Best Contractor Mortgage Rates

Best Contractor Mortgage Rates

Best Contractor Mortgage Rates

You usually get the best contractor mortgage rates from using specialist contractor mortgages brokers.

High street banks and building societies usually look upon contractors as a risk. To their minds, contractors don’t have regular income like a permanent worke doesr.

So, if you walk into one of those looking for the best contractor mortgage rates you are going to be disappointed. It is usually the case that contractors have to provide three years worth of accounts to them. Furthermore, they base the offer that they give the contractor on their Director’s salary. That doesn’t get you much.

Specialist Contractor Mortgages Brokers

Because they are considered a risk the mortgage rate they are offered is usually quite high. So, that’s why contractors should use specialist contractor mortgages brokers if they want to get the best contractor mortgage rates.

They can even use Help To Buy to get contractors offers of up to 95% of the property value.

One such specialist contractor mortgages broker is Tony Harris. He has been getting IT Contractors mortgages for over 10 years. Now he is able to get all sorts of contractors mortgages.

Best Contractor Mortgage Offers

He can get the best contractor mortgage rates because he has built up credibility over the years with lenders. Contractors have helped him get this credibility by contractors paying their mortgages regularly. They have not defaulted on their mortgages.

So, that’s why Tony is able to get the best contractor mortgage rates for contractors. He can also get offers based on their daily rate. Multiply your daily rate by 5, then 48 and then 4 to get what your likely mortgage offer is likely to be.

Often the offer is better than market rates. Thank your fellow contractors for giving Tony his credibility so that he can get you the best contractor mortgage rates.

The other great thing is that he is able to get the best contractor mortgage offers just on production of your contract. You don’t have to produce three years worth of accounts.

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

Best Contractor Mortgages

Best Contractor Mortgages Rates & Offers

Best Contractor Mortgages Deals for UK Contractors

Best Contractor Mortgages Deals

Best Contractor Mortgages Deals

The Best Contractor Mortgages deals can be got from Specialist Contractor Mortgages brokers in the UK.

The Foolish Contractor walks into a high street bank or building society to ask for a contractor mortgage. The bank or building society tell him or her:-

1.  As you are a contractor and your income is not as secure as that of a permanent member of staff, we would have to get three years worth of accounts from you

2.  We will base any offer to you on your Director’s Salary.

Foolish Contractor

Many years ago, I was a foolish contractor. I didn’t know about specialist contractor mortgages brokers in the UK. I simply decided that I would have to wait a few years to get a mortgage for a house or flat. However, it wouldn’t be a great place I could afford if it was only based on my Director’s salary.

So, I continued to waste tens of thousands of pounds by continuing to rent.

However, if I had known about specialist contractor mortgages brokers like Tony Harris all those years ago I would be much richer now. Tony has been getting the best contractor mortgages deals for years.

He started by getting specialist contractor mortgages for IT Contractors. Now he can get those specialist contractor mortgages for all contractors.

Initially lenders were wary about lending to contractors. However, Tony managed to talk them into dipping their toes in the water.

Now, because those initial contractors have paid up on their mortgages and very few have defaulted, Tony has great credibility with the lenders. He can often get contractor mortgage offers at better rates than the marketplace.

Crucial Factors

However, here are the two crucial factors:-

1.  He can get contractor mortgage offers based on their daily rate annualised (daily rate x 5 x 48 x 4).

2.  He can get the quote just on production of the contractor’s contract, rather than the lender having to see 3 years worth of accounts.

In other words, he can get the best contractor mortgages deals on the marketplace for his contractors. Furthermore, he can get new contractors the best contractor mortgage offers on the very first day of their very first contract. This has revolutionised the contractor mortgages market.

Best Contractor Mortgages Deals

To find out more info or to get the best contractor mortgages deals and a quote click on Specialist Contractor Mortgages

Remortgage Deals | Cracking one-off rates for Contractors

Remortgage Deals

Remortgage Deals

There are a number of cracking remortgage deals for contractors at the moment.

Remortgage rates are at record lows as Lenders enter in to a price war in the run up to Christmas. It is a desperate bid by lenders to improve their lending stats before they have to show their books to the City. This is following a relative lending drought post MMR last spring.

