40% Deposit Interest Free Present to Londoners from Government

40% Deposit Interest Free

40% Deposit Interest Free

Londoners are to receive a 40% Deposit Interest free from the Government. This is according to an announcement in the Autumn Statement for Chancellor George Osborne.

That was a major rabbit that he pulled out of his hat, completely out of the blue.

This is under the Help to Buy scheme.

Help to Buy Scheme

The Help to Buy scheme has worked very well outside London but not very well in London.

The Government offered 20% deposits, interest free, to those wanting to get on the property ladder.

However, this was not much use in London where property prices have soared out of all recognition.

A nice flat in a decent area could cost you close to a million pounds.

So, offering them a 20% deposit wasn’t going to do the trick.

IT Contractor Mortgages

Indeed, even IT Contractors, who are pretty well paid, would struggle to buy a first home in London.

A contractor who earned £400 a day would be able to borrow close to half a million using specialist contractor mortgage brokers.

However, he, or she would be left scratching around, even at that, for a home in a decent area.

So, now contractors in London, who wish to purchase a new home, will qualify for this 40% deposit.

5% Deposit for UK Contractors

With this new initiative, or latest version fo the Help to Buy scheme, contractors would need to stump up jus a 5% deposit and the Government will stump up another 40%.

This will leave lenders just needing to stump up a further 55%.

Because the lenders are loaning just 55% it means that they are likely to loan money at lower rates than a lender asked to stump up 90% or 95%.

40% Deposit Interest Free laons for London contractors

40% Deposit Interest Free loans for London contractors

Nationwide Mortgages Just for Contractors

It’s expected that the Nationwide Building Society are going to want to have a piece of this action.

One specialist contractor mortgage brokers have a current deal with them to get contractors mortgages at great rates.

A high street building society, or bank, would ask contractor to produce three years worth of accounts to get a mortgage offer.

They would base that mortgage offer on a multiple of their Director’s salary.

That’s not much use.

This specialist contractor  mortgage broker has a deal with the Nationwide specially for them that provides mortgage offers to contractors just on production of their contract.

House Prices to rise for for UK Contractors

House Prices for UK Contractors

Mortgage Offer based on Daily Rate

Furthermore, they will base that mortgage offer on their daily rate annualised.

So, if their daily rate was £400 a day, the offer would be likely to be £400 x 5 x 48 (weeks) x 4.

Therefore, it is expected that Nationwide will give a new deal to London contractors with a rate as low as 1.59% fixed for 2 years with a £999 arrangement fee.

For more details on this , or to apply, all you need to do is click on Contractor Mortgage Application and fill in the form there.

Specialist Contractor Mortgage Deals – Nationwide to Offer Them

Property Crowdfunding for Contractors

Contractor Mortgage Deals

We look, now at contractor mortgage deals in the current market.

Tony Harris is a supplier of specialist mortgages to the contractor market. It used to be that if a contractor wanted a mortgage, he, or she, would:-

1.  Have to produce three years worth of accounts

2.  Be given an offer based on your Director’s salary.

Still, to this day, if you walked into a hight street bank or building society, they would ask for the same.

Specialist Contractor Mortgage Brokers

Those contractors in the know, however, use specialist contractor mortgage brokers like Tony Harris to get the top contractor mortgage deals at  best contractor mortgage rates.

Tony has been getting great contractor mortgage deals from Kensington, Newbury, Furness and Kent Reliance.

Now, after seven years of negotiating Tony has managed to get a great contractor mortgage deal from the Nationwide – and at market leading rates.

UK Contractor Mortgages articles

UK Contractor Mortgages articles

He has done some business with Nationwide in the past but only on behalf of Umbrella Company contractors.

Limited Company Contractors

Now Nationwide has agreed to provide great contractor mortgage deals for limited company contractors. Indeed, they are offering them at the same great market-busting rates that they offer to permanent workers based solely on their contract rates.

Nationwide are prepared to offer those contractor mortgage deals to contractors in several professions including IT, engineering, oil and gas and interim managers as well as a host of others.

There is no minimum income requirement.

With these new contractor mortgage deals, Nationwide are expected to become the lender of choice for UK contractors.

Contractor Mortgage Offer

When they are working out their mortgage offer to you, Nationwide will take into account 80% of your contract rates over a 52 week period. That will give contractors a shedload of money for house buying purposes.

