Tag Archives: Daily Rate Annualised

Daily Rate Annualised
Daily Rate Annualised – Contractors used to get mortgage offers based on their director’s salary. Now, they can get offers based on their daily rate annualised.

In the old days contractors used to walk into a building society or high street bank, with their new potential wealth, and much higher earnings, expecting the banks and building societies to make them huge mortgage offers.

They expected them to be delighted to see them.

[caption id="attachment_607" align="alignnone" width="259"] Mortgage Offers based on Daily Rate Annualised[/caption]
Mortgage Offer Based on Director’s Salary
It was a bit of a shock, then, to be asked to see three years worth of accounts.

It was an even greater shock to find that they would only be made an offer based on a multiple of their Director’s salary.

As we all know, contractors keep that deliberately low so that they can take their money in dividends.

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Specialist Contractor Mortgage Brokers
Contractors in the know use specialist contractor mortgage brokers to ge them the highest offers and the best rates. Thecy acn get them that based just on their contract.

They work out their yearly salary by using the daily rate annualised.

This is then multiplied by 4 or 5 to get the mortgage offer.

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

Contractor Mortgage Offer – how much can you get?

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How Much Can You Get

So, How Much Can You Get

The questions contractors ask is how much can they get when applying for a specialist contractor mortgage.

Tony Harris is a specialist contractor mortgages broker. He has successfully got contractors mortgage offers for years, way above what a high street bank would get you. We ask him how much a contractor can get on his contractor mortgage offer and how it is worked out.

Tony, how much of a contractor mortgage offer can you get a contractor? Is it related to the amount you pay yourself from your company? Can you get a contractor mortgage offer based on the total amount of the contract? Say I was earning £400 a day but paying myself £150 a day? How much of a contractor mortgage offer could you get me?

Tony’s reply on Contractor Mortgage Offer

“Our specially negotiated contract based underwriting uses your hourly or daily rate to work out how much you can borrow This is irrespective of how much you physically draw out for yourself.

“We simply take your daily rate of £400 and work out what your annualised rate would be if you worked at this level for five days a week and 48 weeks of the year.

“The lender will then specify what multiple of this they are willing to lend. However, it is usually around four times annual contract rate.

Contractor Mortgage Offer from Contract

“This means you could secure a mortgage of £384,000 despite only paying yourself £150 a day.

“You don’t have to have an annual contract to receive this amount. The lenders we use understand our niche clients. They appreciate that you are highly likely to secure another contract as soon as the current one has ended. So even if you only have a three-month contract, we should be able to secure you a mortgage”.

Director’s Salary

That’s pretty good and a lot more than a bank or building society would offer you. They would only take the Director’s salary you draw. They offer contractor mortgages based on 3, 4 or 5 times that. That wouldn’t buy you much.

It’s basically all down to Tony’s credibility with the mortgage brokers and his success down the years in bringing them contractors who pay their mortgages. Contractors can tap into that.

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

95% Mortgages for Contractors with just 6 Months Contracting

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6 months contracting experience

6 Months Contracting

There’s a new lender in the contractor mortgage market – and they’re lending to contractors with as little as 6 months contracting experience. Their name is Buckingham Building Society.

To get a 95% mortgage contractors usually have to have two years experience, at least, as a contractor.

They also have to have a minimum income of £300 a day because of the extra perceived risk that lenders see with contractors.

Best Contractor Mortgages

Best Contractor Mortgages Rates & Offers

Buckingham Building Society and Contractor Mortgages

However, the Buckingham Building society has cut through that. It is offering its mortgages to new contractors with just 6 months experience as a contractor.

Also, there’s no minimum daily rate needed. They will consider all contractors regardless of their contract rate.

Their mortgage offer will be based on the contractors’ daily rate annualised, i.e. their weekly rate multiplied by 48 to get their annual salary and then multiplied by up to 5 again to get the mortgage offer.

There’s no need for contractors to have to provide accounts. All the proof needed is the contractor’s contract.

Specialist Contractor Mortgages

Specialist Contractor Mortgages brokers

Specialist Contractor Mortgage Market

More and more lenders are getting into the specialist contractor mortgage market.

They all used to think it was too risky.

