Tag Archives: Contractor Mortgage Loans

Contractor Mortgage Loans
Contractor Mortgage Loans | Contractors are more likely to get loans from lenders if they use a specialist mortgage broker. They’ll get the best rates too.

Only a few mortgage lenders are set up to deal with contractors.

Most high street banks and building societies will demand three years worth of accounts and make mortgage offers based on the contractor’s Director’s Salary.

As contractors keep this deliberately low to take most of their money in divdends, which are taxed at a lower rate, then this is a huge handicap.

[caption id="attachment_623" align="alignnone" width="259"] Contractor Mortgage Loans at best rates[/caption]
Specialist Contractor Mortgages Brokers
They can’t get any decent mortgage offers – unless, of couse, they use a specialist contractor mortgage broker.

These brokers can get contractors mortgage offers that are better than any interest rate that they would get in the marketplace.

They would also get contractors mortgage offers based on their daily rate annualised rather than just their director’s salary.
Contractor Mortgage Offers
All the proof they need is the contractor’s contract rather than needing to show a business history of three years accounts.

Indeed, they can get contractors mortgage offers on the first day of a new contract.

[caption id="attachment_615" align="alignnone" width="199"] Home Buyers Wanting Contractor Mortgages[/caption]

They can even get first buyer contractors mortgage offers on the very first day of their very first ever contract.

How times have changed – unless the contractor walks into a high street branch or building society, of course.

Contractor Mortgage Loans are now available to contractors through specialist contractor mortgages brokers.

Specialist Contractor Mortgage

Posted on June 19, 2016 by admin

Specialist Contractor Mortgage

You should always get a specialist contractor mortgage rather than walking into a high street branch.

Many contractors make the mistake, when looking for a mortgage, of walking into their local High Street bank or building society and asking for a mortgage there.

What happens is that the lender is not used to dealing with contractors and has no specialist contractor mortgages. They then tell the contractor that they need to produce three years worth of accounts. Usually you must be a contractor for at least 4 years to have those.

If the contractor can’t provide those then that is a deal breaker. The contractor goes away believing that he, or she, has to wait a few years before applying for a mortgage.

Based on Director’s Salary

Even if the contractor has more than four years’ experience and can produce the accounts, the next obstacle that they face is that the high street bank or building society only count the amount that the contractor is paid as a director. They then multiply that annual salary by 3 or 4 to work out how much they should loan the contractors.

As we all know, contractors like to pay themselves as little as possible so that they can take more of their money in dividends.

What the contractor should have done is to contact a specialist contractor mortgages broker.

Daily Rate Annualised

They have a good reputation with those who loan money. So, they can get contractors a mortgage without having three years of accounts. This is very useful. That’s because one of the times when contractors want to buy a house is when they first start contracting and have more spare money.

The second way that the specialist contractor mortgages broker can help is that they can get contractors mortgages based on their overall income. It is based on their whole daily rate translated to an annual amount.

The multiple is on that sum and not on their director’s salary. This makes a huge difference on the mortgage offer.

So, it’s always wise to get a specialist contractor mortgage.

Here’s one of those Specialist Contractor Mortgages

Best Contractor Mortgage Rates

Posted on December 28, 2014 by admin

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 Rates & Offers

Astounding Mortgage Price War for Contractor Mortgages

Posted on October 13, 2014 by admin

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.

95% Specialist Contractor Mortgages now available for all Contractors

Posted on August 29, 2014 by admin

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.

Mortgage Market Review | Contractor Mortgages unaffected

Posted on June 9, 2014 by admin

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

Posted on June 4, 2014 by admin

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

Specialist Contractor Mortgages loans soaring with Help to Buy

Posted on February 28, 2014 by admin

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

UK Contractor Mortgages surge in new Help To Buy boom

Posted on January 29, 2014 by admin

95% UK Contractor Mortgages Surge

There’s been a contractor mortgages surge in the UK because of Help To Buy.

The demand for specialist contractor mortgages in the UK is soaring according to new figures. It seems that the average cost of a house in the UK is now £176,491 – up 0.7% in December from the previous month. It was predicted to rise by 0.6%.

Year on year, house prices were up by 8.8%. Tony Harris, a specialist contractor mortgages broker in the UK, is seeing contractor mortgages surge way above what it was even in the peak years up to 2007.

So, house prices are now just off their 2007 peaks – 4% off to be precise.

According to Howard Archer and economist at IHS Global Insight, “It is evident that the strength in house prices is spreading. This can only fuel concern that a new housing bubble could really develop in 2014.”

Help To Buy

It is the Help To Buy scheme that the Government has introduced that has caused this contractor mortgages surge in prices. It started in October and will remain in place for the next three years.

