Remortgage Deals | Cracking one-off rates for Contractors

Posted on October 15, 2014 by admin

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.

Astounding Mortgage Price War for Contractor Mortgages

Posted on October 13, 2014 by admin

Mortgage Price War Starting

An astonishing one-off mortgage Price War has started for specialist contractor mortgages.

This is because several lenders have not met their government targets for lending to customers. They have discovered this after the recent mortgage market review.

We are now into the 4th quarter of the year and there are major penalties for the lenders if they do not meet their targets. So, this has led to a mortgage price war.

They are playing catch-up here and are desperately trying to loan more money to meet their targets.

First Time Buyers

First time buyers will be one of the groups that will benefit greatly from the mistakes of the major lenders in not selling enough mortgages.

Therefore, specialist contractor mortgages brokers have been quick to get in on the act in this one-off mortgage price war.

Tony Harris has been dealing in specialist contractor mortgages for years. He has stepped into the market turmoil to grab some great contractor mortgages deals.

Some lenders need desperately to get more mortgages out before they report to the City watchdogs.

Great Deal from Halifax

So, Tony has managed to get a great deal from the Halifax especially for contractors. It is a one-off flash sale and a limited edition mortgage offer.

They are making this offer to all contractors even if they are half way through their contracts as they are so desperate to unload them to meet Government targets before they report.

They are, therefore, offering mortgages with a minimal deposit.

This mortgage price war is a once in a lifetime opportunity for contractors due to the fact that the lenders have screwed up and are now desperate.

Contractor Mortgages Details

The details of this exciting product launch are –

2 year fixed at 2.99%
– Up to 90% loan to value (LTV)
– available to first time buyers only
– Maximum loan size is £750,000
– No arrangement fee

Double the Deposit

Even a week ago contractors would have needed double the deposit to secure this low-interest rate.

This mortgage price war is great news for Limited Company contractors who have kept company drawings to a minimum for tax purposes.

The rates are not just available for first timers.

These rates are part of a range of packages available only for contractors through Tony. There is no charge for advice or for getting you the loan.

Lender Desperation

This mortgage price war is a once in a lifetime opportunity to get those rates due to the desperation of some lenders to sell mortgages at any price at all. However, it is first come first served till the lenders have met their targets.

To find out more or to apply you should click on Specialist Contractor Mortgages and fill in the form there. Tony or one of his team will be in touch quickly with a mortgage offer.

House Prices to Rise by 30%

Posted on October 12, 2014 by admin

House Prices to Rise

House prices to rise by 30% according to a new survey due to greater demand.

They are expected to rise by 30% over the next 5 years in the UK according to Rightmove, an online property portal.

House prices in London are expected to rise by 33% over the next 5 years despite signs of a recent cooling.

In the South East, house prices are predicted to rise by 37%. This will be caused by people moving out of the capital into commutable areas where the house prices are less onerous.

For instance, house prices in Southampton and Luton are expected to rise by 43% and 41%. They will rise in Brighton by 41% and Swindon by 40%.

The North West will see the slowest house price rises. However, they will still be up by 24%.

Good Time to Buy

This would be a good time to buy before house prices rise any more.

If you are looking to buy, contractors would be best to get quotes from specialist contractor mortgages brokers. Tony Harris has been getting contractors mortgages for over 15 years.

For instance, if you walk into a high street bank or building society they will demand to see three years worth of accounts before they would even think of offering you and contractor mortgages.

Furthermore, they would also base their offer on your Director’s salary, which most contractors like to keep low.

Daily Rate Based Offers

Specialist contractor mortgages brokers can get you quotes based on your daily rate annualised. They would calculate your yearly income as Daily Rate x 5 x 48. Furthermore, they would then make you an offer of around 4 times that depending on circumstances.

With Help to Buy you can now get contractor mortgage offers of up to 95%.

It seems that Tony can get first time contractors contractor mortgages offers on the very first day of their very first day contracting. It seems that they can have the keys to their dream homes in just 4 to 6 weeks after starting their first contract.

To find out more about specialist contractor mortgages or to apply you should click on Specialist Contractor Mortgages

95% Specialist Contractor Mortgages now available for all Contractors

Posted on August 29, 2014 by admin

Mortgages Now Available

95% Specialist Contractor Mortgages now available.

