Help to Buy fuels Contractor Mortgage boom

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Help to Buy fuels

Help to Buy Fuels

Help to Buy fuels contractor mortgage boom.

Help to Buy, the Government’s new tool to boost the housing market, is helping the Contractor Mortgage market. Tony Harris, an expert in getting contractors mortgages, is seeing the contractor mortgage market go through the roof.

Currently it is only available for new houses. However, from the end of the year contractors will be able to get mortgages for all types of property. With Help to Buy contractors can get 95% mortgages. Previously mortgage vendors have been asking for 20% deposits.

Basically the Government is underwriting the 95% mortgages encouraging people to start buying and selling houses. Their motives are to boost the feelgood factor ahead of the next election in less than 2 years time.

In July house prices rose by 3.3% year-on-year. In June it was 3.3% so it looks s if the market is getting up a head of steam. This looks to be a good time to get in as Help to Buy fuels this market and will help get the market motoring.

Property Prices

There’s still a chance to get into the market outside London and the South East where property prices have only risen by 0.8% in the last year. Any property price rises usually start in London and the South East and gradually spread north from there.

Tony is able to get contractors mortgages at less than the market rate. This is down to his credibility in the marketplace and because previous contractor clients of his have paid back their loans and have not defaulted.

From being seen as risky the track record of contractors in paying their mortgages has meant that new entrants to the mortgage market are getting mortgages at better than market rates.

He gets them mortgages at up to 4 times their daily rate annualised rather than as a multiple of Director’s Pay as high street banks do.

They also don’t need 3 years worth of accounts as they would at a high street ban. All they need is their contract. According to pundits this is a premium time to buy. The Stock Market has already soared but the property market is just starting to get into gear now. Prices will be higher in 3 years time.

Help to Buy fuels this market.

For more info click on Specialist Contractor Mortgages

Contractor Mortgages scramble as house prices soar

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Contractor Mortgages Scramble

Contractor Mortgages Scramble

There is currently a contractor mortgages scramble.

The Government’s Help To Buy scheme has boosted contractor mortgages. This is where contractors can get 95% mortgages aided by Government funds. At the moment it only applies to new houses but next year it will apply to older houses too.

The Government say that they brought in Help to Buy to help get the housing market going. This would help boost the economy. Furthermore, it would also artificially create a feelgood factor in time for the elections.

As a result,there has been a contractor mortgages scramble. House prices have turned the corner and have now risen by 5.4% in the past year. Further rises are predicted during the 3-year period of the Help to Buy scheme. A rising economy should keep house prices rising after that.

Tony Harris has been getting specialist contractor mortgages for IT Contractor for many years. He has now expanded that to all contractors. His credibility in the marketplace with lenders has enabled him to get contractors better-than-market-rates for mortgages.

Contractor Mortgage Rates

Also, his credibility comes from IT Contractors paying back their mortgages over the years and not defaulting. High Street banks see contractors as a risk. So, they ask for three years worth of accounts. Furthermore, they only offer a loan of a multiple of Director’s salary rather than the multiple of daily rate annualised that Tony can offer.

They don’t need three years worth of accounts either. He can get them a mortgage offer on the very first day of their very first contract. All they need to do is produce their contract. About a month later they can be turning the keys of their new dream home.

There’s a contractor mortgages scramble now with prices on the up. The Government are trying to force prices up before the next election. If contractors wait a couple of years they may find house prices 10% to 15% higher. This appears to be the time to get one of those specialist contractor mortgages. This is because house prices are expected to rise more than contractor rates over the next 3 years.

Contractor Mortgage Guarantee – new Help to Buy rules

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Contractor Mortgage Guarantee

Contractor Mortgage Guarantee

There’s news of a Contractor Mortgage Guarantee.

Specialist Contractor Mortgages received a major boost with the new rules on Help To By spelled out by Chancellor Osborne today.

Previously lenders had been giving no more than 80% mortgages which reduced the demand. However, the Government stepped in with Help To Buy. The Government would underwrite 20% of the mortgage at zero interest. This meant that contractors could get mortgages at up to 95% of the total in a Contractor Mortgage Guarantee.

