First Time Buyers
Contractors who are first time buyers were not able to get into the housing market for a few years. The reason was that banks and building societies were asking for deposits of 25% and more. Therefore, that was a lot of saving to do.
However, the Government’s Help to Buy scheme has meant that first time buyers can get back into the market now. Basically the Government are guaranteeing 20% of your mortgages. So, that means that contractors now only have to put up 5% of the price of their house.
This, combined with specialist contractor mortgages from specialist contractor mortgage brokers, mean that contractors can now afford to buy the house that they want.
Specialist Contractor Mortgage Brokers
If you go into a high street bank or building society you would have to produce three years worth of accounts. Even worse, they would base their offer on your Director’s salary. As any contractor knows that is deliberately kept low.
Now, due to the advent of specialist contractor mortgage brokers, contractors can get mortgages just on production of their contract. Even better, the offer is based on your daily rate annualised. So, that makes a big difference.
Now, first time contractors, who are first time buyers, can get an offer on the very first day of their very first contract using these specialist contractor mortgages brokers. If they make the call first thing in the morning they can have a mortgage offer by lunchtime.
First Time Contractors who are First Time Buyers
That makes a big difference from when first time contractors, who were first time buyers, had to wait more than three years till they got a mortgage offer – and then found it was a much smaller offer than they expected as it was based on their director’s salary.
If you want to find out more or you want to get a contractors mortgage offer you should click on Specialist Contractor Mortgages and fill in the form at the bottom of the page.