For years Tony Harris has been getting specialist contractor mortgages for IT Contractors. This was based on their daily rate rather than their Director’s salary the way a High Street Bank would calculate it.

Also, the contractors wouldn’t have to produce three years worth of accounts like they would have to with a High Street Bank.

He has a deal with a major contractor mortgage provider that uses his credibility with them to get contractors mortgages.

Types of Contractors such as Engineers, Bankers, Oil & Gas Workers, Construction Workers and Media Workers can now benefit from these specialist contractor mortgages now available. They are also available to Freelance Professionals such as Doctors, Nurses, Teachers, Accountants and Business Consultants. This is all based on Tony’s credibility with the lenders and the good business he has brough them in the past.

Previously all lenders based their lending on Director’s Pay. That is a lot less than their daily rate, with the exception of IT Contractors who had this deal before.

Contractor Mortgages Deal

So, how do you get one of these mortgages now available?

Firstly you must be earning a daily rate of at least £300 a day or £75,000 a year – and that’s basically it.

It doesn’t matter how long you have been contracting and you don’t have to produce accounts. Even if you are only a day into your first contract you can still apply. Tony tells me that he would expect you to be walking into your new house 4-6 weeks after you apply. He can get a decision in days.

Any contractor in any sector, no matter their experience, can now get 90% mortgages. They can take that to 95% using the Government’s Help to Buy scheme.

Interest Rates

The interest rates for the various loans are as follows:-

o 60% LTV mortgage at 2.29%,

o 75% LTV mortgage at 2.74%

o 85% LTV mortgage at just 3.74%.

There’s a £999 arrangement fee which can just be added to the loan.

Bigger Loan

In terms of the amount offered, this lender will beat the normal 4 times Director’s salary. They will make it 5 times the daily rate annualised.

So, if you are making £400 a day, that would be an annual rate of £95,000 to £100,000. This would mean that you could get a mortgage offer of £475,000 to £500,000. You would get that just one day into your first ever contract.

Tony has a dedicated underwriter and case handler. This means he can get you a quote and an agreement in principle within hours of you contacting him. It has happened that contractors are in their new home within a week of their initial enquiry.

Pundits are panning the Government saying that they are going to cause a new housing boom due to their new Help to Buy policy. Furthermore, agents are reporting a major upturn in enquiries since Help to Buy was announced. This appears to be the time to buy or contractors may miss the boat.

How to Apply

To make further enquiries about mortgages now available or to ask for a quote based on your rate fill in the form at Specialist Contractor Mortgages and get your enquiry answered or a quote within a couple of hours or even quicker.

Making money when you are out of work

Posted on August 28, 2014 by admin

Making Money

We advise you on making money when you are out of work.

Booming Houses

The property market is booming in the South of England, and further north as well. This will not last forever. At some point, i.e. when the recovery starts and interest rates rise, property prices, especially in the south, are going to turn downwards.

What can the people who are out of work do about this in terms of benefitting and making money? Well, if they are out of work, there is no reason that they need to continue living where they are currently.

If you are out of work, it might be an idea to sell your house in the South of England. Buy one in Scotland (outside Edinburgh or Glasgow) where the prices haven’t gone up by much so far. It’s a good way of making money.

Buy Value Property

If you had a property worth, say, 400 grand, you might save yourself a drop to 350 grand. You could buy one in Scotland for 400 grand. If you bought in Scotland, you might find, in the next year, that it had increased to 500K. This would mean that you are net 100K richer (less costs).

You would get a fantastic house in Scotland for 400K. Also, your wealth would increase by more than you would earn contracting (without the tax), whilst doing nothing (except a spot of salmon fishing).

Making Money from your House

You would make £100,000 on the house and saved yourself a loss of £50,000 on your previous property. Isn’t that a good way of making money? That’s as while having a holiday in Scotland for a year

When the market picks up next year, sell your house in Scotland and come back south. You would pick up a better house / flat than you had before.

Wouldn’t it be nice to breeze back down to the South of England and back to work after a nice year off, whilst your house in Scotland appreciated, and your house / flat back in the South depreciated?

To assist in this here is how to get in touch with a Specialist Contractor MortgagesÂ Broker

Contractor Mortgage Offers – Calculation of your offer

Posted on August 18, 2014 by admin

Contractor Mortgage Offers

Contractor Mortgage offers can vary greatly. Indeed if you went into a high street bank or building society they would base it on your Director’s salary. We all know that wouldn’t lead to great contractor mortgage offers.

