Posted by John Yerou on December 10th, 2014
Many contractors believe that owning a home with only 5% deposit is impossible. Far from it. Others think that self-employed people need larger deposits than permies. Again, that’s so not true.
Using the government’s Help-to-Buy scheme, anyone can buy home in the 95% loan-to-value bracket. In English, that’s a mortgage based on you having just 5% deposit set aside.
Continue reading about Has Help-to-Buy increased mortgage likelihood for contractors?
Posted by John Yerou on November 14th, 2014
One of the biggest myths in our industry is that deposits for contractor mortgages are greater than normal. Yes, you are at an advantage if you can ‘put more down’. But you’re no more obliged to than permanent workers are.
In this article, I’ll clarify:
- Why 100% mortgages have all but disappeared;
- The minimum contractor mortgage deposit required;
- Why the more you put down, the better off you’ll be in the long run.
Ready? Here we go.
Continue reading about Do I need a bigger deposit for a contractor mortgage?
Posted by John Yerou on October 29th, 2014
Leeds is the latest lender to add contract-based mortgage underwriting to its product range. The Building Society is rolling out this outstanding addition to their portfolio in phases.
That means there will be a pilot period. During the trial the mortgages are only available through a select number of specialists. I’m over the moon that Leeds BS has chosen Freelancer Financials for the wider roll out to market.
Continue reading about Mortgage options for contractors with Leeds Building Society
Posted by John Yerou on September 11th, 2014
Halifax was the first High Street lender to offer IT Contractors mortgages. Yet up until 2013, the bank’s underwriters recognised no other contracting sector. If you weren’t an Information Technology professional, you didn’t qualify for contract-based underwriting.
We’re happy to say that’s changed. Halifax now offers mortgages to contractors outside of IT. But it’s taken a long time for them to remove that barrier.
Continue reading about What took Halifax so long to offer non-IT contractors mortgages?
Posted by John Yerou on July 2nd, 2014
Before applying for a mortgage directly to a bank, we advise contractors speak first to a financial adviser. True, we are independent financial advisers who specialise in helping freelancers and contractors. So, we’d forgive you for thinking: “You would say, that, wouldn’t you?”
But rest assured, we recommend caution when approaching High Street banks for a mortgage for good reason. Based on years of experience, we can confirm with certainty two things:
Continue reading about How do I find a contractor-friendly mortgage lender?
Posted by John Yerou on June 23rd, 2014
The decision to be so transparent about our contractor mortgage lenders is somewhat unprecedented. When we first informed our brokers, you could have cut the tension with a chainsaw. Whilst we understood their reservations, neither they, us nor you need worry.
You see, we deal at a level beyond the advisers at call centres and in your local High Street branch. It’s not that we don’t trust them to reward you with the mortgage your earnings deserve. No, that’s a fib. It is that we don’t. At least not at branch level. But this is not their fault. Nor yours. Nor ours.
Continue reading about Why transparency about our mortgage lenders is a no-brainer
Posted by John Yerou on March 17th, 2014
There are many myths surrounding contractor mortgages. Because high earners with impeccable credit history can struggle to find willing lenders, it’s easy to see why.
This ‘knowledge’ makes it natural to assume that a poor credit score means an immediate barrier to entry. That’s not always the case.
Continue reading about Mortgage challenges for contractors: responsible lending
Posted by John Yerou on February 21st, 2014
Specialist lender Kensington has declared its doors wide open to contractors. Even to those who may have struggled to secure a mortgage in the past. How positive a start to 2014 is that?
There are now a variety of deposits and interest rates on offer for contractors with any level of income. This is a game-changing move by Kensington and not unwelcome.
Continue reading about Kensington Shakes Up Contractor Mortgage Market
Posted by John Yerou on February 10th, 2014
What my dad’s bank manager taught me about security:
Do you know what used to get on my nerves about my dad’s bank manager? Apart from the never-quite-straight wig and invisible cigar fumes leeching from his every pore?
It was the way he insisted upon ruffling my hair every time I met him. Back then, those meetings (and subsequent barnet-buffing) were all-too-often occurrences.
Continue reading about The neutered role of today’s bank manager: a painting by numbers
Posted by John Yerou on October 17th, 2013
It’s clear from the phone calls we’re getting that there’s a great deal of confusion surrounding Help to Buy mortgages. Contractors and freelancers just don’t seem to know whether they qualify. Let’s sort it out, shall we?
First of all there are two types of Help-to-Buy schemes:
- Equity Loan;
- Mortgage Guarantee.
Continue reading about Help to Buy Contractor Mortgage Guide
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Finding a Financial Advisor who’s professional and knowledgeable is a bonus but one that you trust and feel comfortable with immediately is rarer still. I have recommended John to virtually all the other IT Contractors that I work with and will continue to use their services in the future.
Jakub Baluch.. IT Contractor
John Yerou and his team provided the brokerage service for my last 3 mortgages and I cannot rate them highly enough. No matter how large or small the request they always provide a speedy and professional response. I would never consider using another advisor/broker.
Roz Clifford.. Freelancer
We have been introducing Contractors and Freelancers to Freelancer Financials for several years now. They have established themselves as the preferred choice of financial advisors to all our IT contractors and Freelancers.
Bernie Potton.. SQ Computer Personnel (largest independent IT Recruitment Agency in the UK)