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.
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.
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.