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.
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.
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.