They’ll give you loans of up to 90% of the value of the property as a loan or 85% if you are remortgaging an existing property.

contractor mortgages

Cheap contractor mortgage deals

They have some really good specialist contractor mortgage deals on the table. These include a 10-year fixed rate mortgage. With interest rates due to rise this is the time to be taking one of those.

2-Year Fixed Contractor Mortgage Deals

Here’s what they are offering on 2-year fixed deals.

60% LTV – 2 years fixed at 1.49% with a £999 arrangement fee
75% LTV – 2 years fixed at 1.79% with a £999 arrangement fee
80% LTV – 2 years fixed at 1.89% with a £999 arrangement fee
90% LTV – 2 years fixed at 3.14% with a £999 arrangement fee

You don’t have to pay the mortgage arrangement fee up front as that can be added to the mortgage.

10-Year Fixed Rate Mortgage Deals

Here’s what they are offering for 10 years fixed rate mortgages, which could be just what you want with interest rates set to rise. These rates lead the market.

60% LTV – 10 years fixed at 3.14% with a £999 arrangement fee
75% LTV – 10 years fixed at 3.44% with a £999 arrangement fee
80% LTV – 10 years fixed at 3.69% with a £999 arrangement fee

If you sell your house and buy another one, you can simply carry these rates over to your next property.

Nationwide Tracker Mortgages for Contractors

Here’s what Nationwide offer for Tracker Mortgages.

75% loan to value – 2 year tracker at 1.44% (0.94%+BBR) with a £999 arrangement fee
80% loan to value – 2 year tracker at 1.94% (1.44%+BBR) with a £999 arrangement fee
85% loan to value – 2 year tracker at 2.69% (2.19%+BBR) with a £999 arrangement fee
90% loan to value – 2 year tracker at 3.49% (2.99%+BBR) with a £999 arrangement fee

All the above specialist contractor mortgage deals are available on purchase and remortgage.

Indeed, if you are remortgaging to the Nationwide, they will cover your legal and valuation fees which is a pretty good deal.

Contract and Address Details

If you want to apply for one of the above deals, Tony and his team will need:-

1.  A copy of your contract

2.  Proof of address details from your passport and a utility bill from the past 3 months

3.  Your personal and business bank account information from the last three months.

Having those together, when applying, speeds the process up a lot. The Contractor Buy To Let Market is also booming.

Contractor Mortgage Offer

When you contact Tony and his team you can get an offer in principle within an hour of you contacting him.

They don’t charge a fee which some contractor mortgage brokers do, so that will save you £500 or so.

To find our more, or to get a quote, simply click on Contractor Mortgage Application and fill in the form there.

Top contractor mortgage deals for UK Contractors

Best Contractor Mortgages

Top Contractor Mortgage Deals

Our mortgage partners have negotiated a number of top contractor mortgage deals.

Is it a good time to go for a variable rate?

Many house owners are expecting the interest rates from their variable mortgages to rise within the next year or so which will increase their repayments. So, contractors would be best to take a fixed rate mortgage if they want the top contractor mortgage deals.

Our partners have got credibility in the specialist contractor mortgages market. This is because their contractors have made all their repayments and don’t tend to have to give back the keys.

This is, also, because most of them take fixed rate mortgages and don’t have the worry of repayments rising when interest rates go up. Therefore, it’s as good a time as any for contractors to take fixed rate loans.

Here’s a tip. Recently the difference between 2-year and 5-year fixed rate mortgages has narrowed. So, it would be a good idea for contractors to pay the little extra and fix for 5 years rather than just 2 years.

Specialist Top Contractor Mortgage Deals

Our partners have found a new lender in the specialist contractor mortgages market who have this top contractor mortgage deal:-

– A 2 year fixed rate at 2.29% based on an 85% LTV
– £999 arrangement fee that can be added to the mortgage
Or
– A 5 year fixed rate at 3.29% based on an 85% LTV
– £1,999 arrangement fee that can be added to the mortgage
Another great deal secure by our mortgage partners with yet another lender is for those who only have a 5% deposit and have been contracting for more than 3 years.
They are offering:
– A 3 years fixed rate at 4.99% based on a 95% LTV
– No arrangement fee

Specialist Contractor Mortgages

Our contractor mortgages partner’s advisers will give you the best advice on which options are best for you for top contractor mortgage deals.

