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Offset mortgages offer a “golden opportunity for contractors”

Posted by John Yerou on May 17th, 2017 in Mortgage Blog

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Hand with Gold CoinsContractors ignoring offset mortgages could be overpaying £1,000s in needless interest. Recent research, reviewed here, highlights the scale of missed opportunity.

Table of contents:

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Can I get a mortgage on a fixed term or zero hours contract

Posted by John Yerou on March 29th, 2017 in Mortgage Blog

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Can fixed term contract employees get contractor mortgages?

At Freelancer Financials, we’re used to people using us as a last resort. Mention any other type of employment contract to a lender than ‘permanent’, and, well. It’s as if a Dementor has sucked all the joy from your advisor’s world. Then, as a consequence, yours.

Let’s make no bones: our main client profile is that of the professional contractor. They often work through agencies and pay themselves through a limited company structure.

But there is another type of contract that’s becoming evermore popular. It’s sort of a mix between permanent employment and professional contracting.

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Does Santander Do Contractor Mortgages?

Posted by John Yerou on December 5th, 2016 in Mortgage Blog

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SantanderSantander might be a great mortgage lender for permies on a PAYE salary. But for a contractor looking for a mortgage based on their gross contract rate or net profits? Then Santander is not the ideal bank for you…
…at least not if you want to buy a home that matches your earning capacity.

It can get complicated. Technically, a contractor could get a mortgage with Santander. And with the resources it has, you’d think the bank would be a safe bet:

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Chelsea Building Society – a no-no for genuine contractor mortgages

Posted by John Yerou on December 5th, 2016 in Mortgage Blog

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Chelsea Building SocietyKnowing where you stand with Chelsea Building Society is somewhat unclear. As a contractor today, the building society’s lending criteria is far from straightforward. As for the Chelsea brand itself, that too has been difficult to pinpoint since the credit crunch.

The reason for writing at all about Chelsea Building Society is to forewarn contractors. The only time we ever come into contact with them is by way of complaint. Here’s why.

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Clock ticks down towards Osborne’s legacy landlord tax. Are you ready?

Posted by John Yerou on November 29th, 2016 in Mortgage Blog

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Rent property tax insuranceBuy-to-let mortgages have been a useful tool for contractors over the years. The rental income ensures continuity of cash flow when they’re not working. When they are contracting, that same income is a great way to shore up their pension.

Continue reading about  Clock ticks down towards Osborne’s legacy landlord tax. Are you ready?

Buying a New Build property – 10 Top Tips for Contractors

Posted by John Yerou on November 21st, 2016 in Mortgage Blog

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New Home Key Shows Moving Into HouseBuying a home as a contractor can be an exhilarating trip. Even more so when that home is a new-build property.

There’s excitement, expectation and, of course, dread. You’ll be the first person to ever live under that roof, more often than not*.

Continue reading about  Buying a New Build property – 10 Top Tips for Contractors

It’s a prime time for contractors to remortgage off their SVR

Posted by John Yerou on June 24th, 2016 in Mortgage Blog

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British-poundsWe know that homeowners remortgage for many reasons. They may want to:

  • save money switching to a new introductory offer;
  • release equity for home improvements, travel or major life event;
  • reduce the term of their mortgage with a new deal.

Continue reading about  It’s a prime time for contractors to remortgage off their SVR

Chancellor revokes contractors’ rights to decide payroll status

Posted by John Yerou on April 7th, 2016 in Contracting Matters Blog

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Lenders Branch ManagerIn the run up to the budget, the tabloids portended doom for contractors working through a PSC. For those working off-payroll in the public sector, those harbinger headlines became reality.

The Chancellor announced that PSCs will have no say in how public sector clients pay them. As of April 2017, it will be the client who decides if IR35 applies to an engagement.

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2016 Budget Further Undermines Contractors Working Through PSCs

Posted by John Yerou on March 18th, 2016 in Contracting Matters Blog

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ChancellorSo, the Chancellor used yesterday’s budget to continue his vendetta against contractors. In particular, he’s targeting contractors operating through personal service companies.

The reason for this fresh assault on independent UK professionals? To curb tax avoidance.

Not that most contractors create a limited company to save on tax. But if they had their way, that’s what the government and media would have you believe.

Continue reading about  2016 Budget Further Undermines Contractors Working Through PSCs

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