Mortgage Blog

The neutered role of today’s bank manager: a painting by numbers

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

contractWhat 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

Help to Buy Contractor Mortgage Guide

Posted by John Yerou on October 17th, 2013 in Mortgage Blog

Help-to-Buy-MortgagesIt’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

Was there ever a case for Self-Cert mortgages?

Posted by John Yerou on May 16th, 2013 in Mortgage Blog

CautionThe Self-Cert had no place for freelancers and contractors who qualified for contractor mortgages. Yet for tradespeople who didn’t qualify, self certification of earnings served its purpose.

Zero qualification often occurred when self-employed entities kept insufficient trading accounts. Or, like many freelancers, they worked on ad hoc projects and had no regular income.

Continue reading about  Was there ever a case for Self-Cert mortgages?

Halifax offers mortgages to ALL professional contractors

Posted by John Yerou on May 15th, 2013 in Mortgage Blog

ContractorsConvincing major high street banks to consider all independent professionals’ mortgage applications isn’t easy. So when Halifax Bank told us it was broadening its IT Contractor-only policy, it was cause for celebration. A little one, at least.Continue reading about  Halifax offers mortgages to ALL professional contractors

Buy-to-Let is the new contractor pension; protect that future!

Posted by John Yerou on January 2nd, 2013 in Mortgage Blog

Buy to let investment is one of the preferred choices of long term security for UK contractors. For many of our clients, buy to let (BTL) mortgages form an important part of their retirement plans.

It’s no surprise. Monthly rental income can provide a welcome boost today. But it’s the capital appreciation over the long term that’s the main attraction. It can – and often does – provide better yields than a pension plan.

Continue reading about  Buy-to-Let is the new contractor pension; protect that future!

New Year, mortgage cheer for contractors?

Posted by John Yerou on January 2nd, 2013 in Mortgage Blog

Contractor Mortgage OptionsAs Christmas and New Year fade into the background, many people’s thoughts turn to buying a new home. The reasons are many:

  • prospective first-time buyers petrified by the claustrophobia the holidays brought;
  • empty-nesters looking to downsize once the winter fuel bills land on the welcome mat;
  • growing families reminded over Christmas that they need more space;
  • or those same families looking for a location closer to a good school or an easier commute.

Continue reading about  New Year, mortgage cheer for contractors?

Cover your asset from the interest-only mortgage timebomb

Posted by John Yerou on November 21st, 2012 in Mortgage Blog

There are thousands of self-employed people sat on interest-only mortgages. Our fear is that, like many, they’ll not have funds to repay the outstanding mortgage loan amount when it’s due.

If you dread the same about your situation, the time to ensure you’re not left with a huge bill you can’t pay is now.

Continue reading about  Cover your asset from the interest-only mortgage timebomb

Why do Contractors Struggle to get Interest-Only Mortgages?

Posted by John Yerou on November 6th, 2012 in Mortgage Blog

The criteria for taking out an interest only mortgage has changed. Now, lenders will only consider borrowers with at least 25% deposit.

For contractors, interest-only mortgages have all but disappeared from the High Street. It’s a real shame. Freelancers’ and contractors’ income can fluctuate, depending upon the nature of their assignment/contract.

Interest-only gave them the option of paying off chunks of the outstanding balance at year-end. This, in turn, helped affluent independent professionals bring down the term of their mortgage.

Continue reading about  Why do Contractors Struggle to get Interest-Only Mortgages?

What on Earth is Contract-Based Mortgage Underwriting?

Posted by John Yerou on January 11th, 2012 in Mortgage Blog

KeysContract-based underwriting is a method some lenders use to assess a contractor’s mortgage ‘affordability’. If you’re a limited company contractor, it’s a great way to fund your mortgage loan.

But here’s the thing. Not all lenders use this type of underwriting process to work out how much a contractor can borrow.

Continue reading about  What on Earth is Contract-Based Mortgage Underwriting?

Help! HSBC Rejected My Contractor Mortgage Application!

Posted by John Yerou on July 24th, 2010 in Mortgage Blog

HSBC If you’re experienced in securing mortgages for contractors, this conversation gives you nightmares. It goes something like this:

“Yeah, I wonder if you can help? I’m a contractor and HSBC were dealing with my mortgage application…”

You steel yourself for the worst. In fact, you can almost fill in the blanks yourself:

Continue reading about  Help! HSBC Rejected My Contractor Mortgage Application!

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