So, to find out more, or to apply, fill in the mortgage form at the bottom of this page:-

Specialist Contractor Mortgages

First Time Buyers Mortgages Bonanza | Contractor Mortgages

UK Contractor Mortgages articles

First Time Buyers Mortgages

We are seeing a real a boom in First Time Buyers Mortgages. 2015, already, looks like a great opportunity for Contractors to buy their own homes.

Now, our mortgage partners, have announced a new low start mortgage that’s only available here for contractors.

Property Market

Boris Johnson has just announced two new deals which will help First Time Buyers Mortgages and allow Londoners to get on the housing ladder for the first time.

Those who don’t live in London, therefore, don’t qualify for these offers. However, our partners are working on getting similar deals for contractors in other places in the UK.

Indeed, they have great news of another new first time buyers mortgages deal that is available to all contractors in the UK. This comes from a first time buyers mortgages deal they have with a mortgage lender.

Contractor First-Time Buyers Mortgages Deal

Mainly due to the Government’s Help to Buy scheme, the number of first time buyers is up by 50% in just 2 years. the Halifax Building Society say this sector is at a 7 year high. It predicts that 2015 will be even better.

In response to this our mortgage partners have found a contractor-friendly building society who are happy to provide low-deposit first time buyers mortgages.

This great offer is only available to contractors through our mortgage partners. It gives contractors a 5% deposit mortgage with it being interest-only for the first 3 years. That’s a pretty good deal in this market. It goes back to being a repayment mortgage after that.

Low Start Mortgage Deals

The low start mortgage offers:

–  A 3 year variable rate at 4.45% based on a 95% Loan to Value (LTV)
–  Or a 3 year variable rate at 3.75% based on a 90% LTV
–  Interest only for the first 3 years, reverting to repayments thereafter
–  Based on our specially negotiated income measure of annualised contract rate, don’t need to prove your income with 3 years accounts
– £500 arrangement fee that can be added to the mortgage
Free valuation on your chosen property
–  No penalty for overpayments, as long as you don’t repay the full mortgage amount within the first 3 years

First Time Buyers Mortgages Partner

Our mortgage partners don’t charge a fee for arranging your mortgage. Other specialist contractor mortgage brokers charge up to £695 as an arrangement fee. So, you get their advice free.

To find out more, or to apply, fill in the mortgage form on this page:-

Specialist Contractor Mortgages

British Contractor Mortgage Rates start with a Bang in 2015

British Contractor mortgage rates available

British Contractor Mortgage rates

You really do need to see British Contractor mortgage rates at the moment to believe them. They are sure to rise at some point after the election, so it is worth taking them now.

2014 is being heralded as the strongest year for mortgage lending since 2008. This is according to the Council of Mortgage Lenders (CML). However, 2015 looks set to follow in its footsteps. January has seen record low British Contractor mortgage rates.

Contractor Mortgages Best Rates

Since the New Year we have seen two-year fixed rates fall as low as 1.64% on a 60% LTV from Contractor champion Halifax which is an outstanding rate for Contractors with a substantial deposit.

This product does carry an arrangement fee of £1,499 from the Lender. However, this can be added to the mortgage rather than paid up front.

Best rates for Contractors with Lower Deposits

If you have less savings to put down, however, you won’t be disappointed. This is because a relative newcomer to the Contractor Mortgage market, Metro Bank, have released a raft of very competitive fixed rate mortgages at higher loan to values. These include 2 year fixed rates at:

– 1.99% on a 70% LTV
– 2.04% on an 80% LTV
– 2.29% on an 85% LTV

All of these rates carry a £999 arrangement fee from the Lender. However, you can add this to your mortgage so you won’t need to find the cash up front. The minimum loan amount is just £20,000 up to a maximum of £1,500,000. So, it suits Contractors buying at every level of the housing ladder.

5 year fixed rate mortgages at 2 year fixed rates!

Furness building society have launched a five-year fixed rate mortgage at just 2.94% on an 80% LTV. This is closer to the UK Contractor mortgage rates we have been seeing for two-year fixed rate products in recent months, particularly at this LTV level. Again this product carries a £999 arrangement fee but this can be added to the mortgage.

If you are considering fixing your mortgage for longer, to ride out any fluctuation in the market, then this Contractor-friendly Lender is offering a highly competitive rate. This should see you through the inevitable rise in the base rate over the next five years.

These British Contractor mortgage rates are exclusive to our specialist contractor mortgages partners.

