Mortgage Blog

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

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

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.

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

The High Street Lending Model – why it sucks for contractors

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

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

Has Help-to-Buy increased mortgage likelihood for contractors?

Posted by John Yerou on December 10th, 2014 in Mortgage Blog

Help to BuyMany 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?

Mortgage options for contractors with Leeds Building Society

Posted by John Yerou on October 29th, 2014 in Mortgage Blog

leeds-building-societyLeeds 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

What took Halifax so long to offer non-IT contractors mortgages?

Posted by John Yerou on September 11th, 2014 in Mortgage Blog

Halifax BankHalifax 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?

How do I find a contractor-friendly mortgage lender?

Posted by John Yerou on July 2nd, 2014 in Featured Articles, Mortgage Blog

Lenders Branch ManagerBefore 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?

Why transparency about our mortgage lenders is a no-brainer

Posted by John Yerou on June 23rd, 2014 in Mortgage Blog

High Street LendersThe 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

Mortgage challenges for contractors: responsible lending

Posted by John Yerou on March 17th, 2014 in Mortgage Blog

business-documentThere 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

Kensington Shakes Up Contractor Mortgage Market

Posted by John Yerou on February 21st, 2014 in Mortgage Blog

Kensington-MortgagesSpecialist 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

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