As such, Contractors are in the ideal position to cash in and get remortgage deals on to a two-year fixed rate. This will enable them to ride out the widely predicted base rate increases expected in 2015.

Competitive Remortgage Deals

One contractor friendly Lender has launched a range of highly competitive remortgage rates which are based on contract rate alone. So you avoid the hassle of proving your income using company accounts.

You can, often, borrow more than your permie colleagues. Depending on how much equity you hold in your property you can access the following rate:-

– 60% LTV on a 2 year fixed rate at 2% with a £999 arrangement fee.

– 75% LTV on a 2 year fixed rate at 2.29% with no arrangement fee.

– 85% LTV on a 2 year fixed rate at 2.69% with no arrangement fee.

Remortgage Deals Only

All of these rates are available on remortgage only. They are to supplement the first time buyer rates which Halifax launched last week from as little as 2.99% at 90% LTV.

However, this is likely to be a flash sale. This is because when they release rates during a price war, they rarely stay around for long as Lenders test the market before stabilising their product book.

Contractors should act quickly to secure these competitive rates. They can then ride out the possible base rate rises and uncertainty that may be on the horizon for next year.

You are best to get contractor mortgages through specialist contractor mortgage brokers.

To find out more about these astonishing remortgage deals you should click on Specialist Contractor Mortgages and fill out the form there.

Astounding Mortgage Price War for Contractor Mortgages

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.

Mortgage Market Review | Contractor Mortgages unaffected

Mortgage Market Review

Mortgage Market Review

If I decide to move house, will I risk missing out on a property due to the Mortgage Market Review (MMR) regulations?

Since the Mortgage Market Review was introduced on 26th April, typical high street Lenders have pushed back completion dates by weeks.

Many borrowers have failed to comply with the now much stricter affordability assessments. This has undoubtedly put some individuals off of even attempting to apply for a mortgage. However, this needn’t be the case.

Specialist Contractor Mortgages

Your Contractor status places you in a far stronger position. This is because you do not need to secure your mortgage through the local branch of your high street Lender. That is where the problems have been arising. Specialist Advisers such as Tony Harris use their contacts in the various Lenders underwriting departments, to ensure your application is processed quickly and smoothly.

They will expertly package your application to ensure that it is fully Mortgage Market Review compliant. Therefore it makes it easier for the Lender to process it. As such, Contractors are finding they are completing on purchases when others are failing.

Mortgage Market Review and Specialist Contractor Mortgages

Indeed the Mortgage Market Review is giving contractors the jump on other mortgage applicants. Contractor Financials are able to get specialist contract mortgages for contractors at better rates than the marketplace. That’s as well as getting them more easily.

If contractors walked into a high street bank or building society they would have to produce three years worth of accounts. Also, they would get a quote based on their director’s salary. As we all know, contractors like to keep that low so that they can take as much as possible in dividends.

If you want more information or to apply for a specialist contractor mortgage click on Specialist Contractor Mortgages

Halifax offer free valuation fees to home buyers – Contractor Mortgages

Halifax Offer of Free Valuations

Halifax Offer

Contractors can now take an advantage of a Halifax Offer just for them.

House prices are continuing to rise. The average house is now worth 10.9% more than a year ago at £183,577.

The Independent Financial Advisers at ContractorFinancials have noted that all areas of the UK are experiencing this upturn in the housing market. It is not just confined to London and the South East.

According to Nationwide, in April buyer enquiries increased across the UK. Even more notably they also increased outside of London and the South East.

In fact the North West, North, the South West and East Midlands saw the most buyer enquiries. So, irrespective of where you live in the UK, the time is right to move onto or up the property ladder.

Moving House

As there are so many hidden costs involved in moving, can I actually afford to move?

Moving house can be an expensive process. Fortunately the specialist Advisers at ContractorFinancials are able to source which Lenders are offering the best value deals available to Contractors.

Free Valuation Fees

An exciting cost saving currently being offered by the Halifax is free valuation fees to home buyers. This is available to both first time buyers and home movers.

