Category Archives: Contractor Mortgage Rates

Contractor Mortgage Rates
Contractor Mortgages rates are usually lower than those for the general public because of the credibility of contractor mortgage brokers.

It used to be that contractors would have to produce three years worth of accounts and get an offer based on their director’s salary.

Now they get offers based on their daily rates annualised and just on production of their contracts.

This is becasue of the advent of specialised contractor mortgage brokers who understand the contractor marketplace.

[caption id="attachment_587" align="alignnone" width="259"] Contractor Mortgage Rates through specialist brokers[/caption]

Contractor Mortgage Offer – how much can you get?

Posted on June 19, 2016 by admin

So, How Much Can You Get

The questions contractors ask is how much can they get when applying for a specialist contractor mortgage.

Tony Harris is a specialist contractor mortgages broker. He has successfully got contractors mortgage offers for years, way above what a high street bank would get you. We ask him how much a contractor can get on his contractor mortgage offer and how it is worked out.

Tony, how much of a contractor mortgage offer can you get a contractor? Is it related to the amount you pay yourself from your company? Can you get a contractor mortgage offer based on the total amount of the contract? Say I was earning £400 a day but paying myself £150 a day? How much of a contractor mortgage offer could you get me?

Tony’s reply on Contractor Mortgage Offer

“Our specially negotiated contract based underwriting uses your hourly or daily rate to work out how much you can borrow This is irrespective of how much you physically draw out for yourself.

“We simply take your daily rate of £400 and work out what your annualised rate would be if you worked at this level for five days a week and 48 weeks of the year.

“The lender will then specify what multiple of this they are willing to lend. However, it is usually around four times annual contract rate.

Contractor Mortgage Offer from Contract

“This means you could secure a mortgage of £384,000 despite only paying yourself £150 a day.

“You don’t have to have an annual contract to receive this amount. The lenders we use understand our niche clients. They appreciate that you are highly likely to secure another contract as soon as the current one has ended. So even if you only have a three-month contract, we should be able to secure you a mortgage”.

Director’s Salary

That’s pretty good and a lot more than a bank or building society would offer you. They would only take the Director’s salary you draw. They offer contractor mortgages based on 3, 4 or 5 times that. That wouldn’t buy you much.

It’s basically all down to Tony’s credibility with the mortgage brokers and his success down the years in bringing them contractors who pay their mortgages. Contractors can tap into that.

To get further information or to apply for a mortgage, fill in a form here and Tony will get back to you:- Contractor Mortgages

Specialist Contractor Mortgage Deals – Nationwide to Offer Them

Posted on August 4, 2015 by admin

Contractor Mortgage Deals

We look, now at contractor mortgage deals in the current market.

Tony Harris is a supplier of specialist mortgages to the contractor market. It used to be that if a contractor wanted a mortgage, he, or she, would:-

1. Have to produce three years worth of accounts

2. Be given an offer based on your Director’s salary.

Still, to this day, if you walked into a hight street bank or building society, they would ask for the same.

Specialist Contractor Mortgage Brokers

Those contractors in the know, however, use specialist contractor mortgage brokers like Tony Harris to get the top contractor mortgage deals at best contractor mortgage rates.

Tony has been getting great contractor mortgage deals from Kensington, Newbury, Furness and Kent Reliance.

Now, after seven years of negotiating Tony has managed to get a great contractor mortgage deal from the Nationwide – and at market leading rates.

UK Contractor Mortgages articles

He has done some business with Nationwide in the past but only on behalf of Umbrella Company contractors.

Limited Company Contractors

Now Nationwide has agreed to provide great contractor mortgage deals for limited company contractors. Indeed, they are offering them at the same great market-busting rates that they offer to permanent workers based solely on their contract rates.

Nationwide are prepared to offer those contractor mortgage deals to contractors in several professions including IT, engineering, oil and gas and interim managers as well as a host of others.

There is no minimum income requirement.

With these new contractor mortgage deals, Nationwide are expected to become the lender of choice for UK contractors.

Contractor Mortgage Offer

When they are working out their mortgage offer to you, Nationwide will take into account 80% of your contract rates over a 52 week period. That will give contractors a shedload of money for house buying purposes.

