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
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