The tax break first launched by the labour party was expected to be made permanent by the coalition party. However, the Stamp Duty tax break for properties valued up to £250,000 will be axed from the 24th March 2012.

The first time buyer tax break relates to residential properties up to £250,000 and it means that if you are a genuine first time buyer (i.e. you have never owned a property) then you will not have to pay Stamp Duty tax on your purchase. This saving of up to £2500 is NO small change for first time buyers struggling to get onto the property ladder.

Our mortgage advisers have been put on red alert to prioritise the influx of enquiries from first time buyers eager to beat the tax break deadline. Before making an offer on a property it is vital that you establish first whether the seller is in a chain and whether they will be able to complete the purchase before the stamp duty deadline of 24^th March.

Contractor Mortgages offered with a minimum of 10% deposit

Our unrivalled service in the Contractor Mortgage Market makes us the preferred choice for contractors and freelancers looking to secure their first mortgage. We recognise all the problems you will face trying to get a mortgage and we’ve got the solutions! So if you’re looking for a mortgage – please talk to us. We have negotiated competitive rates that only need a 10% deposit from contractors, and the best part is that you will be assessed on your daily contract rate, no accounts, P60 or payslips required. Even if you are in the first week of your first contract, we have the solution.

This is the perfect time to take advantage of the tax break, especially for those contractors living in rented accommodation. With rents going up, especially in the south east, why continue lining the pockets of your landlords.

It’s crucial You Don’t attempt to Get A Mortgage On Your Own

With time running out, you need an experienced mortgage specialist on your side – Our contract based mortgage underwriting and close relationships with senior underwriters means you can have peace of mind and confidence that your application is being handled by experts. We guarantee that your mortgage will be handled promptly, without unnecessary delay or fuss. We’ll take care of everything for you, to acquire your mortgage before the March deadline.

Waste no time, speak to one of our specialist mortgages advisors today on 0208 421 7999 or complete our call back form to find out more

This doesn’t just relate to contractors and freelancers as recent data indicates that around 40% of mortgage holders in the UK have not taken out cover that guarantees that their families and dependants will continue to be able to pay off the mortgage in the event of their death.

Mortgage repayments are one of the largest financial commitments you will have, so it only seems prudent that people take the necessary steps to protect that commitment. Many of the reasons provided for not taking life cover is that it is low on the list of people’s priorities or that their household budgets do not stretch that far.

Unlike permanent employees, self-employed contractors and freelancers do not have the benefit of a “death in service” policy providing cover of up to 5 times salary. It is left entirely up to you to make separate arrangements to protect your family and dependents in the event of death.

Are your home contents more valuable than your life?

Most contractors have no problem arranging home insurance, car insurance or professional indemnity cover, so it seems shocking that they are valuing their personal possessions over the financial security of their family and kids! We recently received a call from an IT contractor who was more concerned about insuring his laptop than protecting his family! In the past most lenders included life cover with the mortgage, but due to FSA regulations you’re not obliged to take this cover now.

If you’re prepared to insure your pets or subscribe to Sky TV then you should, without hesitation, protect your family from the impact of death. The loss of a partner or parent can be shattering but the loss of a main income earner can have a devastating additional impact on the family left behind.

Taking out a life insurance to cover a mortgage can offer self-employed freelancers the peace of mind that comes when you are able to go about your life in the knowledge that both you, and your family are protected as much as possible from potential future events.

For a moderately price premium you can insure, to a level of your choice, an amount that will be paid out to your family and kids.

If you wish to be contacted about a Life Policy, please request a call back from one of our protection advisors or contact Robin Black on 020 8421 7999 or email protection@freelancerfinancials.uk.com

Limited Company Contractors can now save tax with company funded Life Cover. A new wave of life insurance cover “Relevant Life Policies” is grabbing the attention of contractors in a major way. If you’re a Limited Company director and you have a standard life insurance policy to protect your family, you’re paying more tax than you need to.

A Relevant Life Policy allows contractors to take advantage of a legal trust arrangement to deduct the corporation tax from the premiums, without any benefit in kind repercussions.

Some of the key benefits include:

• Premiums paid by the company are not treated as income
• Premiums may be allowable as a business expense
• Benefits are normally paid free of income and inheritance tax to your dependants

If you currently don’t have life cover or pay for your insurance through your personal account, then this could be the perfect policy. The advisors a Freelancer Financials can handle the complete application process from start to finish. If you wish to be contacted about Life Cover, please request a call back from one of our protection advisers or contact Robin Black on 0208 421 7993, email robin@freelancerfinancials.uk.com

2. Protect yourself against Illness or Injury with an Income protection Policy

Can you survive on £81.60 per week if you are unable to work due to illness or injury? That’s what contractors are entitled to through state benefits. We strongly recommend that all self-employed contractors should protect themselves against possible loss of income due to ill health.

