Mortgage Blog

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*.

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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.

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Renaissance amongst lenders, but is it too little too late?

Posted by John Yerou on November 23rd, 2015 in Blog, Mortgage Blog

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Mortgage LendersReading the news last week was heartening for contractors in one respect. There are more new mortgage lenders prepared to work off day rates than ever before.

The bad news? National headlines in the Guardian and Mail Online made dire reading. They reported that Chancellor Osborne is gunning for contractors yet again.

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What are contractor mortgages?

Posted by John Yerou on October 7th, 2015 in Featured Articles, Mortgage Blog

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To understand contractor mortgages, you first have to understand contracting. That may, and should, sound obvious.

But it would surprise you how few mainstream lenders ‘get’ contractor payment structures. Or it definitely seems to you that they’re ignorant at branch and call centre level.

The good news is that, if you’re a contractor looking for a mortgage, we can help.

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Halifax slashes mortgage rates for first time buyer contractors

Posted by John Yerou on September 18th, 2015 in Mortgage Blog

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HalifaxFor a limited time, first-time homebuyers with at least a 10% deposit can fix 2.94% for two years. This is nothing short of an absolute bargain.

The new 2-yr fixed interest rate represents a cut of 0.45% off its previous 3.39% deal. In mortgage terms, that’s a substantial reduction or should I say ‘saving’, for borrowers.

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First Time Buyers Account for 3 in 10 Home Sales (Feb 2015)

Posted by John Yerou on April 1st, 2015 in Mortgage Blog

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Mortgage DepositWhy is it that so many contractors think first buyer mortgages are off limits to them? They’re not, of course. But do please forgive me for committing this old bugbear of mine to digital ink.

So, what ignited the conundrum this time? I saw the February 2015 Housing Report figures from NAEA and it was like, Ping! – a light bulb moment.

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The High Street Lending Model – why it sucks for contractors

Posted by John Yerou on January 13th, 2015 in Mortgage Blog

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contractors-v-freelancers-sWe’ve had mixed reviews of our video highlighting the problems self-employed people face looking for mortgages on the High Street. And, to be honest, we fully expected a reaction. Yeah, we weren’t disappointed. But we stand by what we say in the video – it needs shouting from the rooftops.

What we didn’t want was another boring ‘put your employee on the spot answering a mundane question’ type video. There are enough of those around to bore us until the next millennium.

Continue reading about  The High Street Lending Model – why it sucks for contractors

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