– The free valuation fees applies to all home buyers with a mortgage of £200,000 and above on selected products.
– The Halifax will refund your valuation fee if the initial purchase falls through.  You can still complete on another property with the Halifax.
– This offer is for a limited time only.

Save Hundreds of Pounds

This offering by the Halifax can save Contractors hundreds of pounds in free valuation fees. That can make a big difference when you are saving for a deposit.

If you want further information, or want to apply for one of these mortgages with Free Valuation Fees, you should click on Specialist Contractor Mortgages

No Stamp Duty for first time buyers – Contractor Mortgages

No Stamp Duty

No Stamp Duty

The Halifax has launched a mortgage with no stamp duty for first time buyers.

Stamp duty acts as a significant barrier for potential homeowners. So, Chancellor George Osborne is under pressure to do something in his budget to help cash strapped first time buyers and movers with this most hated tax. Contractor friendly Lender Halifax have taken matters in to their own hands. They have launched a headline grabbing offer for first time buyers.

If you are purchasing a property up to the value of £250,000, you won’t need to pay stamp duty on certain mortgage rate schemes. So, this could reduce your buying costs by as much as £2,500. If your chosen property is under £125,001 then Halifax will pay £250 cash back. This is despite the fact that your property wouldn’t be liable for stamp duty tax.

Halifax have run similar schemes in the past that have helped over 14,000 first time buyers onto the ladder. So the Lender is expecting to see similar figures this time. If other lenders jump on the bandwagon then Osborne may end up with little say in the matter. The market would rally to allow thousands more buyers to purchase without stamp duty costs.

The real cost of stamp duty

Each year, more and more first time buyers are being pushed in to the stamp duty bracket as house prices edge up.

According to LSL, the average purchase price for first time buyers in January was £155,832. This was 16.4% higher than the same time last year.

In line with this increase in house prices, the average deposit that a first time buyer must save has also risen. It is now £500 higher at £27,519. This represents 75.1% of a first time buyer’s income. This is according to figures released in January 2014. So saving extra funds to cover stamp duty adds a huge additional financial burden and could delay a potential purchase.

Figures from TSB suggest that 22% of first time buyers don’t take the cost of stamp duty into account when they make an offer on a property. This could leave these potential homeowners in the awkward position of finding up to an extra 3% of the property value before completion. This may be a struggle for cash strapped first time buyers.

Contractor Mortgages from Halifax

With just a 10% deposit, and a £999 arrangement fee, first time buyers can access a 2 year fixed rate mortgage at 4.79%. If you can provide a larger deposit of around 15%, you will be able to access a 2 year fixed rate at just 3.04% with a £1499 arrangement fee. These competitive Contractor Mortgage rates are available immediately to first time buyers. The arrangement fee can be added to your mortgage in both cases. So you won’t need to pay it upfront.

There is no stamp duty.

You can also access the stamp duty offer if you are applying for a 95% mortgage from the Halifax Help to buy product range. This is great news for those Contractors that have struggled to save a large deposit.

Looking for a larger property or your next move? If you are buying a property over the value of £250,000 or are an existing homeowner looking to move, you won’t qualify for the stamp duty incentive from Halifax. However, you can access a wide range of competitive Contractor Mortgage rates.This includes a special rate with the Lender. This entails a fixed rate mortgage for 2 years at 1.79% with a £1499 fee if you have a 40% deposit.

Halifax are not the only Contractor friendly Lender so it is worth consulting a Contractor specialist Independent Financial Adviser. They will search the whole of the market to find the best rates available to suit your individual circumstances.

Contractor Mortgages Broker

Tony Harris is a Specialist Contractor Mortgages Broker. He has a special relationship with the Halifax. Therefore, he is able to get contractors better rates than they would get on the marketplace. He is able to do this because of the credibility he has built up with them. This is mainly because the contractors that he sends to them have paid up on their mortgages and not defaulted.

Normally if you approach a building society, or high street bank, on your own, as a contractor you will be told that you need three years worth of accounts. Furthermore, you will only get a mortgage offer based on your Director’s salary.

