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Contractor Mortgage Payments
Continuous contractor mortgage payments byprevious IT Contractors have ensured that the present generation of all types of contractors have access to a lot of great mortgage deals.

Contractors were considered too risky to loan to by banks and building societies, not so long ago, prior to one bank dipping its toe in the water and risking making mortgage offers to IT Contractors.

These early contractor mortgagees are unwitting heroes to the whole of the contractor profession.

[caption id="attachment_626" align="alignnone" width="259"] Contractor Mortgage Payments kept up[/caption]
Kept up Monthly Mortgage Payments
Because they kept up their monthy mortgage payments, and didn’t default on their mortgages, mortgage lenders changed their opinions on the risks associated to lending money to UK contractors.

Some lenders now loan money to contractors just on production of their contracts rather than asking for several years of accounts.

They also make offers based on the contractor’s daily rate annualised rather than on their director’s salary.
Specialist Contractor Mortgage Brokers
Of course, it is stil very much the minority of banks and building societies who loan on this basis to UK contractors.

That is why contractors should use specialist contractor mortgage brokers who have relationships with those bansk and building societies who do.

[caption id="attachment_593" align="alignnone" width="225"] Specialist Contractor Mortgages Deposit[/caption]

Indeed, often the banks and building societies craft their mortgage offers to contractors just for them and only offer them to contractors through those specialist contractor mortgage brokers.
Better Contractor Mortgage Interest Rates
Because those early IT contractor mortageg guinea pigs were so good at paying their monthly contractor mortgage payments, there are two main outcomes:-

Mortgage lenders have expanded the market to all contractors in the UK
Contractors can often get interest rates better than can be got on the marketplace just because they are contractors. That’s a big change round.

So, make sureyou use one of these specialist mortageg brokers to get you a mortgage.

[caption id="attachment_402" align="alignnone" width="200"] Specialist Contractor Mortgages brokers[/caption]

Contractor Mortgage Offers

Contractor Mortgage offers can vary greatly. Indeed if you went into a high street bank or building society they would base it on your Director’s salary. We all know that wouldn’t lead to great contractor mortgage offers.

They may not even give you an offer as they need three years worth of accounts as well.

If you go to a specialist contractor mortgages broker like Tony Harris, contractor mortgage offers are based on your daily rate annualised. That’s much better, isn’t it?

It’s basically Daily Rate x 5 times 48 times x 4. The last figure would be up to 5 depending on circumstances and how much deposit you put down.

However, a very rough figure would be got at for your contractor mortgage offers by multiplying your hourly rate by Â£7,200.

Example Offers Based On Rates

Hourly Rate – Offer

£20 – £144,000

£30 – £216,000

£40 – £288,000

£50 – £360,000

£60 – £432,000

Indicative Guide

It has to be said, again, that this is very rough and depends on your circumstances what your contractor mortgage offers are.

However, it is an indicative guide as to what you can get. Through specialist contractor mortgage brokers like Tony, you can get a mortgage offer within hours of the very first day of your very first contract.

There didn’t used to be specialist contractor mortgage brokers when I started contracting and I was ‘blown off’ by building societies and high street banks when I went looking for contractor mortgage offers. The three years of accounts needed were a killer.

Specialist Contractor Mortgages

However, Tony persuaded banks and building societies that there was a lucrative new market for them in loaning money to contractors. They dipped their toes in the water. When the contractors kept up to date with their mortgage payments and didn’t default, it gave Tony lots of credibility with the loaners.

Since then he’s been able to get more and more contractor mortgage offers for more and more contractors. It’s at good rates too.

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

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.

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

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