A  Contractor Income Protection Policy will pay (tax free) up to 65 percent of your monthly income to protect you if you are unable to work.

3. Time to Remortgaging if you’re sitting on a standard variable rate

If you’re on a standard variable rate, it may be a good time to consider remortgaging. Those contractors with a low Loan-to-value mortgage can potentially reduce their monthly payments by switching lenders. In recent weeks, wholesale mortgage rates have increased due to concerns over the Eurozone crisis. Although this in unlikely to affect the Bank of England base rate, it will probably force those lenders with limited funds to increase their standard variable rates (SVR).

Switching your mortgage as a contractor is much simpler than you think, we can secure you competitive rates from a number of  high street lenders (or even your existing lender) based on your contract rate alone.

For more information on contractor mortgages contact Freelancer Financials on 0208 421 7999.

The Bank of England announce that a number of high street lenders were planning to introduce more innovative deals on high loan-to-value contractor mortgages – those where borrowers, like most first-time buyers, have smaller deposits.

But lenders also stated that the credit scoring criteria for granting high loan-to-value mortgages would be tightened. One of the main reasons for this is due to the impact of tighter wholesale funding conditions and the impact of the Eurozone financial crisis.

Many lenders are concerned about the economic outlook, future availability of funds and the possibility of falling house prices.

Recent statistics showed that more and more first time buyers are finding themselves trapped in the rental sector. However, those contractors that kept an eye on their credit score and who have a 10% deposit can now look forward to getting on the property ladder.

Nationwide will also be making changes to other selected fixed rates. Read on for a summary of the changes:

Option 1: For contractors with a small deposit

5.29%, 2 Year Fixed Rate at 90% LTV, £999 Product fee, discounted to £500 for first time buyers

Option 2:

3.59%, 5 Year Fixed Rate at 70% LTV, £999 Product fee, discounted to £500 for first time buyers

Product fees shown above include a non-refundable booking fee of £99. Rates correct at time of publication.

Nationwide also allow us to reserve products without an offer on a property being made

Our contractor mortgage advisers are on hand to help with your current or future requirements today.

Freelancer Financials provides mortgages for contractors based on contract rate alone. We take the hassle out of obtaining a mortgage, or remortgage, because we have special relationships with senior underwriters who understand the way you work!

If you’re a contractor working through your own Limited company, and you’re finding it difficult to arrange a mortgage, a contractor mortgage may be what your need.

How does a contractor mortgage differ from a normal mortgage?

In basic terms, there is no difference. The same mortgage products available for normal mortgages are also made accessible for contractor mortgages. The only differences that divide the two are the underwriting and lending criteria. Interest rates for contractor mortgages are no different to standard mortgage products available to your employed counterparts. In simple layman’s terms a contractor mortgage is a mortgage arranged for a contractor who is unable to be assessed on a self-employed basis because they are unable to provide 2-3 years accounts or their drawings don’t reflect a true assessment of the affordability. Lenders that offer contractor based underwriting will typically base their assessment on a combination of specific factors that are unique to each contractor’s employment status to make a decision on whether to accept the mortgage application.

The following factors need to be fulfilled for contractors to be assessed in this manner:

1. The daily/hourly contract rate of the borrower?
2. The duration of the current contract and when it comes to an end?
3. The trading and payment structure in which the contractor operates? E.g. Limited Company or Payroll Umbrella?
4. Occupation? Are you a IT programmer, Engineer, Business Analyst or Accountant
5. Length of time contracting? Have you just started contracting or have you renewed/extended your contract?

The above information forms the basis for contractor based underwriting, so it is vital to come prepared with all this information when you speak to our mortgage advisers. The above information enables us to bypass the normal self-employed underwriting criteria which require accounts. If you approach a mortgage broker and they don’t ask the above questions then you’ve approached the wrong mortgage broker. Obviously the size of the mortgage loan in relation to the price of the property, referred to us Loan to Value (LTV) will determine the competiveness of the rate you can secure. The larger the deposit your are willing to put down the better the rate the lender is willing to offer. Contractor mortgages start at 90% LTV, which means you will need a minimum deposit of 10%. Another critical factor determining whether you can get a mortgage is your credit history and score. We recommend that you check your credit score before you apply for a mortgage; this can be achieved by going online and using Experian or Equifax.

