5% Contractor Mortgages Deposits Using Help to Buy

Posted on December 20, 2015 by admin

5% Contractor Mortgages Deposits

5% Contractor Mortgages Deposits are now available to contractors using the Government’s Help to Buy mortgage scheme.

Previously, first time buyers, including first time contractors, were priced out of the market as lenders wanted 25% deposits.

They were spooked by the great banking crisis of 2007/8 and were unwilling to lend except to just the very safest borrowers.

As first time buyers are the ones who keep the cogs of the housing market wheels running, it meant that house prices were stagnating.

New Contractors Looking for low-interest Mortgages

Help to Buy Mortgages for Contractors

The Government’s Help to Buy scheme kick-started the property market.

They guaranteed 20% of the loan when someone wanted to buy a house. That meant that the buyers, including contractors, only had to come up with 5% of the money.

Therefore, that meant that a house had to fall by 25% in value before the high street bank or building society took a hit.

It wasn’t the Government who loaned the money to the borrower. It was the lender that did that.

All the Government did was to guarantee 20% of the loan.

First Time Buyers / First Time Contractors Took Advantage

Of course, the Government knew that if first time buyers, like first time contractors, came onto the market again it would send house prices higher . So it would never cost them a penny.

This was indeed what happened.

Therefore, borrowers were happy as it meant that, as they just had to stump up the 5% contractor mortgages deposit. They could afford this.

Lenders were happy also. A house would have to fall in value by more than 25% before they took a hit.

The Government were happy as there was now a feelgood factor in a rising housing market. This helped get them re-elected in 2015.

5% Contractor Mortgage Deposits via Help to Buy scheme

5% Contractor Mortgage Deposits from Help to Buy scheme

Rising Housing Market for Contractor Mortgages

The great thing about it for them was that it didn’t cost them anything. It was a very clever scheme.

The rising housing market took the risk of losses away from them. It meant that those houses and flats, where they guaranteed the 20%, rose in value well away from the threshold where they would lose out if someone defaulted on their mortgage.

That’s the beauty of the Help to Buy scheme. No one loses.

Specialist Contractor Mortgage Brokers

Contractors who want to take advantage of the Government’s Help to Buy scheme and the 5% contractor mortgages deposit should use a specialist contractor mortgages broker.

If they don’t, they risk being asked to provide three years worth of accounts. They would, also, get their offers based on their Director’s salary if they are a personal service company contractors.

By using a specialist contractor mortgages broker, all you have to provide is a copy of your contract as proof as earnings.

You will also get a contractor mortgage offer based on your daily rate annualised. They assume you work 48 weeks of the year and the mortgage lender will loan you 4 times your annual salary. They might even give you 5 times it.

Help to Buy Mortgages for UK Contractors

Contractor Mortgage Deposits

Obviously, the more deposit that you can put up the better the interest rates you can get.

However, those specialist contractor mortgage brokers can often get contractors mortgage interest rates at less than the market rate.

To find out more about 5% contractor mortgages deposits using Help to Buy, or to apply, please click on Contractor Mortgage Application and fill in the form there.

House Prices to Rise 20% in Five Years

Posted on November 10, 2015 by admin

House Prices to rise for for UK Contractors

House Prices for UK Contractors

The fear, for UK Contractors of falling house prices, once interest rates go up, has subsided somewhat for UK Contractors.

It’s OK securing a fixed low-interest mortgage, while you can still afford it, before interest rates go up, but there is the fear, for contractors, that they may be buying at the peak of the boom.

After all, if there are fewer people able to afford to buy houses, because they are now more expensive to buy, then the economic laws of Supply and Demand kick in.

Interest Rates to Stay Low Longer

However, there are two mean reasons for believing that their fear is misplaced.

Firstly, statements from the Bank of England are now suggesting that interest rates will stay low for a lot longer than originally believed.

Indeed, the Bank had been saying that they expected to be looking closely at interest rate rises by the end of this year or in the first quarter of next year.

Now they are saying that interest rates are likely to stay on hold for much longer – maybe another 18 months.

This is because there has been a drag on the UK economy from problems in China and the Euro area.

Contractor Mortgages Safer

By now, the economist were expecting the UK economy to be roaring along with inflation starting to bite.

