Tag Archives: Completion Dates

Specialist Contractor Mortgage

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Specialist Contractor Mortgage using a broker

Specialist Contractor Mortgage

You should always get a specialist contractor mortgage rather than walking into a high street branch.

Many contractors make the mistake, when looking for a mortgage, of walking into their local High Street bank or building society and asking for a mortgage there.

What happens is that the lender is not used to dealing with contractors and has no specialist contractor mortgages. They then tell the contractor that they need to produce three years worth of accounts. Usually you must be a contractor for at least 4 years to have those.

If the contractor can’t provide those then that is a deal breaker. The contractor goes away believing that he, or she, has to wait a few years before applying for a mortgage.

Based on Director’s Salary

Even if the contractor has more than four years’ experience and can produce the accounts, the next obstacle that they face is that the high street bank or building society only count the amount that the contractor is paid as a director. They then multiply that annual salary by 3 or 4 to work out how much they should loan the contractors.

As we all know, contractors like to pay themselves as little as possible so that they can take more of their money in dividends.

What the contractor should have done is to contact a specialist contractor mortgages broker.

Daily Rate Annualised

They have a good reputation with those who loan money. So, they can get contractors a mortgage without having three years of accounts. This is very useful. That’s because one of the times when contractors want to buy a house is when they first start contracting and have more spare money.

The second way that the specialist contractor mortgages broker can help is that they can get contractors mortgages based on their overall income. It is based on their whole daily rate translated to an annual amount.

The multiple is on that sum and not on their director’s salary. This makes a huge difference on the mortgage offer.

So, it’s always wise to get a specialist contractor mortgage.

Here’s one of those Specialist Contractor Mortgages

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

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

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