One building society was convinced by a contractor mortgage broker to dip their toes in the water to see if contractors were a good risk.

It all worked out well. The contractors kept up their payments even when out of work and they did not default on their mortgages.

This gave the specialist contractor mortgages broker a lot of credibility and so more and more banks and building societies started to loan to contractors.

The Buckingham Building Society is just the latest.

Contract Based Mortgage Offers

Contract Based Mortgage Offers from Specialist Brokers

Better Mortgage Offers for Contractors

Indeed it looks as if more and more banks and building societies want to hitch a ride on this gravy train.

As contractors give the contractor mortgage brokers more and more credibility, by keeping up their payments, expect better and better mortgage offers for contractors.

Buckingham Building Society are making mortgage offers to contractors, now, who have just 6 months contracting behind them.

Expect there to be more and more offers like this as the banks and building societies see lending money to contractors as not very risky at all.

To take advantage of this offer from the Buckingham Building Society, or other contractor mortgage offers, contact a specialist contractor mortgage broker by clicking on Contractor Mortgage Application and fill in the form there.

40% Deposit Interest Free Present to Londoners from Government

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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.

House Prices to Rise 20% in Five Years

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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.

Cheaper Contractor Mortgages Could Be Here for 18 Months

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Cheaper Contractor Mortgages

Cheaper Contractor Mortgages Rates

It looks like cheaper contractor mortgages will be with us for some time now.

It was thought that Bank of England interest rates would soon be on the way up, pushing up the price of contractor mortgages.

The Governor of the Bank of England had hinted that they could be going up by early next year.

He had said that late this year, they would be monitoring the situation closely.

Interest rates on contractor mortgages had started to rise in anticipation of a rate rise coming within months.

Mortgage Rate Increase Unlikely

So, the contract Mortgage market got a pleasant surprise when the Bank of England announced that the first increase was unlikely to come before May 2017.

That means that we could have low mortgages rates for 18 months or maybe even more.

Cheaper contractor mortgages could be here for a while.

The Bank of England had expected that inflation would be starting to rise by now.

However, inflation is keeping itself very low at around zero.

This is because problems in the world economy, and especially in the Euro area and China, are keeping the UK economy from roaring ahead.

Lower Economic Growth Keeping Interest Rates Down

Indeed the Bank decreased, slightly, their estimates for growth in the UK economy this year and next year.

The Bank has taken down its predicted growth in the economy from 2.7% to 2.6% this year and from 2.6% to 2.5% next year.

Normally, at this stage in the cycle, the economy would be roaring ahead with 3% to 4% growth and with inflation starting to rear its head.

However, deflationary conditions in the world economy are keeping the UK to non-inflationary growth levels.

Indeed, the Bank said that inflation would only be 1% by the end of next year. This is hardly the runaway inflation that could cause interest rates to rise.

This is very good news for contractors and the specialised contractor mortgages market.

Mortgages for Contractors to Remain Cheap

According to one mortgage broker, it could mean contractors getting even cheaper rates than before with the first interest rate hike perhaps 18 months away.

Currently, contractor mortgage rates are about as low as they have ever been. Yet expect them to go even lower in the coming weeks as lenders adjust to the new scenario of low-interest rates for a longer period of time.

They will start to reverse the increases they had put on interest rates in anticipation of a base rate rise.

Cheaper contractor mortgages are on the way.

Better Mortgage Offers for UK Contractors

The advent of specialized mortgages for contractors, in recent years, mean that contractors can now get better offers than they used to get, at lower interest rates, and they don’t, now, have to produce three years worth of accounts.

They no longer get offers based on their Director’s salary.

That’s provided they use specialist contractor mortgage brokers rather than walk into high street banks or building societies.

Mortgage Offers for Contractors

Nowadays, contractors can get offers of 4 times their daily rate annualised – just on production of their contract. It’s taken that contractors work 48 weeks a year.

So, a contractor earning £500 a day gets £2,500 a week, or £120,000 a year.

With a mortgage offer of 4 times salary that equates to a potential mortgage offer of £480,000.

To take advantage of these lower rates, contact a specialist contractor mortgage broker for more info, by filling in the form below.

