5% Contractor Mortgages Deposits Using Help to Buy

5% Contractor Mortgages Deposit

5% Contractor Mortgages Deposits

5% Contractor Mortgages Deposits are now available to contractors using the Government’s Help to Buy mortgage scheme.

Previously, first time buyers, including first time contractors, were priced out of the market as lenders wanted 25% deposits.

They were spooked by the great banking crisis of 2007/8 and were unwilling to lend except to just the very safest borrowers.

As first time buyers are the ones who keep the cogs of the housing market wheels running, it meant that house prices were stagnating.

New Contractors Looking for Mortgages

New Contractors Looking for low-interest Mortgages

Help to Buy Mortgages for Contractors

The Government’s Help to Buy scheme kick-started the property market.

They guaranteed 20% of the loan when someone wanted to buy a house. That meant that the buyers, including contractors, only had to come up with 5% of the money.

Therefore, that meant that a house had to fall by 25% in value before the high street bank or building society took a hit.

It wasn’t the Government who loaned the money to the borrower. It was the lender that did that.

All the Government did was to guarantee 20% of the loan.

First Time Buyers / First Time Contractors Took Advantage

Of course, the Government knew that if first time buyers, like first time contractors, came onto the market again it would send house prices higher . So it would never cost them a penny.

This was indeed what happened.

Therefore, borrowers were happy as it meant that, as they just had to stump up the 5% contractor mortgages deposit. They could afford this.

Lenders were happy also. A house would have to fall in value by more than 25% before they took a hit.

The Government were happy as there was now a feelgood factor in a rising housing market. This helped get them re-elected in 2015.

5% Contractor Mortgage Deposits via Help to Buy scheme

5% Contractor Mortgage Deposits from Help to Buy scheme

Rising Housing Market for Contractor Mortgages

The great thing about it for them was that it didn’t cost them anything. It was a very clever scheme.

The rising housing market took the risk of losses away from them. It meant that those houses and flats, where they guaranteed the 20%, rose in value well away from the threshold where they would lose out if someone defaulted on their mortgage.

That’s the beauty of the Help to Buy scheme. No one loses.

Specialist Contractor Mortgage Brokers

Contractors who want to take advantage of the Government’s Help to Buy scheme and the 5% contractor mortgages deposit should use a specialist contractor mortgages broker.

If they don’t, they risk being asked to provide three years worth of accounts. They would, also, get their offers based on their Director’s salary if they are a personal service company contractors.

By using a specialist contractor mortgages broker, all you have to provide is a copy of your contract as proof as earnings.

You will also get a contractor mortgage offer based on your daily rate annualised. They assume you work 48 weeks of the year and the mortgage lender will loan you 4 times your annual salary. They might even give you 5 times it.

Help to Buy Mortgages for contractors

Help to Buy Mortgages for UK Contractors

Contractor Mortgage Deposits

Obviously, the more deposit that you can put up the better the interest rates you can get.

However, those specialist contractor mortgage brokers can often get contractors mortgage interest rates at less than the market rate.

To find out more about 5% contractor mortgages deposits using Help to Buy, or to apply, please click on Contractor Mortgage Application and fill in the form there.

40% Deposit Interest Free Present to Londoners from Government

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.

90% Contractor Mortgages with Cashback at Great Rates

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.

 

Help to Buy ISA for First Time Buyers – Contractor Mortgages

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

First Time Buyers Property Boom on back of Help to Buy

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.

 

Help to Buy Property Boom sends Housing Market Soaring

Help to Buy Property Boom

Help to Buy Property Boom

House Prices soared by £6,000 just last month in England and Wales boosted by a Help to Buy Property Boom.

That’s up 2.4% in just a month.

There was a fall of 4% in the number of new sellers.

Everyone knows that, according to the Economic Laws of Supply and Demand, if the Demand remains the same and the Supply (of housing) decreases then the price of that commodity (houses) will rise.

So, that’s what has been happening.

Buy To Let Property Owners

It seems that Buy to Let property owners are hanging onto their properties. It also seems that Buy to Let investors are long-term investors and are less likely to sell than other property owners.

With more Buy to Let property owners about, that is decreasing the supply of properties for sale even further and pushing up the price.

With mortgage rates at record lows and the Government helping new property owners to get 95% mortgages, there is a Help to Buy property boom on full flow.