British Contractor mortgage rates have never been better. To find out more from a mortgage Adviser today, or to apply, you should fill in the form on this page – Specialist Contractor Mortgages

Remortgage Deals | Cracking one-off rates for Contractors

Remortgage Deals

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

Mortgage Price War

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.

Halifax offer free valuation fees to home buyers – Contractor Mortgages

Halifax Offer of Free Valuations

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

No Stamp Duty for first time buyers – Contractor Mortgages

No Stamp Duty

No Stamp Duty

The Halifax has launched a mortgage with no stamp duty for first time buyers.

Stamp duty acts as a significant barrier for potential homeowners. So, Chancellor George Osborne is under pressure to do something in his budget to help cash strapped first time buyers and movers with this most hated tax. Contractor friendly Lender Halifax have taken matters in to their own hands. They have launched a headline grabbing offer for first time buyers.

If you are purchasing a property up to the value of £250,000, you won’t need to pay stamp duty on certain mortgage rate schemes. So, this could reduce your buying costs by as much as £2,500. If your chosen property is under £125,001 then Halifax will pay £250 cash back. This is despite the fact that your property wouldn’t be liable for stamp duty tax.

Halifax have run similar schemes in the past that have helped over 14,000 first time buyers onto the ladder. So the Lender is expecting to see similar figures this time. If other lenders jump on the bandwagon then Osborne may end up with little say in the matter. The market would rally to allow thousands more buyers to purchase without stamp duty costs.

The real cost of stamp duty

Each year, more and more first time buyers are being pushed in to the stamp duty bracket as house prices edge up.

According to LSL, the average purchase price for first time buyers in January was £155,832. This was 16.4% higher than the same time last year.

In line with this increase in house prices, the average deposit that a first time buyer must save has also risen. It is now £500 higher at £27,519. This represents 75.1% of a first time buyer’s income. This is according to figures released in January 2014. So saving extra funds to cover stamp duty adds a huge additional financial burden and could delay a potential purchase.

Figures from TSB suggest that 22% of first time buyers don’t take the cost of stamp duty into account when they make an offer on a property. This could leave these potential homeowners in the awkward position of finding up to an extra 3% of the property value before completion. This may be a struggle for cash strapped first time buyers.

Contractor Mortgages from Halifax

With just a 10% deposit, and a £999 arrangement fee, first time buyers can access a 2 year fixed rate mortgage at 4.79%. If you can provide a larger deposit of around 15%, you will be able to access a 2 year fixed rate at just 3.04% with a £1499 arrangement fee. These competitive Contractor Mortgage rates are available immediately to first time buyers. The arrangement fee can be added to your mortgage in both cases. So you won’t need to pay it upfront.

There is no stamp duty.

You can also access the stamp duty offer if you are applying for a 95% mortgage from the Halifax Help to buy product range. This is great news for those Contractors that have struggled to save a large deposit.

Looking for a larger property or your next move? If you are buying a property over the value of £250,000 or are an existing homeowner looking to move, you won’t qualify for the stamp duty incentive from Halifax. However, you can access a wide range of competitive Contractor Mortgage rates.This includes a special rate with the Lender. This entails a fixed rate mortgage for 2 years at 1.79% with a £1499 fee if you have a 40% deposit.

Halifax are not the only Contractor friendly Lender so it is worth consulting a Contractor specialist Independent Financial Adviser. They will search the whole of the market to find the best rates available to suit your individual circumstances.

Contractor Mortgages Broker

Tony Harris is a Specialist Contractor Mortgages Broker. He has a special relationship with the Halifax. Therefore, he is able to get contractors better rates than they would get on the marketplace. He is able to do this because of the credibility he has built up with them. This is mainly because the contractors that he sends to them have paid up on their mortgages and not defaulted.

Normally if you approach a building society, or high street bank, on your own, as a contractor you will be told that you need three years worth of accounts. Furthermore, you will only get a mortgage offer based on your Director’s salary.

Contractor Mortgage Offers With No Stamp Duty

This wouldn’t be worth having. However, because of Tony’s credibility with the Halifax he can get mortgage offers for contractors just on production of their contract. Indeed, first time contractors can get specialist contractor mortgage offers on their very first day of their very first contract. He can also get them quotes based on their daily rate annualised (daily rate x 4 x 48 weeks) rather than Director’s salary.

This Halifax one is with no stamp duty.

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