Please click on Contractor Mortgage Application and fill in the form there.

Specialist Contractor Mortgage Deals – Nationwide to Offer Them

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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.

Contractor Buy To Let Mortgage Market Booming

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Contractor Buy To Let Mortgage

Contractor Buy To Let Mortgage Market

The contractor buy to let mortgage market is in a bit of a boom at the moment.

According to figures out today the buy to let contractor mortgage market is going through the roof.

The Bank of England, and its boss Mark Carney, say that the Buy-To-Let mortgage market is growing at an appreciably faster rate than the ordinary market. It looks like Landlords see the property letting market as a great investment. They are piling in.

The same goes for the contractor buy-to-let mortgage market. Contractors are piling in too.

Contractors Investing in Buy to Let Property Market

They are looking for ways to make their money work for them. One of those ways, it appears, is to buy into the property market.

At these low-interest rates, they are able to get most of the money that they pay in mortgage payments back in rent. Sometimes they can even make a profit.

In later years, as rents rise, they can pull bigger and bigger profits from it.

However, the big gains from the contractor buy to let mortgage market are in capital gains.

Contractors Who Invest Wisely in Property

Those contractors who do well financially are those who make investments like these.

The contractors are earning money and their investments are making money too.

Many contractors with a few years experience are able to make more money from their investments than they make themselves.

Indeed, after a few good years, some contractors are able to get out and live on their investment income. They can then do what they like with their time.

Time for Contractors to Start Investing in Property

Normally we are talking about contractors who have been investing for 10 years or more successfully.

However, there is no time like the present to take that first step.

Tony Harris started the contractor mortgage market and has been getting British contractors 95% specialist contractor mortgages for years now.

He is able to get contractors mortgages based on their daily rate annualised and using their contract as proof rather than having to produce three years worth of accounts like you would if applying through a high street bank or building society.

Contractor Mortgages Based on Contract Rate

Indeed if you go through those you will get an offer based on just your Director’s salary, which makes it not worthwhile.

However, with Tony all you have to do is produce your contract.

He can get a new contractor a quote on the very first day of their very first contract.

Indeed, he has had contractors in their dream homes as quickly as two weeks after they started contracting.

He can also get them a contractor buy to let mortgage in pretty quick shape too.

Contractor Buy To Let Mortgage

To find out more about the contractor buy to let mortgage market click on Contractor Buy-To-Let Mortgages

To find out more, or to apply for a contractor buy-to-let mortgage, or indeed for any specialist contractor mortgage, just click on Contractor Mortgage Application and fill in the form there.

90% Contractor Mortgages with Cashback at Great Rates

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Contractor Mortgages With Cashback

90% Contractor Mortgages with Cashback

Since the Halifax made a special contractor mortgages with cashback offer through our contractor mortgages partner, dozens of first time buyers have taken advantage and shared tens of thousands of pounds at an average of £2,300.

They expect that the offer will come to an end shortly so it is important that contractors get in now if they want to take advantage of the offer.

Contractors have obtained some of the best rates on the market – and got their cashback too. The Halifax are making this contractor mortgages with cashback offer only through our partners, in order to get a one-off big boost to their mortgage business. The offer will disappear soon.

The cash is being given so that first time buyers can cope with the extra costs of moving in. The Halifax are giving cashback of 1% of the total mortgage costs up to £2,500 paid within a month of completion.

Contractor Mortgages with Cashback Rates

They are offering some great rates too for their contractor mortgages with cashback:-

90% for a 2-year fixed mortgage at 3.44%

85% for a 2-year fixed mortgage at 2.34%

80% for a 2-year fixed mortgage at 2.19%

60% for a 2-year fixed mortgage at 1.64%

Arrangement fees are £1,499 for all of the above.

That’s some pretty good rates especially as they can be locked in for 2 years.

Help to Buy Contractor Mortgages

You can also get contractor mortgages with no arrangement fee for smaller amounts borrowed.

You can also get a 95% contractor mortgage using Help to Buy. The deal is also available for new build and affordable housing.

It doesn’t include Buy To Let or mortgages of over £1 million.

Contractor Mortgage Application

You need to lock in this deal quickly though. Get an agreement in principle as soon as you can.