However, it was only for new houses. That is all to change, according to the statement today. A new scheme worth £12bn will launch in January 2014 which means that contractors will be able to join the Help To Buy scheme when purchasing any property valued at less than £600,000.

Help to Buy Scheme

Existing homeowners can use the Help to Buy scheme if they want to re-mortgage their home.

It won’t be available for Let-To-Buy folk or for second homes. However, one would expect that. The borrowers will have to pass lending tests – you would expect that too.

The Government already see the Help to Buy scheme as a success. Pundits are warning tat it could create a boom in the housing market. The IMF have warned that it will inflate house prices.

This is pretty much what the Government want, though, as they try to create a feelgood factor, ahead of the next election, with nicely rising house prices.

Contractor Mortgage Guarantee Agreement

Said Chancellor Osborne “The contractor mortgage guarantee will support an increase in high loan-to-value mortgages for people who can’t afford large deposits, and it will also boost housebuilding. As of today, lenders have the detail they need to go away and get ready for next January’s launch.”

There have been 7,000 uptakes of the loans in the first 4 months of Help To Buy.
There are already signs of an uptick in the housing market with prices up 4% this year when they were predicted to be flat.

Contractor Mortgages are now booming according to specialist Contractors Mortgages broker Tony Harris who said that the market is ahead of its previous peak of 2007.

To find out more or to get a quote click on Specialist Contractor Mortgages

New First time buyers boosting Contractor Mortgages Market

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New First Time Buyers

New First Time Buyers

The return of new first time buyers has given the contractor mortgage market a massive boost. Because the big banks and building societies were insisting on 20% deposits and more new first time buyers were getting squeezed out of the market.

However, with the Government’s new Help to Buy scheme first time buyers are flocking back to the market in droves.

There were 25,100 new first time buyers in May. That’s a massive 29% up on April. It’s an even higher 42% higher than in May last year. The Help to Buy scheme is having a massive effect on the housing market.

Contractor Mortgage Guarantee

The Government are guaranteeing parts of the mortgage to enable people to get 95% mortgages again. It is this that is bringing the new first time buyers back in such massive numbers. It is also causing house prices to head north again.

First time buyers now account for 45% of house purchases. The average since 2007 has been 38%.

Said Paul Smee of the Council of Mortgage Lenders “Although monthly lending is still running at far less than half its typical level during the peak, there is no doubt that the mortgage market is firmly open for business. The borrowing appetite of first time buyers and the availability of attractive mortgages for them, have improved markedly since a year ago.”

Specialist Contractor Mortgage Broker

Contractors looking for a mortgage should avoid the high street banks and building societies. They should contact a specialist contractor mortgage broker instead.

The reason is that those big institutions don’t understand freelancing and ask for 3 years worth of accounts. They also make their offer based on the Director’s salary in their accounts. As we all know contractors prefer to get paid their money in dividends.

Specialist Contractor Mortgage broker, Tony Harris, has been getting contractors mortgages for years using just their contract and basing the offer on the contractor’s daily rate annualised. So a contractor earning £400 a day could get a mortgage offer of up to half a million pounds.

He uses his reputation in the marketplace to get contractors mortgage offers at less than the market rates. To find out more or to get a quote click on Specialist Contractor Mortgages

Contractor Mortgage demand rockets as house prices soar

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Contractor Mortgage demand

Contractor Mortgage Demand

Contractor Mortgage demand is rocketing. The average price of houses soared because of different Government initiatives designed to send house prices rocketing before the next election. They are trying to create a feelgood factor.

A survey by Rics shows their members expecting house prices to continue to rise for at least 5 years.

Just last week, the Halifax said that house prices are rising at their fastest rate for 3 years. House prices for the 3 months to the end of June were up 3.7% compared to this time last year.

Help to Buy

This is expected to be just the beginning, as the Government’s Help To Buy scheme starts to kick in. The Government are underwriting part of mortgages now. This is in order to let people get 95% mortgages when lenders were insisting on a deposit of at least 20% before.