They may not even give you an offer as they need three years worth of accounts as well.

If you go to a specialist contractor mortgages broker like Tony Harris, contractor mortgage offers are based on your daily rate annualised. That’s much better, isn’t it?

It’s basically Daily Rate x 5 times 48 times x 4. The last figure would be up to 5 depending on circumstances and how much deposit you put down.

However, a very rough figure would be got at for your contractor mortgage offers by multiplying your hourly rate by Â£7,200.

Example Offers Based On Rates

Hourly Rate – Offer

£20 – £144,000

£30 – £216,000

£40 – £288,000

£50 – £360,000

£60 – £432,000

Indicative Guide

It has to be said, again, that this is very rough and depends on your circumstances what your contractor mortgage offers are.

However, it is an indicative guide as to what you can get. Through specialist contractor mortgage brokers like Tony, you can get a mortgage offer within hours of the very first day of your very first contract.

There didn’t used to be specialist contractor mortgage brokers when I started contracting and I was ‘blown off’ by building societies and high street banks when I went looking for contractor mortgage offers. The three years of accounts needed were a killer.

Specialist Contractor Mortgages

However, Tony persuaded banks and building societies that there was a lucrative new market for them in loaning money to contractors. They dipped their toes in the water. When the contractors kept up to date with their mortgage payments and didn’t default, it gave Tony lots of credibility with the loaners.

Since then he’s been able to get more and more contractor mortgage offers for more and more contractors. It’s at good rates too.

To find out more or to apply you should click on Specialist Contractor Mortgages

Help to Buy scheme – Can I use it? | Contractor Mortgages

Posted on June 16, 2014 by admin

Help to Buy Scheme

Would I be entitled to use the Help to Buy scheme?

The government has been under increasing pressure recently to review the Help to Buy scheme as it has been brandished as the catalyst for the so-called ‘housing bubble’. It would be quite damaging if the Chancellor was to turn his back on the Help to buy scheme now. This is because so many first time buyers have now got a foot up on to the housing market across the UK.

Official figures from the Department of Communities and Local Government have announced that approximately 74 borrowers are purchasing a house through Help to Buy on a daily basis.

Help to Buy Mortgages for UK Contractors

Specialist Contractor Mortgages

The Help to Buy scheme has enabled many prospective buyers who have been stuck on the sidelines of the property market. This is because they are unable to put together the necessary deposit. The average deposit put down by a borrower on the Help to Buy scheme was £13,031 in April. This compares to the average deposit of £61,325 from a buyer not using the scheme.

As a Contractor you too can benefit from this excellent scheme. There are certain criteria to meet in order to qualify. Equity loans are available to both first time buyers and home movers on new build homes in England. This is for a purchase price up to £600,000.

Who Is Eligible?

However, you would not be eligible if you already own a property. Also, you cannot sub-let the property. You require a 5% deposit. The Government will give you a loan up to 20% of the price. You will need to obtain a mortgage to cover the remaining 75%.

Please click on Specialist Contractor Mortgages. Then fill in the contact form for further details of the Help to Buy scheme rates. They’ll give you the current Halifax free valuation offer.

Mortgage Market Review | Contractor Mortgages unaffected

Posted on June 9, 2014 by admin

Mortgage Market Review

If I decide to move house, will I risk missing out on a property due to the Mortgage Market Review (MMR) regulations?

Since the Mortgage Market Review was introduced on 26th April, typical high street Lenders have pushed back completion dates by weeks.

Many borrowers have failed to comply with the now much stricter affordability assessments. This has undoubtedly put some individuals off of even attempting to apply for a mortgage. However, this needn’t be the case.

Specialist Contractor Mortgages

Your Contractor status places you in a far stronger position. This is because you do not need to secure your mortgage through the local branch of your high street Lender. That is where the problems have been arising. Specialist Advisers such as Tony Harris use their contacts in the various Lenders underwriting departments, to ensure your application is processed quickly and smoothly.

They will expertly package your application to ensure that it is fully Mortgage Market Review compliant. Therefore it makes it easier for the Lender to process it. As such, Contractors are finding they are completing on purchases when others are failing.

