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Contract
Contract | Contractors can get mortgage offers from specialist contractor mortgage brokers just on production of their contract rather than needing 3 years worth of accounts.

So, how big a mortgage offer would a contractor get?

[caption id="attachment_599" align="alignnone" width="256"] Contract Based Mortgage Offers from Specialist Borkers[/caption]

Multiply your daily rate by 5 to get your weekly rate.

Say you get £400 a day that makes £2,000 a week.

Then multiple that by 48 to get your annual rate.

That takes it to £96,000.

Now multiply that by 4 to get £384,000 and this is the mortgage offer you are likely to get although it can vary.

Contractor Mortgages – how long do you have to be a Contractor to get one?

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How Long Do you Have to be a Contractor

How Long

Contractors always want to know how long you have to be a contractor to get one.

Tony Harris is a specialist contractor mortgages broker. He has been getting contractors mortgages for years. We have heard tales of people walking into high street banks to get a mortgage only to be told that they need to have 3 years accounts with them to qualify.

Many contractors want contractor mortgages soon after they become contractors. With their new-found wealth that comes as a bit of a blow. So we asked Tony the question.

How long do you have to be contracting to get a mortgage? I heard you need three years worth of accounts.

Applying for a Mortgage

Said Tony, “It is true that if you apply for a mortgage yourself on the high street, you will almost certainly need to have access to several years accounts. You will also need to show a steady or rising income from contracting in this time.

“However, we base your mortgage on a multiple of your contract rate alone. We simply need a copy of your current contract, a bank statement and proof of ID to secure your mortgage. The great news is that we can get you a mortgage on your very first day as a Contractor!”

Specialist Contractor Mortgages

So, how long was I told? I wish I’d known Tony when I first wanted to buy a house and get a mortgage after I turned contractor.

I went to a bank. They told me I needed three years of accounts. I thought that was that. Houses in my area in Maida Vale went up from £18,000 for the one I wanted to £96,000 before I was able to buy one.

It’s great that these specialist contractor mortgages are available now.

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

Best Contractor Mortgage Rates

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Best Contractor Mortgage Rates

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

Best Contractor Mortgages Rates & Offers

Contractor Mortgage Options for UK Contractors

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Contractor Mortgage Options now

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

Astounding Mortgage Price War for Contractor Mortgages

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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.

Contractor Mortgage Offers – Calculation of your offer

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Contractor Mortgage Offers best rates

Contractor Mortgage Offers

Contractor Mortgage offers can vary greatly. Indeed if you went into a high street bank or building society they would base it on your Director’s salary. We all know that wouldn’t lead to great contractor mortgage offers.

They may not even give you an offer as they need three years worth of accounts as well.

If you go to a specialist contractor mortgages broker like Tony Harris, contractor mortgage offers are based on your daily rate annualised. That’s much better, isn’t it?

It’s basically Daily Rate x 5 times 48 times x 4. The last figure would be up to 5 depending on circumstances and how much deposit you put down.

However, a very rough figure would be got at for your contractor mortgage offers by multiplying your hourly rate by £7,200.

Example Offers Based On Rates

Hourly Rate – Offer

£20 – £144,000

£30 – £216,000

£40 – £288,000

£50 – £360,000

£60 – £432,000

Indicative Guide

It has to be said, again, that this is very rough and depends on your circumstances what your contractor mortgage offers are.

However, it is an indicative guide as to what you can get. Through specialist contractor mortgage brokers like Tony, you can get a mortgage offer within hours of the very first day of your very first contract.

There didn’t used to be specialist contractor mortgage brokers when I started contracting and I was ‘blown off’ by building societies and high street banks when I went looking for contractor mortgage offers. The three years of accounts needed were a killer.

Specialist Contractor Mortgages

However, Tony persuaded banks and building societies that there was a lucrative new market for them in loaning money to contractors. They dipped their toes in the water. When the contractors kept up to date with their mortgage payments and didn’t default, it gave Tony lots of credibility with the loaners.

Since then he’s been able to get more and more contractor mortgage offers for more and more contractors. It’s at good rates too.

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

Contractor Mortgages – 95% mortgages trebled with Help To Buy

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95% Mortgages

95% Mortgages for Contractors

The number of 95% mortgages available in the marketplace has trebled since the Government’s Help To Buy scheme was brought in during October. This has had a knock-on effect on UK Contractor Mortgages. Contractors are scrambling to get specialist contractor mortgages before the prices rise too high.

Not only that, the lenders are scrapping amongst themselves to use the Help To Buy scheme to sell those low deposit mortgages. This has resulted in the effective loan rates coming down a full percentage point since Help To Buy was introduced.

That’s saving the average buyer £1,200 a year in interest payments for houses averaging £150,000. When it comes to contractors that amount would be higher.

Contractor Mortgages in the UK

According To Genworth, buyers who want 95% mortgages via Help to Buy now have 132 different deals available to them. It seems that, since Help to Buy was introduced, lenders have cut the best rates from 5.48% to 4.69%.

That’s a fair bit of money for a contractor who is buying, say, a £300,000 house. Help To Buy allows first time contractors the opportunity to get a specialist contractor mortgage at a decent price.

Contractors still have a problem, when they go to a high street bank or building society. They ask for three years worth of accounts. They also base the quote on their Director’s salary, which they deliberately keep low. I found this problem all those years ago when I started contracting.

Specialist Contractor 95% Mortgages

Contractors today are luckier as there are now specialist contractor mortgages brokers, like Tony Harris. They have credibility with lenders in the marketplace. That’s due to the good behaviour of contractors for whom he previously got mortgages, in terms of making their payments and not defaulting.

Tony can get contractors 95% mortgages via Help To Buy on production just of their contract. Furthermore he gets them a quote based on their daily rate annualised. For instance a contractor on £400 a day could get an offer of up to £384,000.

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

95% Contractor Mortgages: Help to Buy now available for Contractors

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95% Contractor Mortgages

95% Contractor Mortgages

Contractors seeking to use Help to Buy to get 95% Contractor Mortgages got a major boost when the Chancellor, George Osborne, announced that Help to Buy was being brought forward from January next year to October this year.

It was already available for new houses but not for existing houses. Now, it will be available for contractors for all properties new or old starting from October.

Lending companies had been insisting on deposits of 20% or more, which scuppered a lot of new contractors. So, the Government is stepping in to underwrite the extra up to 95%.

Contractors have already been taking advantage of it for new houses. Now it is available for contractors going for old houses. Therefore, they are expecting to really pile in for any property.

Help to Buy

The scheme will last for 3 years. Already house prices have started to pick up a head of steam. Prices are up by 0.5% this month on last month which is an annual rate of 6%.

With the Government announcement that Help to Buy is being brought forward and available for contractors, they expect price increases to accelerate.

Tony Harris has been getting Specialist Contractor Mortgages for contractors for a number of years now. He has seen the market go through the roof recently.

The reason is that he can get contractors offers based on a multiple of their daily rate annualised (x 5 x 48 x 4) rather than an offer based on a contractor’s director’s salary as the high street banks do.

Production of Contract

They don’t need three years worth of accounts either as they would through a high street bank. Tony says that all they need is their contract.

Indeed he says that he can get contractors specialist contractor mortgages offers on the very first day of their very first contract. Furthermore, they can get the keys to their dream house within 4 weeks of starting their first contract.

This appears to be the time to buy. House prices are likely to be 15% to 20% higher in three years time.

95% Contractor Mortgages are now available for contractors.

To get more info, or to apply, 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.