Prior to this, lenders were asking for deposits of 20% to 25% of the price of a house. This was keeping first time buyers out of the market.

Now, via its Help To Buy scheme, the Government is guaranteeing and subsidising the difference. That’s so that people can now get 95% mortgages again. This is fuelling a contractor mortgages surge.

UK Contractor Mortgages

This is causing an especial surge in the demand for specialist contractor mortgages in the UK. The 20% deposits had been a major problem for new contractors, who were now earning large sums of money. Many of them haven’t been saving long enough for a 20% deposit.

Tony Harris is able to get UK contractors mortgage offers on the very first day of their very first contract. All they need is their contract as guarantee and having contractor mortgage offers based on their daily rate x 5 x 48. The lenders then multiply this by up to 4, depending on their credit record, for the contractor mortgage offer.

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

Race to beat Funding for Lending Cap

Posted on December 3, 2013 by admin

Funding for Lending Cap

The race is on to beat the Government’s Funding for Lending Cap on Specialist Contractor Mortgages. The Government had loaned the big lenders funds so that they could loan money to businesses to help the country out of the downward spiral.

Banks hadn’t been lending, which was hitting the economy, so the Government stepped in to guarantee loans to small businesses.

However, instead of using that money to loan to small businesses, the bulk of the money was used by the banks to fund mortgages.

Help to Buy

The Government exacerbated this by the launch of the Help to Buy. The Government would guarantee 15% of a 95% loan to those buying new houses. This was to help boost both the construction industry and the housing market. It also brought first time buyers into the market for the first time in years.

They have extended it to all buyers now. It was supposed to come in during January but they brought it forward 3 months to October. Tony Harris, a mortgage broker for many years in the contractor market, saw a steady flow of contractors taking up specialist contractor mortgages deals.

House prices have started to rise boosted by more buyers entering the market.

End of Funding for Lending

Now, shortly, the Government will pull one of the planks away. In February, the Government will bring in a Funding for Lending Cap for lenders giving mortgages. They will still be able to tap Funding for Lending to loan to small businesses but not to those wanting to buy houses.

There will still be the other pillar of Help to Buy but there will be less monetary help from the Government in terms of Funding for Lending. There is still, of course, a window of opportunity between now and the start of February. It is predicted that loan rates may rise after that. That’s because there will be less money to loan to the same amount of mortgage seekers.

Closing Window

Contractor Mortgages are still available at the old rates. Lenders can still tap that money for now – but the window is closing.

For more information on getting Specialist Contractor Mortgages you should click here

To get a quote for Specialist Contractor Mortgages you should click Specialist Contractor Mortgages

Specialist Contractor Mortgages broker predicts a boom year ahead

Posted on November 9, 2013 by admin

Specialist Contractor Mortgages Broker

Specialist Contractor Mortgages broker, Tony Harris, sees a boom year ahead in 2014. Tony, who has been getting contractor mortgages for years at better than market rates, said “The market could be flying next year as there’s a heck of a lot more optimism”.

Tony is the first port of call for contractors whom the hight street bans have put off when they demand three years worth of accounts and only giving quotes of a multiple of their directors’ salaries, which are deliberately kept low to avoid tax.

Help To Buy

The big show in town now is Help To Buy. It is this that has set the market in motion with house prices already heading north. For years lenders weren’t lending except to people who could put up 20% or 25% of the money. That kept first time buyers out of the market and they are crucial to the housing market.

Now the Government is guaranteeing 20% of the money. That means that lenders can now offer 95% mortgages again So, that brings a lot more people into the market. The economic Laws of Supply and Demand say that if you increase the Demand and the Supply stays the same then the price of a commodity (in this case houses) will rise.

Help to Buy will be in place for three years so house prices are expected to soar. A recovering economy will also send house prices north.

Under Starters Orders

Phase 1 of the Government’s plan was to only offer the help with new houses. This was to help boost the construction industry as well as the housing market.

They were going to bring Help To Buy Phase 2 in on January 2014 for existing houses. However, they have brought it forward to October 2013. Buyers are now under starters orders and hoping to get in before house prices head further north.

With Tony’s credibility as a specialist contractor mortgages broker with lenders he can get contractor mortgages quotes from brokers almost immediately. All he needs is a copy of the contract rather than three years of accounts. He also gets contractors mortgages based on their daily rate annualised (daily rate x 5 x 48 x 4) rather than based on their directors’ salary. He can get first time contractors quotes on their very first day of their very first contract.

For more info, or to get a quote from a specialist contractor mortgages broker, fill in the form here Specialist Contractor Mortgages

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