Contractor Mortgages: Help to Buy sending house prices soaring

Specialist Contractor Mortgages

95% Specialist Contractor Mortgages are proving very popular with the advent of the Government’s Help To Buy scheme which started in October for existing houses and is due to run for the next few years.

It has really fired up a sagging housing market.

Rising House Prices

Rightmove, which is a property website have said that house prices have gone up by 1% in just the first two weeks of January. That’s an average of £2,406 per property. That’s the fastest they have ever gone up in that period says Rightmove.

House Prices have now gone up by 6.3% in the last year. That’s the highest rate of annual increase since the top of the market in November 2007.

In London it is just going crazy with house prices up by 15% in the past year. Indeed some experts are calling for Help To Buy to be cut short in London in case it overheats the market.

Mortgage Broker

Contractor Mortgages deals are flying off the shelf according to specialist Contractor Mortgages broker Tony Harris.

Normally contractors find it difficult to get mortgages, with high street banks demanding to see three years worth of accounts and making offers related to the contractor’s Director’s salary which is not usually that large.

Because of Tony’s reputation in the marketplace and the good payment record of the contractors that he has got mortgages, he is able to get contractors mortgage offers based on their daily rate and all they need is a copy of their contract.

First Timer Buyers

Indeed he can get first time contractors mortgage offers on their very first day of their very first contract. They can be in their dream house in another 4-6 weeks. One new contractor was even able to get the keys to his dream house within two weeks of his first ever contract.

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

New Help To Buy scheme – big take up

New Help to Buy Scheme

New Help to Buy Scheme

It seems that 2,000 people have already put in offers for houses in the first month of the new Help To Buy scheme set up by the Government. The average price of the properties bid for is £163,000.

It appears that the new Help To Buy scheme is mainly attracting first time buyers. Lenders froze them out of the market when they were asking for deposits of 20% or more.

Over 75% of the applications are from outside London and the South East.

Using the Help To Buy scheme you can get loans needing just a 5% deposit for homes up to a value of £600,000.

First Time Buyers

More than three-quarters of the applicants are first time buyers. The typical applicant is in his or her early thirties.

According to David Cameron “Four weeks in and it’s clear that Help to Buy is already delivering. Seventy-five families every single day have been put on the path to owning their dream home.

“But the best thing about it isn’t the statistics. It’s who is really benefiting. Most Help to Buy applicants are first-time buyers, young and have a roughly average household income.”

It seems that 65% of all mortgage providers have now signed up to the scheme. It will last for three years. After that, it is hoped that lenders will be in a position, with a recovering economy, of being able to give out 95% mortgages by themselves.

How to Apply

We would advise UK Contractors seeking to use the scheme to use a specialist contractor mortgage broker. Because, if you walk into a high street bank they will want three years worth of accounts. Furthermore, they will also base the offer amount on your director’s salary.

The specialist mortgage brokers will get you a mortgage offer based just on your contract and on your daily rate annualised, e.g. Daily Rate x 5 x 48. They can then get you offers of up to 4 times that annualised rate.

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

Help to Buy Explanation for Contractor Mortgages

Help to Buy explanation

Help to Buy Explanation

We give a Help to Buy explanation.

Help to Buy is the new scheme set up by the Government to give the housing market a kickstart. They hope that it will kickstart both the construction industry and also the UK economy. They are taking a risk that it just creates a housing bubble similar to the situation where we got into this mess in the first place.

However, contractors can take advantage of this. It is probably the best time to get a contractor mortgage. There is likely to be a ready supply of new buyers. The laws of Supply and Demand say that if you increase the Demand when the Supply remains the same then there is bound to be a rise in price of the product supplied, in this case UK houses.

Help To Buy

So, how does Help to Buy work?

It was brought in for new houses and flats only in the Budget this year. They were going to bring it in for older houses in January. However, they have now brought that forward to October. So it is ready to go now.

Lenders, previously, were insisting on deposits of 20% or more. So the Government are going to loan housebuyers 20% of the mortgage in a 5-year interest free loan. They guarantee the lenders 15% of the mortgage.

This means that lenders can offer 95% mortgages again. This obviously brings a host of new potential buyers into the market. Indeed it brings in far more first-time-buyers.

Among these are contractors. Tony Harris has been getting specialist contractor mortgages for years, now, at below market rates. He can now get first time contractors mortgage offers on their very first day of their very first contract. What’s more he can get them mortgage offers based on their daily rate annualised, i.e. Daily Rate x 5 x 48 x 4.

How to Apply

For a Help to Buy explanation or to apply for one of these specialist contractor mortgages click on Specialist Contractor Mortgages

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

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

Help to Buy fuels Contractor Mortgage boom

Help to Buy fuels

Help to Buy Fuels

Help to Buy fuels contractor mortgage boom.

