Tag Archives: First Time Buyer

First Time Buyer
The first time buyer contractor can benefit by the use of specialist contractor mortgage brokers.

Contractors, in general, always had a lot of difficulty in getting good mortgage offers.

However, the advent of specialist contractor mortgage brokers has changed that.

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First Time Contractors
It has also been a bonus for first time contractors.

Perviously, contractors would have to furnish three years worth of accounts before a high street bank, or building society, would even consider them.

Many contractors, flush with ther new-found extra earnings, have gone in to see the banks or building socities and been very disappointed to be told to come back in another three years.
Mortgage Offer Based on Director’s Salary
Even when they had three years worh of accounts, there was another huge disappontment awaiting them.

The mortgage offer was based on a multiple of their Director’s salary.

For personal service company contractors that was a huge blow. They deliberately keep their director’s salary low so that they can take their money in dividends.

They would have been better getting a mortgage when they were still working as a permanent employee. They would have got a higher offer.

However, it was too late to know that.

[caption id="attachment_608" align="alignnone" width="225"] Director’s Salary used as base for Contractor Mortgage Offer[/caption]
Specialist Contractor Mortgages Broker
No, it is all changed – as long as they use a specialist contractor mortgages broker.

First time buyers, and first time contractors, can now get mortgage offers based on their daily rate annualised.

They no longer need to produce accounts – merely a copy of their contract – to enable them to get a mortgage.

That’s a huge difference from before.

Now, a first time contractor can get a mortgage offer on the very first say of his very first contract.

Contractors today are not constricted as contractors were in previous days.

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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

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

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.

Help to Buy ISA for First Time Buyers – Contractor Mortgages

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Help to Buy ISA

Help to Buy ISA

Contractors have just had some great news from Chancellor Osborne in his 2015 Budget. He has created a Help to Buy ISA for first time buyers.

The Help to Buy scheme, brought in by the Government has been highly successful. It has provided the feelgood factor that the Government wanted going into the General Election in May.

Previously, lenders were asking for 20% and 25% deposits to first time buyers and they just didn’t have it. First time buyers are crucial for a healthy housing market. Their inability to get into the market was depressing prices.

So, the Government guaranteed 20% of the deposit. This meant that those first time buyers were able to get 95% mortgage again. They did so in droves.

This helped to push house prices up which engendered the Government’s feelgood factor. This, in turn, has brought the Conservatives level with Labour in the polls.

New Help to Buy ISA

Now, the Government has gone further and created the Help to Buy ISA.

It enables first time buyers to be able to save tax-free for a mortgage deposit in an ISA. Not only that, for every £200 a first time buyer saves the Government will add a further £50.

That should help!

Furthermore, it means you are able to increase your deposit by 25%.

It’s a huge boost to first time buyers, including contractors taking out contractor mortgages.

Help to Buy ISA in the Autumn

Said Emilie Heaney, an expert on both the contractor mortgages market and the ISA for contractors market:-

“Contracting first time buyers will be able to start saving in these special ISAs in Autumn 2015. You will need an initial deposit of £1000 to open a H2B ISA and can use it to save for homes worth up to £450,000 in London and £250,000 in the rest of the UK.

“So, your £1000 you will benefit from a £250 uplift from the Government.

“Overall this will be further positive news for the housing market starved of first time buyers with enough of a deposit to take that all important first step and should encourage a generation of new savers and we commend this to the house”.

To get in the queue for one of these new Help to Buy ISA products fill in the form here ISA Form

Rent to Own Scheme proposed by LibDems – Contractor Mortgages

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Rent to Own Scheme for Contractors

Rent to Own Scheme

The LibDems have announced a new Rent to Own scheme before the coming General Election. This is to be implemented between 2015 and the next election in 2020.

It is for first time buyers, especially those who cannot put together the deposit for their first home.

They have designed the new Rent To Own scheme to help new buyers to build up a stake in their homes via renting.

First Time Buyers

Getting started in the market is a huge problem for first time buyers. The typical first time buyer in London will need a deposit of over £60,000 if they wan to buy their first home.

They would pay what they would pay in rent, at a market rate, for 30 years. After that they would own their own home.

There would be something at the end of it for them – ownership of their own home.

Dream of Home Ownership

According to Nick Clegg, the LibDem leader:-

“For working young people the dream of home ownership is increasingly out of reach. Prices are so high renters cannot afford to save for a deposit, which means they can never take that first step onto the housing ladder.

“Rent to Own will mean, regardless of their background and family circumstance, they will be able to make this a dream a reality. This is about building a stronger economy and fairer society, and making sure Generation Rent has the same opportunity to get on in life as their parents and grandparents before them.”

Higher Monthly Payments

It is expected that the monthly payments for Rent To Own will be higher than if they took out a mortgage on the property.