Many people’s houses are earning more than the people who live in them.

Lenders Competing for Customers

Estate Agents are saying that they are seeing the lowest ever level of quality properties on the market. No one is selling except those who have to, as they watch their house prices rise and rise.

Lenders are now having to compete aggressively for customers and UK Contractors are taking advantage and sealing in these great rates. There’s a mortgage war happening at the moment and a Help to Buy Property boom.

Specialist contractor mortgage brokers are getting contractors fantastic rates, at the moment, based on just the production of their contract. They are also getting them 95% Help to Buy mortgage offers based on their daily rate annualised.

For more information see Specialist Contractor Mortgages

Contractor Mortgages market boost from Help to Buy

Contractor Mortgages market boost

Contractor Mortgages Market Boost

There has been a major contractor mortgages market boost from the new Help To Buy programme implemented by the Government.

Of course, we all know that Help to Buy was brought in by the Government to raise the price of houses so that there would be a feel good factor at the next election. People would feel a bit better off if their houses were rising in price.

However, the contractor mortgages market boost that the Help to Buy scheme has produced has been positive for contractors. It has especially allowed new contractors to get on the property ladder.

Banks and Building Societies

Previously banks and building societies were demanding a 20% deposit from those seeking loans. That was keeping first time buyers out of the market. It is first time buyers who are the lifeblood of the market.

The economic Laws of Supply and Demand kick in here. If there are fewer people competing to buy houses then the price will fall. If there are more people competing for houses then the price will rise. Those first time buyers will become second house buyers at some point.

Average house prices for first time buyers rose by 11% last year compared to 9.5% for existing owners.

Help to Buy Scheme

The Government’s Help to Buy scheme has caused this contractor mortgages market boost. Now, new buyers only have to come up with a 5% deposit instead of a 20% deposit. That makes a huge difference and has brought plenty of people into the market.

First time buyers last year paid an average £208,000 for their first homes. A 5% deposit would have come to an average of £10,400 which is easily payable by a contractor. A 20% deposit would come to £41,600. Even contractors would have to wait a while to gather that deposit.

UK House Prices

Existing owners paid an average of £312,000 for a house. UK house prices rose 10% overall last year. With a rise of 10% last year that gives a rise of 21% in two years.

Contractors would be much better to get their contractor mortgages through specialist contractor mortgage brokers as they get better rates and better offers and don’t have to show accounts.

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

Best Contractor Mortgages

Best Contractor Mortgages Rates & Offers

House Prices to Rise by 30%

House Prices to Rise

House Prices to Rise

House prices to rise by 30% according to a new survey due to greater demand.

They are expected to rise by 30% over the next 5 years in the UK according to Rightmove, an online property portal.

House prices in London are expected to rise by 33% over the next 5 years despite signs of a recent cooling.

In the South East, house prices are predicted to rise by 37%. This will be caused by people moving out of the capital into commutable areas where the house prices are less onerous.

For instance, house prices in Southampton and Luton are expected to rise by 43% and 41%. They will rise in Brighton by 41% and Swindon by 40%.

The North West will see the slowest house price rises. However, they will still be up by 24%.

Good Time to Buy

This would be a good time to buy before house prices rise any more.

If you are looking to buy, contractors would be best to get quotes from specialist contractor mortgages brokers. Tony Harris  has been getting contractors mortgages for over 15 years.

For instance, if you walk into a high street bank or building society they will demand to see three years worth of accounts before they would even think of offering you and contractor mortgages.

Furthermore, they would also base their offer on your Director’s salary, which most contractors like to keep low.

Daily Rate Based Offers

Specialist contractor mortgages brokers can get you quotes based on your daily rate annualised. They would calculate your yearly income as Daily Rate x 5 x 48. Furthermore, they would then make you an offer of around 4 times that depending on circumstances.

With Help to Buy you can now get contractor mortgage offers of up to 95%.

It seems that Tony can get first time contractors contractor mortgages offers on the very first day of their very first day contracting. It seems that they can have the keys to their dream homes in just 4 to 6 weeks after starting their first contract.

To find out more about specialist contractor mortgages or to apply you should click on Specialist Contractor Mortgages

95% Specialist Contractor Mortgages now available for all Contractors

Mortgages Now Available

Mortgages Now Available

95% Specialist Contractor Mortgages now available.

