Tag Archives: Borrowers

Contractor Mortgage Borrowers
Borrowers of contractor mortgages would be best advised to contact a specialist contractors mortgages broker.

They are most likely to be able to get contractors mortgages at the very best rates.

The only proof that contractors looking for mortgages will need is a copy of their contract.

[caption id="attachment_597" align="alignnone" width="259"] Contractor Mortgage Borrowers Best Rates[/caption]
Specialist Contractor Mortgage Brokers
Unlike if they walked into a high street bank or building society they won’t need three years worth of accounts.

Also, instead of the mortgage o0ffer being based on a contractor’s Director’s Salary, which the contractor deliberate keeps loe. the offer will be based on the contractor’s rate.

They will get offers based on the daily rate annualised.

Specialist broker – Why Contractors should use them

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Specialist Broker

Specialist Broker

Tony Harris is a specialist broker of contractor mortgages. He has been getting contractors mortgages for many years. So, I thought I would ask him why contractors should use a specialist broker like him rather than go direct to those that give out mortgages.

I asked him “Why should I go via you when I can just walk into a high street bank or building society? What differentiates you?”

Contract Based

With over fourteen years experience as a specialist broker and of negotiating our contract based mortgage underwriting, we have built unrivalled relationships with lenders.

If you go in to a high street bank and present your accounts, the mortgage adviser will only see your net income. This should be considerably less than you are actually earning (if your accountant is doing his job). So, this could severely limit the amount you can borrow.

Annual Contract Rate

Instead we use our contacts to secure your mortgage based on a multiple of your annual contract rate. This is irrespective of how long you have been contracting. It also doesn’t matter how long you have left on your current assignment.

This invariably allows our clients to borrow far more than they could even when they were a permie. It also saves the trouble of collating years of accounts or projections. This is the standard requirement if you were to go in-branch.

Mortgage Lenders

We understand that you live a very hectic lifestyle and have tailored our service to match.

We won’t need to see you face-to-face for a lengthy meeting as our entire service is offered online, via email and by phone. We do all the running for you, liaising with solicitors, lenders and estate agents so you don’t have to.

You will have one contact who will guide you through the process and is on hand to answer any questions you may have, leaving you free to concentrate on the needs of your client.

Best Mortgage Rates

That answers that then. It would be a foolish contractor who walked into banks asking about their contractor mortgages.

Tony uses his credibility in the marketplace to help get contractors the best mortgage rates available and the highest offers.

To get further information or to apply to a specialist broker for a mortgage, fill in a form here and Tony will get back to you:- Mortgages for Contractors

How quickly can you get Contractor Mortgages?

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How Quickly Can You Get a Contractor Mortgage

How Quickly

We asked top specialist contractor mortgages broker Tony Harris how quickly he could get contractor mortgages. Was it a long-drawn out process? Here is how he replied.

“Our advisers will carry out an initial consultation via phone or email lasting 10-15 minutes. Once we agree which lender best suits your needs an agreement in principle can be secured. This will be within a matter of hours of your initial call or email.

“This gives you real clout when negotiating with estate agents etc. That’s because it shows the lender is broadly in agreement that they will lend you the money and that you can move quickly with any purchase.

Property Offer

“They would be assured that once you a seller has accepted your offer on a property, we’d agree a competitive interest rate scheme with you that meets your requirements and the application would go live straight away.

“After receipt of your initial instruction the whole process of underwriting, valuation and legal to you getting the keys to your new home in 4-8 weeks.

“It helps to speed things up, to get contractor mortgages, if you have the necessary documentation to hand. However, because we are able to do everything remotely via phone and email, the application is hassle free. It’s much faster than if you were to apply through a high street bank branch”.

Contractor Mortgages

That sounds pretty speedy to get contractor mortgages. It would put you to the head of the queue if you were bidding for a house.

Tony reckons that they can get a new contractor mortgage offers on the very first day of the new contractors first contract. They could have the new contractor in his, or her, dream house in less than a month.

To get contractor mortgages or further information or to apply for a mortgage, fill in a form here and Tony will get back to you: – Specialist Contractor Mortgages

Contractor Mortgages for Umbrella Company Contractors

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Umbrella Company Contractors getting Mortgages

Umbrella Company Contractors

Can specialist brokers get mortgages for umbrella company contractors?

Specialist contractor mortgages broker Tony Harris has been getting contractors mortgages for years without them having to produce three years worth of accounts as a high street bank would ask for. He can also get the offer based on their daily rate rather than a multiple of their Director’s salary.

He started with getting mortgages for IT Contractor more than ten years ago. Previously contractors found it difficult to get mortgages because they didn’t have regular monthly income like a permanent employee.

Mortgage Lender

However, Tony talked a lender into taking a chance and give contractors mortgages. The contractor paid up their mortgages monthly and didn’t default.

This gave Tony greater credibility with the lenders. So, he was able to get more and more mortgages for contractors. This has benefitted many, many contractors in the last 10 years.

However, can he also get specialist contractor mortgages for Umbrella Company contractors? We put it to him.

We asked “Tony, do you cater for Umbrella Company contractors as well as Limited Company contractors? What info do they have to supply and is easier or harder to get them mortgages?”

Contractors Mortgages

He replied “We use a multiple of contracts irrespective of whether you are a ltd company owner or if you contract through an umbrella company.

“The only difference is that additional evidence is needed to support your application by way of your payslips. It is no harder to secure a mortgage for umbrella company contractors, as long as you have a signed copy of your current contract”.

So it looks as if those specialist contractor mortgages are available to Umbrella Company contractors just as easily as they are to Limited Company contractors.

To get further information or to apply for a mortgage, fill in a form here and Tony will get back to you:- Contractor Mortgages

Rent to Own Scheme proposed by LibDems – Contractor Mortgages

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Rent to Own Scheme for Contractors

Rent to Own Scheme

The LibDems have announced a new Rent to Own scheme before the coming General Election. This is to be implemented between 2015 and the next election in 2020.

It is for first time buyers, especially those who cannot put together the deposit for their first home.

They have designed the new Rent To Own scheme to help new buyers to build up a stake in their homes via renting.

First Time Buyers

Getting started in the market is a huge problem for first time buyers. The typical first time buyer in London will need a deposit of over £60,000 if they wan to buy their first home.

They would pay what they would pay in rent, at a market rate, for 30 years. After that they would own their own home.

There would be something at the end of it for them – ownership of their own home.

Dream of Home Ownership

According to Nick Clegg, the LibDem leader:-

“For working young people the dream of home ownership is increasingly out of reach. Prices are so high renters cannot afford to save for a deposit, which means they can never take that first step onto the housing ladder.

“Rent to Own will mean, regardless of their background and family circumstance, they will be able to make this a dream a reality. This is about building a stronger economy and fairer society, and making sure Generation Rent has the same opportunity to get on in life as their parents and grandparents before them.”

Higher Monthly Payments

It is expected that the monthly payments for Rent To Own will be higher than if they took out a mortgage on the property.

It is being suggested that, in London anyway, it will mainly benefit those on higher incomes.

The Housing associations would build the new houses for the Rent to Own scheme.

The LibDems plan to have 30,000 homes in the Rent to Own scheme by 2020.

Paying Rent

While they will be paying more than mortgage holders for their properties there will still be people who benefit out there.

There are millions of people who have been paying rent on their houses for years out there. The very cost of the rent prevents them from being able to save up for a mortgage deposit.

They might as well have been paying that rent towards being able to own the house after 30 years.

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

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Help to Buy Scheme

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 contractors

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

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Mortgage Market Review

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