It is being suggested that, in London anyway, it will mainly benefit those on higher incomes.

The Housing associations would build the new houses for the Rent to Own scheme.

The LibDems plan to have 30,000 homes in the Rent to Own scheme by 2020.

Paying Rent

While they will be paying more than mortgage holders for their properties there will still be people who benefit out there.

There are millions of people who have been paying rent on their houses for years out there. The very cost of the rent prevents them from being able to save up for a mortgage deposit.

They might as well have been paying that rent towards being able to own the house after 30 years.

First Time Buyers Property Boom on back of Help to Buy

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Property Crowdfunding for Contractors

First Time Buyers Property Boom

A first time buyers property boom has sent the property market soaring. Prior to the Help to Buy scheme being brought in by the Government, contractors were having to stump up 20% to 25% deposits if they wanted to buy a house or apartment. As you can imagine, most first time buyers could not afford that.

Therefore, these high deposits pretty much excluded first time buyers from the market and they are normally the lifeblood of the property market.

Laws of Supply and Demand

If you cut the demand for a commodity then, if the supply stays the same, the price decreases. Equally, according to the economic Laws of Supply and Demand, if you increase the demand for a commodity, and the supply remains the same, then the price goes up.

That is why house prices were previously falling and now they are rising.

With the addition of first time buyers to the market the demand has increased and so the prices have been rising. This has been because of a first time buyers property boom.

House Prices Rising

Recent figures from the Office for National Statistics (ONS) have shown that house prices rose by 9.% in 2014.

Mortgage lenders have reported that this first time buyers property boom has led to a record level of mortgages sold to first time buyers.

The average house price is now £272,000 – up £22,000 in just a year.

Specialist Contractor Mortgages Market

There’s also a first time buyers property boom in the specialist contractor mortgages market, according to specialist contractor mortgages broker Tony Harris.

He has been getting contractors mortgages for years. You are always better to use a specialist contractor mortgages broker. They can get contractors the best deals.

He can get contractors mortgages based on their daily rate annualised times 4. All they have to do is produce a copy of their contract.

If contractors went to a high street bank or building society they would ask them for 3 years worth of accounts. Any offer would be based on their Director’s Salary too.

To find our more click on Specialist Contractor Mortgages

Contractor Crowdfunding Club

To learn more or to join our Contractor Crowdfunding Club click on Contractor Crowdfunding Opportunities

You’ll hear first about great crowdfunding opportunities and get in ahead of the crowd. Often these opportunities disappear in hours.

 

First Time Buyers Mortgages Bonanza | Contractor Mortgages

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UK Contractor Mortgages articles

First Time Buyers Mortgages

We are seeing a real a boom in First Time Buyers Mortgages. 2015, already, looks like a great opportunity for Contractors to buy their own homes.

Now, our mortgage partners, have announced a new low start mortgage that’s only available here for contractors.

Property Market

Boris Johnson has just announced two new deals which will help First Time Buyers Mortgages and allow Londoners to get on the housing ladder for the first time.

Those who don’t live in London, therefore, don’t qualify for these offers. However, our partners are working on getting similar deals for contractors in other places in the UK.

Indeed, they have great news of another new first time buyers mortgages deal that is available to all contractors in the UK. This comes from a first time buyers mortgages deal they have with a mortgage lender.

Contractor First-Time Buyers Mortgages Deal

Mainly due to the Government’s Help to Buy scheme, the number of first time buyers is up by 50% in just 2 years. the Halifax Building Society say this sector is at a 7 year high. It predicts that 2015 will be even better.

In response to this our mortgage partners have found a contractor-friendly building society who are happy to provide low-deposit first time buyers mortgages.

This great offer is only available to contractors through our mortgage partners. It gives contractors a 5% deposit mortgage with it being interest-only for the first 3 years. That’s a pretty good deal in this market. It goes back to being a repayment mortgage after that.

Low Start Mortgage Deals

The low start mortgage offers:

–  A 3 year variable rate at 4.45% based on a 95% Loan to Value (LTV)
–  Or a 3 year variable rate at 3.75% based on a 90% LTV
–  Interest only for the first 3 years, reverting to repayments thereafter
–  Based on our specially negotiated income measure of annualised contract rate, don’t need to prove your income with 3 years accounts
– £500 arrangement fee that can be added to the mortgage
Free valuation on your chosen property
–  No penalty for overpayments, as long as you don’t repay the full mortgage amount within the first 3 years

First Time Buyers Mortgages Partner

Our mortgage partners don’t charge a fee for arranging your mortgage. Other specialist contractor mortgage brokers charge up to £695 as an arrangement fee. So, you get their advice free.

To find out more, or to apply, fill in the mortgage form on this page:-

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.