Help to Buy, the Government’s new tool to boost the housing market, is helping the Contractor Mortgage market. Tony Harris, an expert in getting contractors mortgages, is seeing the contractor mortgage market go through the roof.

Currently it is only available for new houses. However, from the end of the year contractors will be able to get mortgages for all types of property. With Help to Buy contractors can get 95% mortgages. Previously mortgage vendors have been asking for 20% deposits.

Basically the Government is underwriting the 95% mortgages encouraging people to start buying and selling houses. Their motives are to boost the feelgood factor ahead of the next election in less than 2 years time.

In July house prices rose by 3.3% year-on-year. In June it was 3.3% so it looks s if the market is getting up a head of steam. This looks to be a good time to get in as Help to Buy fuels this market and will help get the market motoring.

Property Prices

There’s still a chance to get into the market outside London and the South East where property prices have only risen by 0.8% in the last year. Any property price rises usually start in London and the South East and gradually spread north from there.

Tony is able to get contractors mortgages at less than the market rate. This is down to his credibility in the marketplace and because previous contractor clients of his have paid back their loans and have not defaulted.

From being seen as risky the track record of contractors in paying their mortgages has meant that new entrants to the mortgage market are getting mortgages at better than market rates.

He gets them mortgages at up to 4 times their daily rate annualised rather than as a multiple of Director’s Pay as high street banks do.

They also don’t need 3 years worth of accounts as they would at a high street ban. All they need is their contract. According to pundits this is a premium time to buy. The Stock Market has already soared but the property market is just starting to get into gear now. Prices will be higher in 3 years time.

Help to Buy fuels this market.

For more info click on Specialist Contractor Mortgages

New First time buyers boosting Contractor Mortgages Market

New First Time Buyers

New First Time Buyers

The return of new first time buyers has given the contractor mortgage market a massive boost. Because the big banks and building societies were insisting on 20% deposits and more new first time buyers were getting squeezed out of the market.

However, with the Government’s new Help to Buy scheme first time buyers are flocking back to the market in droves.

There were 25,100 new first time buyers in May. That’s a massive 29% up on April. It’s an even higher 42% higher than in May last year. The Help to Buy scheme is having a massive effect on the housing market.

Contractor Mortgage Guarantee

The Government are guaranteeing parts of the mortgage to enable people to get 95% mortgages again. It is this that is bringing the new first time buyers back in such massive numbers. It is also causing house prices to head north again.

First time buyers now account for 45% of house purchases. The average since 2007 has been 38%.

Said Paul Smee of the Council of Mortgage Lenders “Although monthly lending is still running at far less than half its typical level during the peak, there is no doubt that the mortgage market is firmly open for business. The borrowing appetite of first time buyers and the availability of attractive mortgages for them, have improved markedly since a year ago.”

Specialist Contractor Mortgage Broker

Contractors looking for a mortgage should avoid the high street banks and building societies. They should contact a specialist contractor mortgage broker instead.

The reason is that those big institutions don’t understand freelancing and ask for 3 years worth of accounts. They also make their offer based on the Director’s salary in their accounts. As we all know contractors prefer to get paid their money in dividends.

Specialist Contractor Mortgage broker, Tony Harris, has been getting contractors mortgages for years using just their contract and basing the offer on the contractor’s daily rate annualised. So a contractor earning £400 a day could get a mortgage offer of up to half a million pounds.

He uses his reputation in the marketplace to get contractors mortgage offers at less than the market rates. To find out more or to get a quote click on Specialist Contractor Mortgages

Contractor Mortgage demand rockets as house prices soar

Contractor Mortgage demand

Contractor Mortgage Demand

Contractor Mortgage demand is rocketing. The average price of houses soared because of different Government initiatives designed to send house prices rocketing before the next election. They are trying to create a feelgood factor.

A survey by Rics shows their members expecting house prices to continue to rise for at least 5 years.

Just last week, the Halifax said that house prices are rising at their fastest rate for 3 years. House prices for the 3 months to the end of June were up 3.7% compared to this time last year.

Help to Buy

This is expected to be just the beginning, as the Government’s Help To Buy scheme starts to kick in. The Government are underwriting part of mortgages now. This is in order to let people get 95% mortgages when lenders were insisting on a deposit of at least 20% before.

This is opening up the market to first time buyers who were locked out before. It is increasing the demand so, when that happens, prices soar according to the economic Laws of Supply and Demand. Contractor Mortgage Demand will keep increasing.

According to Peter Bolton King of Rics “After what has seemed like a very long wait we are finally starting to see what looks like the beginning of a recovery in the housing market”.