Mortgage Market Review and Specialist Contractor Mortgages

Indeed the Mortgage Market Review is giving contractors the jump on other mortgage applicants. Contractor Financials are able to get specialist contract mortgages for contractors at better rates than the marketplace. That’s as well as getting them more easily.

If contractors walked into a high street bank or building society they would have to produce three years worth of accounts. Also, they would get a quote based on their director’s salary. As we all know, contractors like to keep that low so that they can take as much as possible in dividends.

If you want more information or to apply for a specialist contractor mortgage click on Specialist Contractor Mortgages

Halifax offer free valuation fees to home buyers – Contractor Mortgages

Posted on June 4, 2014 by admin

Halifax Offer

Contractors can now take an advantage of a Halifax Offer just for them.

House prices are continuing to rise. The average house is now worth 10.9% more than a year ago at £183,577.

The Independent Financial Advisers at ContractorFinancials have noted that all areas of the UK are experiencing this upturn in the housing market. It is not just confined to London and the South East.

According to Nationwide, in April buyer enquiries increased across the UK. Even more notably they also increased outside of London and the South East.

In fact the North West, North, the South West and East Midlands saw the most buyer enquiries. So, irrespective of where you live in the UK, the time is right to move onto or up the property ladder.

Moving House

As there are so many hidden costs involved in moving, can I actually afford to move?

Moving house can be an expensive process. Fortunately the specialist Advisers at ContractorFinancials are able to source which Lenders are offering the best value deals available to Contractors.

Free Valuation Fees

An exciting cost saving currently being offered by the Halifax is free valuation fees to home buyers. This is available to both first time buyers and home movers.

– The free valuation fees applies to all home buyers with a mortgage of £200,000 and above on selected products.
– The Halifax will refund your valuation fee if the initial purchase falls through. You can still complete on another property with the Halifax.
– This offer is for a limited time only.

Save Hundreds of Pounds

This offering by the Halifax can save Contractors hundreds of pounds in free valuation fees. That can make a big difference when you are saving for a deposit.

If you want further information, or want to apply for one of these mortgages with Free Valuation Fees, you should click on Specialist Contractor Mortgages

Contractor Mortgages Booming on Help to Buy

Posted on April 28, 2014 by admin

Specialist Contractor Mortgages Booming

Specialist Contractor Mortgages Brokers are seeing their market for contractor mortgages booming. This is mainly because of the effects of the Government’s Help to Buy scheme.

The average UK house price was up by 0.6% in April. They are now up by 6% in the past year and the rate is accelerating.

In London they were up 0.8% in April.

Record low interest rates are one factor in the rise. The recovery from the downturn is another.

Help to Buy

However, the biggest factor is the Government’s Help to Buy scheme.

Previously, mortgage companies were asking people to put up 25% or 20% deposits. This was keeping the crucial first time buyers out of the property market.

Now the Government’s Help to Buy scheme is allowing people to get 95% contractor mortgages again by guaranteeing 15% of the loan. This is bringing in pent-up demand from first time buyers. They just couldn’t get into the market, previously, but now see contractor mortgages booming.

The Government’s Help to Buy scheme, which started last October for existing houses, is scheduled to last for 3 years. The Government are hoping that rising house prices will create a feelgood factor. They hope this will help them get re-elected next year.

By the end of those 3 years, contractor mortgages booming will mean house prices are likely to be much higher than they are now. The Government hope that a more settled recovery will see banks and building societies in a better position, with healthier balance sheets. This is so they can give out 95% mortgages without any Government intervention.

Contractor Mortgage Market

Specialist Contractor Mortgages broker Tony Harris is seeing a major boost on the Contractor Mortgage market. This is specially from first time contractors.

Tony is able to get contractors mortgages at better rates than the marketplace. This is mainly because of his track record. It’s also because of the track record of the contractors he has got mortgages previously, who have not defaulted on their loans.

High Street banks and Building Societies demand three years worth of accounts. They only give contractors a multiple of their Director’s Salary.

Contract Based

However, Tony can get contractor mortgages based on just the production of their contract. Also, he can get it based on a multiple of their daily rate annualised. This has got contractor mortgages booming.

Indeed he can get new contractors mortgage offers on the very first day of their very first contract.

To find out more or apply you should click on Specialist Contractor Mortgages

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