This is opening up the market to first time buyers who were locked out before. It is increasing the demand so, when that happens, prices soar according to the economic Laws of Supply and Demand. Contractor Mortgage Demand will keep increasing.

According to Peter Bolton King of Rics “After what has seemed like a very long wait we are finally starting to see what looks like the beginning of a recovery in the housing market”.

“It is important to remember that activity levels still remain depressed by historic standards. However, the various initiatives designed to encourage the provision of finance into the market do appear to be paying dividends.”

Contractor Mortgage Deals

Specialist Contractor Mortgage broker Tony Harris, who has been getting contractors mortgages for years, said that he had never been busier. Contractor Mortgage Demand is going through the roof.

Tony is able to get specialist contractor mortgage deals at rates below the market average. This is because of his credibility with lenders. It’s also because contractors that he previously got mortgages for have not defaulted.

He is able to get them mortgages without having to produce any accounts. All they need is a copy of their contract. He can get them mortgages at up to 4 times their daily rate annualised. This means that contractors on £500 a day can get an offer of close to half a million pounds.

For more information or to get a quote click on Specialist Contractor Mortgages

 

Government Help to Buy Scheme makes one-way-bet

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Government Help To Buy scheme

Government Help to Buy Scheme

The Government Help To Buy scheme  is sending the number of Contractor Mortgages soaring to even greater heights than the peak of the boom in 2007. The Government Help to Buy scheme is where the Government underwrites 20% of the mortgage so that customers can get 95% mortgages again.

The Government are doing it to boost the housing market and the economy. Most of all, though, they are doing it to increase the feelgood factor and get themselves re-elected.

Pundits have criticised the Government saying that the Government Help to Buy scheme will create a housing boom. However, that is what the Government intended.

House Price Increases

Nationwide have just released figures showing that house prices have increased by 4% in the first six months of the year. In London house prices are now 5% above what they were at the peak of the boom in 2007. The rest of the country is still 9% below that peak.

There has never been a better time to buy, though, with the Government committed to fuelling a house price boom. The Government Help to Buy scheme is to last for 3 years at which point a recovering economy should keep prices moving ahead.

Interest rates have never been lower at around 4% for a mortgage. This is definitely the time to go for a fixed-rate mortgage.

Specialist Contractor Mortgage Brokers

It is also better to use specialist contractor mortgage brokers. They are much better at getting contractor mortgages than the high street banks or building societies. Contractors don’t have to produce three years worth of accounts but merely their contract.

Indeed they can get these specialist contractor mortgages on the very first day of their very first contract.

They can get a quote of up to 4 times their daily rate annualised (daily rate x 4 x 48). Most banks and building societies, who don’t have experience of contractors, base it on Director’s salary.

To get more information or to ask for a quote click on Specialist Contractor Mortgages

UK Contractor Mortgage rates tumbling as prices soar

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UK Contractor Mortgage Rates

UK Contractor Mortgage Rates

UK Contractor Mortgage Rates are tumbling in the UK as a new boom gets under way. The Government’s introduction of Help to Buy, where they will subsidise and underwrite part of the mortgage, has had the effect they desired. It has started to push the property market ahead.

House prices are now rising at the highest rates for years. The Government hope that a rising property market will help boost the economy. More importantly it will give a feelgood factor for the next election. This is bringing UK Contractor Mortgage rates down.

Interest Rates

So, the interest rates for a contractor mortgage have continued to tumble . The average cost for a 5-year mortgage has fallen below 4% for the first time. Before the credit crunch in 2007 the average interest rates for a 5-year mortgage were 6.36%.

It has never been cheaper to get a contractor mortgage. This is a saving over the lifetime of a mortgage of £10,000 in every £100,000 borrowed.

Many pundits are castigating the Government as they say that the Help to Buy scheme will send house prices soaring and create a new property bubble.

The Scheme is expected to last for three years. House prices are predicted to be much higher in three years time than they are now. This is good news for UK Contractor Mortgage Rates.

Fixed Rate Mortgages

At these low rates, contractors are being advised to buy now and take fixed rate rather than variable rate mortgages. 90% of those taking out mortgages are taking fixed rate mortgages compared to 76% just a year ago.