You need to have made a formal mortgage application before this deal ends. Our partners are ready to help you immediately.

Our partners can get you a quote on the every day you apply. If you get an AIP (Agreement in Principle) for the loan it will help when dealing with the estate agents. You may even get a better price than someone who doesn’t have one as you are ‘ready to go’.

Our partner started the specialist contractor mortgages market 10 years ago. Contractors used to find it difficult to get mortgages previously and had to produce three years worth of accounts and got an offer based on their Director’s salary – which made the offer very low.

Now, our partners can get them offer on production of their contract and at a multiple (up to 5 times) of their daily rate annualised ( x 48). They are happy to give you their expert advice free of charge.

Apply for Contractor Mortgages with Cashback

To find out more about the contractor mortgages with cashback offer or to take up the Halifax offer while you can, you should click on Contractor Mortgage Application and fill in the form there.

 

Contractor Mortgages | Which Contractor Mortgage?

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Which Contractor Mortgage

Which Contractor Mortgage?

People often ask us which contractor mortgage should a contractor choose?

What most contractors do is to walk into a high street bank or building society and ask for a mortgage. This is a huge mistake. They will tell you two things:-

1.  You need to produce three years worth of accounts

2.  The contractor mortgage offer will be based on a multiple of your Directory’s salary.

No matter which contractor mortgage you get it would be worse than if you would have got as a permanent employee.

Shock to Contractors

This will come as a shock to contractors – especially those that have been contracting for less than 3 years. Indeed, when I was told the above, a good few years ago, I just gave up for many years looking to own my own house.

I would have been better staying as a permie as I would have got a better mortgage offer. I wished that I had bought a house or flat PRIOR to becoming an IT contractor.

Of course, this was before the days of specialist contractor mortgages. Tony Harris started that market just over ten years ago.

He went to lenders and asked them to fund specialist mortgages for IT Contractors. This took lenders aback and shocked at his temerity in asking for long-term mortgages for people, i.e. IT Contractors, who had insecure jobs. This could be a disaster for them, they thought.

Which Contractor Mortgage for Tony

However, this could potentially be a very lucrative market for them as there were a growing number, now measured in the hundreds of thousands, of IT Contractors in the UK.

So, Tony managed to get one lender to dip their toe (the very edge of their big toe) in the water to test specialist contractor mortgages to see if it would work.

And work it did!

UK Contractor Mortgages articles

UK Contractor Mortgages articles

They found that IT contractors paid their monthly mortgage instalments at least as well as anyone else and didn’t default on their mortgages during hard times.

So, they started lending more IT Contractors money for specialist contractor mortgages. Then Tony started to get other lenders to loan money to IT Contractors after this initial success.

It meant that he was able to get better and better rates for IT contractors as the lenders fought each other to get into this new lucrative market. Remember this when you are considering which contractor mortgage you should get.

Mortgages for All Contractor Now

Within the last couple of years Tony was able to get these lenders to extend loans to all contractors and not just IT Contractors.

The deal he has got with them is much better than the deal that contractors would get if they walked into a high street bank or building society.

The main points of the deal are:-

1.  Contractors would not need three years worth of accounts. All the proof they would need to offer contractors a mortgage would be the contractor’s contract.

2.  The offer would be based on the contractor’s daily rate annualised. That is Daily Rate x 5 x 48 x 4.

Contractor Mortgage Offers

They can now get contractors mortgage offers on the same day that the contractor contacts them.

Indeed they can get first time contractors a mortgage offer on the very first day of their very first contract. It means that they can get the keys to their dream house approximately four weeks after their first day on a contract.

Indeed, in one case they got one first time contractor into his dream house just two weeks after starting his first ever contract.

Tony has so much credibility with lenders now that he can often get contractors mortgages at better than market rates.

Help to Buy Mortgages

With the advent of Help to Buy mortgages, he can get contractors 95% mortgages.

So, which contractor mortgage should you look for – one from a high street bank or building society – or one from a specialist contractor mortgage broker like Tony?

I think that one’s a no brainer!

To find our more about these specialist contractor mortgages click on Contractor Mortgage Application and fill in the form there.