“It is important to remember that activity levels still remain depressed by historic standards. However, the various initiatives designed to encourage the provision of finance into the market do appear to be paying dividends.”

Contractor Mortgage Deals

Specialist Contractor Mortgage broker Tony Harris, who has been getting contractors mortgages for years, said that he had never been busier. Contractor Mortgage Demand is going through the roof.

Tony is able to get specialist contractor mortgage deals at rates below the market average. This is because of his credibility with lenders. It’s also because contractors that he previously got mortgages for have not defaulted.

He is able to get them mortgages without having to produce any accounts. All they need is a copy of their contract. He can get them mortgages at up to 4 times their daily rate annualised. This means that contractors on £500 a day can get an offer of close to half a million pounds.

For more information or to get a quote click on Specialist Contractor Mortgages

 

UK Contractor Mortgage rates tumbling as prices soar

UK Contractor Mortgage Rates

UK Contractor Mortgage Rates

UK Contractor Mortgage Rates are tumbling in the UK as a new boom gets under way. The Government’s introduction of Help to Buy, where they will subsidise and underwrite part of the mortgage, has had the effect they desired. It has started to push the property market ahead.

House prices are now rising at the highest rates for years. The Government hope that a rising property market will help boost the economy. More importantly it will give a feelgood factor for the next election. This is bringing UK Contractor Mortgage rates down.

Interest Rates

So, the interest rates for a contractor mortgage have continued to tumble . The average cost for a 5-year mortgage has fallen below 4% for the first time. Before the credit crunch in 2007 the average interest rates for a 5-year mortgage were 6.36%.

It has never been cheaper to get a contractor mortgage. This is a saving over the lifetime of a mortgage of £10,000 in every £100,000 borrowed.

Many pundits are castigating the Government as they say that the Help to Buy scheme will send house prices soaring and create a new property bubble.

The Scheme is expected to last for three years. House prices are predicted to be much higher in three years time than they are now. This is good news for UK Contractor Mortgage Rates.

Fixed Rate Mortgages

At these low rates, contractors are being advised to buy now and take fixed rate rather than variable rate mortgages. 90% of those taking out mortgages are taking fixed rate mortgages compared to 76% just a year ago.

The reason is that fixed rate mortgage rates are now actually cheaper than variable rates for contractor mortgages.

Tony Harris has been getting contractor specialist contractor mortgages for years. He is able to get them at better than the market rates.

Unlike with a high street bank or building society he is able to get them without contractor having to produce any accounts. This can be at up to 5 times their daily rate annualised (48 times their weekly rate).

A high street bank would base the amount on a contractors’ director’s salary.

To get more info, or to apply click on Specialist Contractor Mortgages

Expert Contractor Mortgages going through roof

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

IT Contractor Mortgages demand is soaring

IT Contractor Mortgages demand

IT Contractor Mortgages Demand

IT Contractor Mortgages demand is soaring.

Specialist IT Contractor Mortgages have been available for some time now. Tony Harris has been getting IT Contractors mortgages at very cheap rates for a number of years.

Prior to Tony’s emergence into the market, IT Contractors, when they walked into high street banks or building societies were asked to produce three years worth of accounts.

Usually, when new contractors have had a doubling of their earning capacity when leaving their permanent jobs to become contractors, they want to buy a bigger and better house as they can now afford it.

Specialist IT Contractor Mortgages

However, to produce three years worth of accounts they must have been an IT contractor for at least 4 years. That’s a bit of a killer blow to new IT Contractors. I know it is from my own experience.

It was a big disappointment. By the time I had 3 years worth of accounts the market had moved on. Those specialist IT Contractor Mortgages were not available in those days.

I was also told that the offer would be 3 or 4 times my Director’s salary. As that wasn’t high I would have been better off applying with my permie salary.

Nowadays Tony can get IT Contractors offers based on their daily rate annualised (48 times their weekly rate)

Contractor Mortgage Offer

IT Contractors are able to take advantage of Tony’s credibility with lenders. They also owe contractors who got mortgages through Tony in the past a debt of gratitude for paying back their mortgages and not defaulting.

It means that today’s IT Contractors can get mortgages at better than market rates.

Now, Tony has talked lenders into trusting his judgement even more and he has now negotiated a deal to be able to get any type of contractor or freelancer a specialist contractor mortgage.

This opens up the market to engineers, accountants, doctors etc.

First Time Contractors

Tony claims that he can get a first time contractors on his or her first day on a contract an offer within hours and they should be turning the keys to the door of their dream house in 4 to 6 weeks.

That’s impressive.

Tony tells me that contractor mortgages demand is now greater than it was at the 2007 peak.

That’s impressive too. Mortgages demand remains healthy.

To apply, or get more info, click on Specialist Contractor Mortgages