The reason is that fixed rate mortgage rates are now actually cheaper than variable rates for contractor mortgages.

Tony Harris has been getting contractor specialist contractor mortgages for years. He is able to get them at better than the market rates.

Unlike with a high street bank or building society he is able to get them without contractor having to produce any accounts. This can be at up to 5 times their daily rate annualised (48 times their weekly rate).

A high street bank would base the amount on a contractors’ director’s salary.

To get more info, or to apply click on Specialist Contractor Mortgages

Expert Contractor Mortgages going through roof

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Expert Contractor Mortgages

Expert Contractor Mortgages

The demand for specialist expert contractor mortgages is going through the roof and hitting new levels. The housing market boom predicted by pundits after Chancellor Osborne created the Help to Buy scheme is starting to happen.

He hoped would cause a mini-boom to give a feelgood factor for the next election. He hopes that when people see their house prices going up it will give them the confidence to start spending money and get the economy going again.

The average home price is now £233,061. That’s a rise of £6,125 on a year ago. Experts expect that this will just be the start. They believe that house prices will soar in the next 3 years for the duration of Help to Buy.

The hope is that the economy will be in good shape by then to keep house prices on the boil. It is a kick-start for the housing market.

Market Rates

Tony Harris, who has been providing specialist expert contractor mortgages for years now says that the number of expert contractor mortgages that he is able to get UK Contractor is now exceeding the peak of 2007.

He said that contractors are now piling into this market before the main price rises that he expects to come.

He is able to get contractors mortgages at better than market rates at up to 95%. He can get them without any accounts and on the first day of a new contractor’s first contract. He can get them based on a multiple (up to 4 times) a contractor’s daily rate annualised (48 x their weekly rate).

Help to Buy

So, with the Government’s Help to Buy scheme this looks to be a one-way bet. This is because the Government are intervening to push house prices higher for their own purposes.

Therefore, it is an opportunity for contractors and freelancers to be able to trade up or get a foothold in the market before the prices rise.

To get more info, or to apply click on Specialist Contractor Mortgages

IT Contractor Mortgages demand is soaring

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IT Contractor Mortgages demand

IT Contractor Mortgages Demand

IT Contractor Mortgages demand is soaring.

Specialist IT Contractor Mortgages have been available for some time now. Tony Harris has been getting IT Contractors mortgages at very cheap rates for a number of years.

Prior to Tony’s emergence into the market, IT Contractors, when they walked into high street banks or building societies were asked to produce three years worth of accounts.

Usually, when new contractors have had a doubling of their earning capacity when leaving their permanent jobs to become contractors, they want to buy a bigger and better house as they can now afford it.

Specialist IT Contractor Mortgages

However, to produce three years worth of accounts they must have been an IT contractor for at least 4 years. That’s a bit of a killer blow to new IT Contractors. I know it is from my own experience.

It was a big disappointment. By the time I had 3 years worth of accounts the market had moved on. Those specialist IT Contractor Mortgages were not available in those days.

I was also told that the offer would be 3 or 4 times my Director’s salary. As that wasn’t high I would have been better off applying with my permie salary.

Nowadays Tony can get IT Contractors offers based on their daily rate annualised (48 times their weekly rate)

Contractor Mortgage Offer

IT Contractors are able to take advantage of Tony’s credibility with lenders. They also owe contractors who got mortgages through Tony in the past a debt of gratitude for paying back their mortgages and not defaulting.

It means that today’s IT Contractors can get mortgages at better than market rates.

Now, Tony has talked lenders into trusting his judgement even more and he has now negotiated a deal to be able to get any type of contractor or freelancer a specialist contractor mortgage.

This opens up the market to engineers, accountants, doctors etc.

First Time Contractors

Tony claims that he can get a first time contractors on his or her first day on a contract an offer within hours and they should be turning the keys to the door of their dream house in 4 to 6 weeks.

That’s impressive.

Tony tells me that contractor mortgages demand is now greater than it was at the 2007 peak.

That’s impressive too. Mortgages demand remains healthy.

To apply, or get more info, click on Specialist Contractor Mortgages