However, the UK is predicted this year to have non-inflationary growth of around 2.6% and 2.5% next year.

Inflation has virtually disappeared.

It could be some time before we get inflation in the economy to a degree that causes the Bank to increase interest rates.

House Prices to Rise

Also, a report out this week predicts that house prices in the UK will rise by an average of 20% over the next five years – and that would be even with expected interest rate rises.

Here’s the table of expected average house price rises by region of the UK.

21.6% – South East

21% – East

20% – SouthWest

17% – East Midlands

16.5% – West Midlands

15.3% – London

14.8% – Wales

14.2% – Scotland

14.2% – Yorkshire and Humber

12.7% – North West

12% – North East

Contractor Mortgages

It looks like even London, were house prices are already high, they will continue to rise in a non-inflationary environment.

If inflation stays low, as it seems to be doing at the moment, these could be real rises in house prices rather than just inflationary rises.

This has a knock on effect for specialist Contractor Mortgages

Specialist Contractor Mortgage Brokers

Specialist Contractor Mortgage Brokers can get contractors mortgages without having to produce three years’ worth of accounts or based on Director’s salary as would happen if contractors walked into a high street bank or building society.

They can get mortgages for contractors based on their daily rated annualised (based on 48 weeks a year) and on just the production of their contracts.

For more info, or to apply, just click on Contractor Mortgage Application and fill in the form there.

Specialist Contractor Mortgage Deals – Nationwide to Offer Them

Posted on August 4, 2015 by admin

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

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.

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.

Contractor Mortgages Market Boom – Best Places for Contractors to Buy

Posted on February 20, 2015 by admin

Contractor Mortgages Market Boom

There is a Contractor Mortgages Market boom, according to specialist contractor mortgages broker Tony Harris.

London has seen massive rises in the price of houses and apartments. With London becoming, more and more, an international city, the contractor mortgages market is set to continue in its upward path.

The best value in the next few years, though, could be in cities and areas who have more recently started rising in price.

Property Mortgages Market Boom Moving North

Every property market boom starts, firstly, in the south and gradually spreads throughout the country. It moves north generally.

The current contractor mortgages market boom is going that way.

This means that cities like Sheffield, Liverpool and Glasgow are likely to rise more than southern cities in he next few years. The contractor mortgages market is likely to increase significantly in those cities.

Property experts say that London house prices will continue to rise – but at a slower rate than northern cities.

Buy a House up North

Indeed, if a contractor from London got an extended contract in a northern city, like Liverpool or Glasgow, it might be a good idea to sell up in London and buy a house in Liverpool or Glasgow.

Firstly, it would be an absolutely palatial place you could get there just by selling a flat in a decent area of London.

Secondly, when it was time to go back down south again the contractor would get an even better property in London after selling his, or her, northern house for more than his previous place in London was now worth.

Your house could make more for you than your contract.

Average Annual Earnings

House prices in London are now 12 times Londoners average annual earnings. For the UK as a whole it is 6.3 times annual earnings.

Average house prices in both London and Oxford were now so high that they were more than 12 times local annual earnings – almost double the UK average of 6.3 times wages.

The cities where house prices have been rising for 6 years are as follows. They are Aberdeen, Bristol, Cardiff, London, Cambridge, Birmingham, Oxford and Manchester.

Contractor Mortgages Market Best Areas to Buy

Although property prices will continue to rise in those cities, it will be at a slower rate than the following cities which have only started to recover in the past two years.

They are Glasgow, Edinburgh, Liverpool, Newcastle, Sheffield and Leeds. Belfast has only started recovering in the past 18 months and houses there are at real bargain prices.

House Prices in those cities are only between 3 and 6 times local annual salaries. This makes them most affordable. There’s more room for property price rises in those cities.

London Property Boom

In the last 6 years the average property price in London has risen from £144,278 to £405,500. That’s astonishing. Part of that is due to London’s status as an international city.

The Government’s Help to Buy scheme has given a massive boost to the contractor mortgages market. It means that first time buyers could enter the housing market again.

They can get 95% mortgages now compared to 75% to 80% mortgages before.

Contractor Mortgages Maximum Offers

Low rates are also sending the market higher. These are the lowest rates that contractors have ever had – and many of the are taking fixed rate mortgages to lock in those low rates.

