Mortgage Blog

Was there ever a case for Self-Cert mortgages?

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

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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

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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

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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

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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

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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

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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

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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

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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!

Mortgages for Foreign Nationals: HSMP or Immigrant VISAs

Posted by John Yerou on April 26th, 2010 in Mortgage Blog

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World FlagsFor too long, it’s been a struggle for foreign nationals working in the UK to get a mortgage. Irrespective of the way they work, lenders perceive immigrants as a risk.

It needn’t be this way. As with most of life’s challenges, the answer lies in finding the relevant authority for help. That authority figure is a specialist mortgage broker who understands how immigrants work.

Continue reading about  Mortgages for Foreign Nationals: HSMP or Immigrant VISAs

Can foreign nationals get contractor mortgages in the UK?

Posted by John Yerou on April 6th, 2010 in Mortgage Blog

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We had something of an epiphany, which came about like this. We were working on ways to solve UK contractors’ problems of getting mortgages on the High Street. In doing so, we realised that immigrant workers had a similar problem, only twofold:

  • lenders didn’t know how to deal with them as a contractor;
  • advisors showed the same ignorance when dealing with them as a non-UK citizen applicant.

Continue reading about  Can foreign nationals get contractor mortgages in the UK?

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