A contractor mortgage is no more expensive than a standard mortgage sourced by permanent employee as long as you seek help a contractor mortgage specialist that is experienced working with contractors.

Unfortunately 2012 isn’t looking any healthier than 2011, for the UK economy or the housing market. There’s no positive news regarding signs of an end to the European crisis and, and since this is the UK’s largest trading partner, this will continue to burden our exports at a time when the UK is dependant on European trade to help its revival. The worsening labour and employment conditions and high inflation are already restricting household expenditure, while austerity measures are limiting public expenditure.

Against this background the UK economy is not likely to increase by more than 1% in 2012 – far cry of the original forecast or 3% growth rates that were the standard before the start of the financial crisis.

A slight shift in favour of contractors seeking to purchase a house in 2012

Every cloud has a silver lining – this may be the case for contractors who are planning to buy a property this year. Conditions are likely to remain challenging this year, discouraging many buyers.

The good news for contractors is that there are hints that a flood of properties are about to hit the market. The housing market in 2012 is looking dim with low activity indicating that house prices could down further during the course of the year.

This will present a good opportunity for contractors looking to secure a contractor mortgage in 2012. A small number of mortgage lenders are now offering contractor mortgages at 90% Loan to Value.

For more information or a guide to arranging a mortgage as a contractor please read our article step-by-step guide to contractors buying a house and arranging a mortgage.

From Wednesday 10^th August Nationwide is reducing its two-year fixed mortgage rates by 0.25% and selected three-year fixed mortgage rates by 0.50%. This can only be good news for contractors looking to secure a fixed rate mortgage in August.

The rate improvements mean Nationwide will offer a three-year fixed rate at 2.89%, up to 70% LTV with a £900 product fee and £99 booking fee.

Nationwide is also offering a 2 year fixed rate at 2.64% for contractors with a  40% deposit, with a £900 product fee and £99 booking fee for house purchase and remortgage customers and a £500 product fee discount for first-time buyers.

This comes only after Nationwide reduced their 5-year fixed rate mortgage last week, so this latest set of improvements is further great news for contractors considering fixed rate deals.

Our specialist contractor mortgage advisers are on hand to help with your current or future requirements today.

Freelancer Financials provides mortgages for contractors based on contract rate alone. We take the hassle out of obtaining a mortgage, or remortgage, because we have special relationships with senior underwriters who understand the way you work!

Call us on 020 8421 7999 or email mortgages@freelancerfinancials.com

The mortgage market in recent months has become highly competitive with many high street lenders cutting rates on a regular basis.

This is excellent news for contractors with smaller deposits as it makes borrowing more accessible and affordable. Unlike other lenders that only look at a narrow measure of salary and dividend drawings, Barclays (Woolwich) also assess a contractor’s affordability based on retained profits. This enables most contractors to borrow substantially more than they would if based on salary and dividends drawn. In some cases, Woolwich will accept one year’s accounts, but this will also be based on the individual merit of the contractor.

Our Contractor specialist mortgage advisers are on hand to help with your current or future requirements today.

If you need to secure a contractor mortgage and are not sure where to go for advice,       call us on 020 8421 7999 or email mortgages@freelancerfinancials.com

The new rates includes a 2.89% two-year fixed rate available at 70% LTV, which is on offer to purchase and remortgage customers a £995 product fee.

Meanwhile its three-year fixed rate at 70% LTV with no product fee is now available at 3.82%, and its five-year fix at 70% LTV with no product fee comes with a rate of 4.45%.

Click Here to calculate how much you could borrow based on your contract rate.

Having successfully dealt with thousands of contractor mortgage enquiries over the years, Freelancer Financials is recommended by contractors to contractors on a daily basis. Indeed, large numbers of contractor specialist accountants and other professional bodies are working with us to meet the requirements of their contractors for some years. This is mainly due to the recognition we have received in the market place for arranging mortgages for contractors.

Why a Contractor Mortgage Specialist

A contractor mortgage specialist will be able to access the whole of the market to find the best rates available based on your contract rate alone. Mortgages for contractors are now on hand from a number of contractor friendly high street banks that have agreed bespoke underwriting based on your contract rate alone.

Please contact Freelancer Financials on 0208 421 7999 the specialists in contractor mortgages.