A contractor mortgages lenders war has intensified this year leading to some great bargains for contractors as regards mortgage rates.

Banks and building societies ask contractors for three years worth of accounts. Contractor mortgage brokers need just a copy of the contract.

High street banks and building societies base their offers on the contractor’s director’s salary. Contractor mortgage brokers base it on a contractors daily rate annualised – which is much more.

This has led to the current contractor mortgages market boom.

To find our more click on Specialist Contractor Mortgages

Contractor Crowdfunding Club

To learn more, or to join, our Contractor Crowdfunding Club click on Contractor Crowdfunding Opportunities

You’ll hear first about great crowdfunding opportunities and get in ahead of the crowd. Often these opportunities disappear in hours.

First Time Buyers Mortgages Bonanza | Contractor Mortgages

Posted on January 30, 2015 by admin

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, donâ€™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 donâ€™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

Posted on January 29, 2015 by admin

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

Contractor Mortgages market boost from Help to Buy

Posted on January 14, 2015 by admin

Contractor Mortgages Market Boost

There has been a major contractor mortgages market boost from the new Help To Buy programme implemented by the Government.

Of course, we all know that Help to Buy was brought in by the Government to raise the price of houses so that there would be a feel good factor at the next election. People would feel a bit better off if their houses were rising in price.

However, the contractor mortgages market boost that the Help to Buy scheme has produced has been positive for contractors. It has especially allowed new contractors to get on the property ladder.

Banks and Building Societies

Previously banks and building societies were demanding a 20% deposit from those seeking loans. That was keeping first time buyers out of the market. It is first time buyers who are the lifeblood of the market.

The economic Laws of Supply and Demand kick in here. If there are fewer people competing to buy houses then the price will fall. If there are more people competing for houses then the price will rise. Those first time buyers will become second house buyers at some point.

Average house prices for first time buyers rose by 11% last year compared to 9.5% for existing owners.

Help to Buy Scheme

The Government’s Help to Buy scheme has caused this contractor mortgages market boost. Now, new buyers only have to come up with a 5% deposit instead of a 20% deposit. That makes a huge difference and has brought plenty of people into the market.

First time buyers last year paid an average Â£208,000 for their first homes. A 5% deposit would have come to an average of Â£10,400 which is easily payable by a contractor. A 20% deposit would come to Â£41,600. Even contractors would have to wait a while to gather that deposit.

UK House Prices

Existing owners paid an average of Â£312,000 for a house. UK house prices rose 10% overall last year. With a rise of 10% last year that gives a rise of 21% in two years.

Contractors would be much better to get their contractor mortgages through specialist contractor mortgage brokers as they get better rates and better offers and don’t have to show accounts.

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

Best Contractor Mortgages Rates & Offers

Best Contractor Mortgage Rates

Posted on December 28, 2014 by admin

Best Contractor Mortgage Rates

You usually get the best contractor mortgage rates from using specialist contractor mortgages brokers.

High street banks and building societies usually look upon contractors as a risk. To their minds, contractors don’t have regular income like a permanent worke doesr.

So, if you walk into one of those looking for the best contractor mortgage rates you are going to be disappointed. It is usually the case that contractors have to provide three years worth of accounts to them. Furthermore, they base the offer that they give the contractor on their Director’s salary. That doesn’t get you much.

Specialist Contractor Mortgages Brokers

Because they are considered a risk the mortgage rate they are offered is usually quite high. So, that’s why contractors should use specialist contractor mortgages brokers if they want to get the best contractor mortgage rates.

They can even use Help To Buy to get contractors offers of up to 95% of the property value.

One such specialist contractor mortgages broker is Tony Harris. He has been getting IT Contractors mortgages for over 10 years. Now he is able to get all sorts of contractors mortgages.

Best Contractor Mortgage Offers

He can get the best contractor mortgage rates because he has built up credibility over the years with lenders. Contractors have helped him get this credibility by contractors paying their mortgages regularly. They have not defaulted on their mortgages.

So, that’s why Tony is able to get the best contractor mortgage rates for contractors. He can also get offers based on their daily rate. Multiply your daily rate by 5, then 48 and then 4 to get what your likely mortgage offer is likely to be.

