credibility built up with the banks.
So much so that he can even get them Buy To Let Contractor Mortgages for second properties.
In terms of rates, obviously, as with normal mortgages, the more of a deposit you have the better rate they can get you.
Specialist mortgage brokers like Tony do all the work for you so you can just concentrate on your contracting career.
To find out more about Specialist Contractor Help To Buy Mortgages or to apply for one click on Specialist Contractor Mortgages