UK Contractor Mortgages
Specialist UK Contractor Mortgages allow contractors to get mortgages when they would ordinarily not. If you go to a high street bank they will want to see three years worth of accounts from the contractors.
That means that a new contractor, who is maybe earning double the money he or she got before, would not be able to get a mortgage for perhaps 3.5 to 4 years.
Also, the high street bank would only make an offer to the contractor based on the contractor’s director’s salary. As we all know, contractors keep that to a minimum. That’s so that they can take their profits via dividends.
If contractors become contractors to be able to have a better lifestyle this would not include being able to buy the house of his or her dreams. Indeed they would get a better offer if they had stayed in full-time employment. Moreover, they would have been able to get it right away rather than wait more than 3 years for it.
Specialist Contractor Mortgages
However, there is no need to despair. There’s a way that you can still get a mortgage and that is through specialist UK contractor mortgages.
There are one or two specialist UK Contractor Mortgages brokers who can get contractors mortgages straight away:-
1. They can get contractors mortgages based on their daily rate annualised. So, if you got £400 a day that would be £2,000 a week and £96,000 a year. They could then get mortgages at multiples of up to 5 times annual rate. That means that the contractors could get mortgage offers of up to £480,000.
2. They can get UK Contractor Mortgages without production of any accounts, just on production of their contract. Indeed they can get a first time contractor a mortgage offer on his or her very first day in his or her very first contract and be in their dream house just 4 to 6 weeks after he or she has started their first ever contract.
3. Because of their credibility in the marketplace (and the fact that previous contractors they recommended paid up their mortgages and didn’t default) they can get UK contractors mortgages at better than market rates.
4. With the new Government Help To Buy initiative they can get contractors mortgages at 95%. So, contractors just have to stump up a 5% deposit. Previously lenders were demanding upwards of 20% as a deposit keeping first-time-buyers out of the market.
To find out more about these specialist UK contractor mortgages click on Specialist Contractor Mortgages