Often the offer is better than market rates. Thank your fellow contractors for giving Tony his credibility so that he can get you the best contractor mortgage rates.

The other great thing is that he is able to get the best contractor mortgage offers just on production of your contract. You don’t have to produce three years worth of accounts.

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

Best Contractor Mortgages Rates & Offers

Contractor Mortgage Options for UK Contractors

Posted on December 15, 2014 by admin

Contractor Mortgage Options

The Contractor Mortgage options for UK Contractors are twofold.

1. You can step in to a high street bank and ask for a contractor mortgage or

2. You can contact a specialist contractor mortgages broker

The first of the contractor mortgage options is what most contractors take – but it is madness.

The second of the two contractor mortgage options is the clever one – but only the contractors in-the-know are able to benefit from it.

High Street Bank mortgages for contractors

If you step into the high street bank, or building society, they will:-

a) Ask to see three years worth of accounts, meaning you will have to have been a contractor for at least 3.5 years

b) Give you a quote based on your director’s salary. We all know that contractor prefer to keep that as low as possible. They want to take their money out in dividends and so maximise their returns.

You would have got a bigger offer if you had stayed in a permanent role.

Specialist Contractor Mortgage Brokers

So, what about the second of the contractor mortgage options?

That’s the sensible one.

A specialist contractor mortgages broker will:-

a) Get you a quote on production of your contract without having to show three worth of accounts to get a contractor mortgage

b) Get you a quote based on your day rate annualised.

Your Contractor Mortgage Quote

So, if you got £500 a day, that would be £2,500 a week.

They would multiply that by 48 to get your annual ‘salary’. That would make your annual salary £120,000 a year.

They would then multiply that by 4 to get your specialist contractor mortgage offer.

So they would offer you a contractor mortgage of £480,000.

As you would have to put down a deposit of a minimum of 5% you are talking about being able to buy a property worth more than half a million pounds.

This is the best of the contractor mortgage options.

Specialist Contractor Mortgage Broker

Tony Harris has been getting contractors specialist contractor mortgages for years now.

Because his client contractor have been paying up and not defaulting, he can often get contractors mortgage rates at better than current market rates.

He can even get contractors mortgage offers on the very first day of their first ever contract.

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

Best Contractor Mortgages Deals for UK Contractors

Posted on December 3, 2014 by admin

Best Contractor Mortgages Deals

The Best Contractor Mortgages deals can be got from Specialist Contractor Mortgages brokers in the UK.

The Foolish Contractor walks into a high street bank or building society to ask for a contractor mortgage. The bank or building society tell him or her:-

1. As you are a contractor and your income is not as secure as that of a permanent member of staff, we would have to get three years worth of accounts from you

2. We will base any offer to you on your Director’s Salary.

Foolish Contractor

Many years ago, I was a foolish contractor. I didn’t know about specialist contractor mortgages brokers in the UK. I simply decided that I would have to wait a few years to get a mortgage for a house or flat. However, it wouldn’t be a great place I could afford if it was only based on my Director’s salary.

So, I continued to waste tens of thousands of pounds by continuing to rent.

However, if I had known about specialist contractor mortgages brokers like Tony Harris all those years ago I would be much richer now. Tony has been getting the best contractor mortgages deals for years.

He started by getting specialist contractor mortgages for IT Contractors. Now he can get those specialist contractor mortgages for all contractors.

Initially lenders were wary about lending to contractors. However, Tony managed to talk them into dipping their toes in the water.

Now, because those initial contractors have paid up on their mortgages and very few have defaulted, Tony has great credibility with the lenders. He can often get contractor mortgage offers at better rates than the marketplace.

Crucial Factors

However, here are the two crucial factors:-

1. He can get contractor mortgage offers based on their daily rate annualised (daily rate x 5 x 48 x 4).

2. He can get the quote just on production of the contractor’s contract, rather than the lender having to see 3 years worth of accounts.

In other words, he can get the best contractor mortgages deals on the marketplace for his contractors. Furthermore, he can get new contractors the best contractor mortgage offers on the very first day of their very first contract. This has revolutionised the contractor mortgages market.

Best Contractor Mortgages Deals

To find out more info or to get the best contractor mortgages deals and a quote click on Specialist Contractor Mortgages

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