They’ll give you loans of up to 90% of the value of the property as a loan or 85% if you are remortgaging an existing property.

Cheap contractor mortgage deals

They have some really good specialist contractor mortgage deals on the table. These include a 10-year fixed rate mortgage. With interest rates due to rise this is the time to be taking one of those.

2-Year Fixed Contractor Mortgage Deals

Here’s what they are offering on 2-year fixed deals.

60% LTV – 2 years fixed at 1.49% with a £999 arrangement fee
75% LTV – 2 years fixed at 1.79% with a £999 arrangement fee
80% LTV – 2 years fixed at 1.89% with a £999 arrangement fee
90% LTV – 2 years fixed at 3.14% with a £999 arrangement fee

You don’t have to pay the mortgage arrangement fee up front as that can be added to the mortgage.

10-Year Fixed Rate Mortgage Deals

Here’s what they are offering for 10 years fixed rate mortgages, which could be just what you want with interest rates set to rise. These rates lead the market.

60% LTV – 10 years fixed at 3.14% with a £999 arrangement fee
75% LTV – 10 years fixed at 3.44% with a £999 arrangement fee
80% LTV – 10 years fixed at 3.69% with a £999 arrangement fee

If you sell your house and buy another one, you can simply carry these rates over to your next property.

Nationwide Tracker Mortgages for Contractors

Here’s what Nationwide offer for Tracker Mortgages.

75% loan to value – 2 year tracker at 1.44% (0.94%+BBR) with a £999 arrangement fee
80% loan to value – 2 year tracker at 1.94% (1.44%+BBR) with a £999 arrangement fee
85% loan to value – 2 year tracker at 2.69% (2.19%+BBR) with a £999 arrangement fee
90% loan to value – 2 year tracker at 3.49% (2.99%+BBR) with a £999 arrangement fee

All the above specialist contractor mortgage deals are available on purchase and remortgage.

Indeed, if you are remortgaging to the Nationwide, they will cover your legal and valuation fees which is a pretty good deal.

Contract and Address Details

If you want to apply for one of the above deals, Tony and his team will need:-

1. A copy of your contract

2. Proof of address details from your passport and a utility bill from the past 3 months

3. Your personal and business bank account information from the last three months.

Having those together, when applying, speeds the process up a lot. The Contractor Buy To Let Market is also booming.

Contractor Mortgage Offer

When you contact Tony and his team you can get an offer in principle within an hour of you contacting him.

They don’t charge a fee which some contractor mortgage brokers do, so that will save you £500 or so.

To find our more, or to get a quote, simply click on Contractor Mortgage Application and fill in the form there.

British Contractor Mortgage Rates start with a Bang in 2015

Posted on January 29, 2015 by admin

British Contractor Mortgage rates

You really do need to see British Contractor mortgage rates at the moment to believe them. They are sure to rise at some point after the election, so it is worth taking them now.

2014 is being heralded as the strongest year for mortgage lending since 2008. This is according to the Council of Mortgage Lenders (CML). However, 2015 looks set to follow in its footsteps. January has seen record low British Contractor mortgage rates.

Contractor Mortgages Best Rates

Since the New Year we have seen two-year fixed rates fall as low as 1.64% on a 60% LTV from Contractor champion Halifax which is an outstanding rate for Contractors with a substantial deposit.

This product does carry an arrangement fee of £1,499 from the Lender. However, this can be added to the mortgage rather than paid up front.

Best rates for Contractors with Lower Deposits

If you have less savings to put down, however, you won’t be disappointed. This is because a relative newcomer to the Contractor Mortgage market, Metro Bank, have released a raft of very competitive fixed rate mortgages at higher loan to values. These include 2 year fixed rates at:

– 1.99% on a 70% LTV
– 2.04% on an 80% LTV
– 2.29% on an 85% LTV

All of these rates carry a £999 arrangement fee from the Lender. However, you can add this to your mortgage so you won’t need to find the cash up front. The minimum loan amount is just £20,000 up to a maximum of £1,500,000. So, it suits Contractors buying at every level of the housing ladder.

5 year fixed rate mortgages at 2 year fixed rates!

