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

Contractor Mortgages scramble as house prices soar

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.

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

Government Help to Buy Scheme makes one-way-bet

Government Help To Buy scheme

Government Help to Buy Scheme

The Government Help To Buy scheme  is sending the number of Contractor Mortgages soaring to even greater heights than the peak of the boom in 2007. The Government Help to Buy scheme is where the Government underwrites 20% of the mortgage so that customers can get 95% mortgages again.

The Government are doing it to boost the housing market and the economy. Most of all, though, they are doing it to increase the feelgood factor and get themselves re-elected.

Pundits have criticised the Government saying that the Government Help to Buy scheme will create a housing boom. However, that is what the Government intended.

House Price Increases

Nationwide have just released figures showing that house prices have increased by 4% in the first six months of the year. In London house prices are now 5% above what they were at the peak of the boom in 2007. The rest of the country is still 9% below that peak.

There has never been a better time to buy, though, with the Government committed to fuelling a house price boom. The Government Help to Buy scheme is to last for 3 years at which point a recovering economy should keep prices moving ahead.

Interest rates have never been lower at around 4% for a mortgage. This is definitely the time to go for a fixed-rate mortgage.

Specialist Contractor Mortgage Brokers

It is also better to use specialist contractor mortgage brokers. They are much better at getting contractor mortgages than the high street banks or building societies. Contractors don’t have to produce three years worth of accounts but merely their contract.

Indeed they can get these specialist contractor mortgages on the very first day of their very first contract.

They can get a quote of up to 4 times their daily rate annualised (daily rate x 4 x 48). Most banks and building societies, who don’t have experience of contractors, base it on Director’s salary.

To get more information or to ask for 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