For years Tony Harris has been getting specialist contractor mortgages for IT Contractors. This was based on their daily rate rather than their Director’s salary the way a High Street Bank would calculate it.

Also, the contractors wouldn’t have to produce three years worth of accounts like they would have to with a High Street Bank.

He has a deal with a major contractor mortgage provider that uses his credibility with them to get contractors mortgages.

Types of Contractors such as Engineers, Bankers, Oil & Gas Workers, Construction Workers and Media Workers can now benefit from these specialist contractor mortgages now available. They are also available to Freelance Professionals such as Doctors, Nurses, Teachers, Accountants and Business Consultants. This is all based on Tony’s credibility with the lenders and the good business he has brough them in the past.

Previously all lenders based their lending on Director’s Pay. That is a lot less than their daily rate, with the exception of IT Contractors who had this deal before.

Contractor Mortgages Deal

So, how do you get one of these mortgages now available?

Firstly you must be earning a daily rate of at least £300 a day or £75,000 a year – and that’s basically it.

It doesn’t matter how long you have been contracting and you don’t have to produce accounts. Even if you are only a day into your first contract you can still apply. Tony tells me that he would expect you to be walking into your new house 4-6 weeks after you apply. He can get a decision in days.

Any contractor in any sector, no matter their experience, can now get 90% mortgages. They can take that to 95% using the Government’s Help to Buy scheme.

Interest Rates

The interest rates for the various loans are as follows:-

o 60% LTV mortgage at 2.29%,

o 75% LTV mortgage at 2.74%

o  85% LTV mortgage at just 3.74%.

There’s a £999 arrangement fee which can just be added to the loan.

Bigger Loan

In terms of the amount offered, this lender will beat the normal 4 times Director’s salary. They will make it 5 times the daily rate annualised.

So, if you are making £400 a day, that would be an annual rate of  £95,000 to £100,000. This would mean that you could get a mortgage offer of £475,000 to £500,000. You would get that just one day into your first ever contract.

Tony has a dedicated underwriter and case handler. This means he can get you a quote and an agreement in principle within hours of you contacting him. It has happened that contractors are in their new home within a week of their initial enquiry.

Pundits are panning the Government saying that they are going to cause a new housing boom due to their new Help to Buy policy. Furthermore, agents are reporting a major upturn in enquiries since Help to Buy was announced. This appears to be the time to buy or contractors may miss the boat.

How to Apply

To make further enquiries about mortgages now available or to ask for a quote based on your rate fill in the form at Specialist Contractor Mortgages and get your enquiry answered or a quote within a couple of hours or even quicker.

Help to Buy scheme – Can I use it? | Contractor Mortgages

Help to Buy Scheme

Help to Buy Scheme

Would I be entitled to use the Help to Buy scheme?

The government has been under increasing pressure recently to review the Help to Buy scheme as it has been brandished as the catalyst for the so-called ‘housing bubble’. It would be quite damaging if the Chancellor was to turn his back on the Help to buy scheme now. This is because so many first time buyers have now got a foot up on to the housing market across the UK.

Official figures from the Department of Communities and Local Government have announced that approximately 74 borrowers are purchasing a house through Help to Buy on a daily basis.

Help to Buy Mortgages for contractors

Help to Buy Mortgages for UK Contractors

Specialist Contractor Mortgages

The Help to Buy scheme has enabled many prospective buyers who have been stuck on the sidelines of the property market. This is because they are unable to put together the necessary deposit. The average deposit put down by a borrower on the Help to Buy scheme was £13,031 in April. This compares to the average deposit of £61,325 from a buyer not using the scheme.

As a Contractor you too can benefit from this excellent scheme. There are certain criteria to meet in order to qualify. Equity loans are available to both first time buyers and home movers on new build homes in England. This is for a purchase price up to £600,000.

Who Is Eligible?

However, you would not be eligible if you already own a property. Also, you cannot sub-let the property. You require a 5% deposit. The Government will give you a loan up to 20% of the price. You will need to obtain a mortgage to cover the remaining 75%.

Please click on Specialist Contractor Mortgages. Then fill in the contact form for further details of the Help to Buy scheme rates. They’ll give you the current Halifax free valuation offer.