Posted by John Yerou on December 5th, 2016
Santander 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:
Continue reading about Does Santander Do Contractor Mortgages?
Posted by John Yerou on December 5th, 2016
Knowing 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.
Continue reading about Chelsea Building Society – a no-no for genuine contractor mortgages
Posted by John Yerou on November 29th, 2016
Buy-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?
Posted by John Yerou on November 21st, 2016
Buying 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
Posted by John Yerou on June 24th, 2016
We 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
Posted by John Yerou on November 23rd, 2015
Reading 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.
Continue reading about Renaissance amongst lenders, but is it too little too late?
Posted by John Yerou on October 7th, 2015
To understand contractor mortgages, you first have to understand contracting. That may sound obvious. But it would surprise you how few High Street lenders are yet to grasp this popular way of working. Or at least it seems that they don’t ‘get it’ at branch level.
The fact is, there are lenders who accommodate limited company contractors. But if a bank has such policies in place, they tend not to make them available on the High Street. The reasons? Security and compliance.
Continue reading about What are contractor mortgages?
Posted by John Yerou on September 18th, 2015
For 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.
Continue reading about Halifax slashes mortgage rates for first time buyer contractors
Posted by John Yerou on April 1st, 2015
Why 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.
Continue reading about First Time Buyers Account for 3 in 10 Home Sales (Feb 2015)
Posted by John Yerou on January 13th, 2015
We’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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