Contractor Mortgage Offers With No Stamp Duty

This wouldn’t be worth having. However, because of Tony’s credibility with the Halifax he can get mortgage offers for contractors just on production of their contract. Indeed, first time contractors can get specialist contractor mortgage offers on their very first day of their very first contract. He can also get them quotes based on their daily rate annualised (daily rate x 4 x 48 weeks) rather than Director’s salary.

This Halifax one is with no stamp duty.

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

Specialist Contractor Mortgages loans soaring with Help to Buy

Contractor Mortgages Loans

Specialist Contractor Mortgages

UK Contractor Mortgage Boom

UK Contractor Mortgages are in great demand with specialist contractor mortgages loans brokers being run off their feet with demand due to Help To Buy.

Previously, lenders who were insisting on 20% and 25% deposits were keeping first time contractors out of the market.

However, the Government’s Help to Buy scheme has allowed contractors to get 95% specialist contractor mortgages loans.

Contractor Mortgages UK

According to the Nationwide Building Society, house prices rose by 0.6% in February alone. That is an annual increase of 9.4% since February last year.

A lot of this is down to the Government’s Help To Buy programme.

Specialist contractor mortgages loans brokers are able to get contractors mortgage quotes within a day or two of being approached.

Furthermore they don’t have to produce 3 years worth of accounts like they would if the contractor walked into a high street bank or building society.

Furthermore, still, they would base their quote on the contractor’s daily rate rather than their director’s salary as a high street bank or building society would.

Contractor Mortgages Loans

So, is the Government creating an artificial bubble in contractor mortgages loans? Certainly the Government want house prices higher to create a feelgood factor before the elections next year.

However, average house prices are still lower than they were in 2007 when the credit crunch hit so they are more affordable than they were then.

Contractor Mortgages Loans Rates have fallen by almost a full percentage point since October when the Government brought in Help To Buy as more and more lenders compete with each other to provide specialist mortgages for contractors.

Contractor Mortgages Boom

We are experiencing the fastest rate of house price growth for 4 years.

The average house price is now £3177,846. That’s still 5% behind what they were 7 years ago.

Lower interest rates and higher consumer confidence in the economy are likely to underpin this market.

Also, builders are building fewer houses. The number of houses built last year was 38% below 2007’s level. So more people are chasing fewer houses which forces prices higher.

House builders are reporting doubled profits with this new surge.

Contractors are piling in to these specialist contractor mortgages loans deals before house prices rise more.

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

and Contractor Mortgages Advice

Contractor Mortgages – 95% mortgages trebled with Help To Buy

95% Mortgages

95% Mortgages for Contractors

The number of 95% mortgages available in the marketplace has trebled since the Government’s Help To Buy scheme was brought in during October. This has had a knock-on effect on UK Contractor Mortgages. Contractors are scrambling to get specialist contractor mortgages before the prices rise too high.

Not only that, the lenders are scrapping amongst themselves to use the Help To Buy scheme to sell those low deposit mortgages. This has resulted in the effective loan rates coming down a full percentage point since Help To Buy was introduced.

That’s saving the average buyer £1,200 a year in interest payments for houses averaging £150,000. When it comes to contractors that amount would be higher.

Contractor Mortgages in the UK

According To Genworth, buyers who want 95% mortgages via Help to Buy now have 132 different deals available to them. It seems that, since Help to Buy was introduced, lenders have cut the best rates from 5.48% to 4.69%.

That’s a fair bit of money for a contractor who is buying, say, a £300,000 house. Help To Buy allows first time contractors the opportunity to get a specialist contractor mortgage at a decent price.

Contractors still have a problem, when they go to a high street bank or building society. They ask for three years worth of accounts. They also base the quote on their Director’s salary, which they deliberately keep low. I found this problem all those years ago when I started contracting.

Specialist Contractor 95% Mortgages

Contractors today are luckier as there are now specialist contractor mortgages brokers, like Tony Harris. They have credibility with lenders in the marketplace. That’s due to the good behaviour of contractors for whom he previously got mortgages, in terms of making their payments and not defaulting.

Tony can get contractors 95% mortgages via Help To Buy on production just of their contract. Furthermore he gets them a quote based on their daily rate annualised. For instance a contractor on £400 a day could get an offer of up to £384,000.

To find out more, or to apply, you should 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