Furness building society have launched a five-year fixed rate mortgage at just 2.94% on an 80% LTV. This is closer to the UK Contractor mortgage rates we have been seeing for two-year fixed rate products in recent months, particularly at this LTV level. Again this product carries a £999 arrangement fee but this can be added to the mortgage.

If you are considering fixing your mortgage for longer, to ride out any fluctuation in the market, then this Contractor-friendly Lender is offering a highly competitive rate. This should see you through the inevitable rise in the base rate over the next five years.

These British Contractor mortgage rates are exclusive to our specialist contractor mortgages partners.

British Contractor mortgage rates have never been better. To find out more from a mortgage Adviser today, or to apply, you should fill in the form on this page – 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.

Contractor Mortgages scramble as house prices soar

Posted on September 10, 2013 by admin

Contractor Mortgages Scramble

There is currently a contractor mortgages scramble.

The Government’s Help To Buy scheme has boosted contractor mortgages. This is where contractors can get 95% mortgages aided by Government funds. At the moment it only applies to new houses but next year it will apply to older houses too.

The Government say that they brought in Help to Buy to help get the housing market going. This would help boost the economy. Furthermore, it would also artificially create a feelgood factor in time for the elections.

As a result,there has been a contractor mortgages scramble. House prices have turned the corner and have now risen by 5.4% in the past year. Further rises are predicted during the 3-year period of the Help to Buy scheme. A rising economy should keep house prices rising after that.

Tony Harris has been getting specialist contractor mortgages for IT Contractor for many years. He has now expanded that to all contractors. His credibility in the marketplace with lenders has enabled him to get contractors better-than-market-rates for mortgages.

Contractor Mortgage Rates

Also, his credibility comes from IT Contractors paying back their mortgages over the years and not defaulting. High Street banks see contractors as a risk. So, they ask for three years worth of accounts. Furthermore, they only offer a loan of a multiple of Director’s salary rather than the multiple of daily rate annualised that Tony can offer.

They don’t need three years worth of accounts either. He can get them a mortgage offer on the very first day of their very first contract. All they need to do is produce their contract. About a month later they can be turning the keys of their new dream home.

There’s a contractor mortgages scramble now with prices on the up. The Government are trying to force prices up before the next election. If contractors wait a couple of years they may find house prices 10% to 15% higher. This appears to be the time to get one of those specialist contractor mortgages. This is because house prices are expected to rise more than contractor rates over the next 3 years.

UK Contractor Mortgage rates tumbling as prices soar

Posted on June 24, 2013 by admin

UK Contractor Mortgage Rates

UK Contractor Mortgage Rates are tumbling in the UK as a new boom gets under way. The Government’s introduction of Help to Buy, where they will subsidise and underwrite part of the mortgage, has had the effect they desired. It has started to push the property market ahead.

House prices are now rising at the highest rates for years. The Government hope that a rising property market will help boost the economy. More importantly it will give a feelgood factor for the next election. This is bringing UK Contractor Mortgage rates down.

Interest Rates

So, the interest rates for a contractor mortgage have continued to tumble . The average cost for a 5-year mortgage has fallen below 4% for the first time. Before the credit crunch in 2007 the average interest rates for a 5-year mortgage were 6.36%.

It has never been cheaper to get a contractor mortgage. This is a saving over the lifetime of a mortgage of £10,000 in every £100,000 borrowed.

Many pundits are castigating the Government as they say that the Help to Buy scheme will send house prices soaring and create a new property bubble.

The Scheme is expected to last for three years. House prices are predicted to be much higher in three years time than they are now. This is good news for UK Contractor Mortgage Rates.

Fixed Rate Mortgages

At these low rates, contractors are being advised to buy now and take fixed rate rather than variable rate mortgages. 90% of those taking out mortgages are taking fixed rate mortgages compared to 76% just a year ago.

The reason is that fixed rate mortgage rates are now actually cheaper than variable rates for contractor mortgages.

Tony Harris has been getting contractor specialist contractor mortgages for years. He is able to get them at better than the market rates.

Unlike with a high street bank or building society he is able to get them without contractor having to produce any accounts. This can be at up to 5 times their daily rate annualised (48 times their weekly rate).

A high street bank would base the amount on a contractors’ director’s salary.

To get more info, or to apply click on Specialist Contractor Mortgages