Mortgage Blog

Buying a New Build property – 10 Top Tips for Contractors

Posted by John Yerou on November 21st, 2016 in Mortgage Blog

New Home Key Shows Moving Into HouseBuying 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*.

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It’s a prime time for contractors to remortgage off their SVR

Posted by John Yerou on June 24th, 2016 in Mortgage Blog

British-poundsWe 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

Renaissance amongst lenders, but is it too little too late?

Posted by John Yerou on November 23rd, 2015 in Mortgage Blog

Mortgage LendersReading 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?

What are contractor mortgages?

Posted by John Yerou on October 7th, 2015 in Mortgage Blog

Contractor Mortgage Keyboard ButtonBut it would surprise you how few mainstream lenders ‘get’ contractor payment structures. Or it definitely seems to you that they’re ignorant at branch and call centre level.

The good news is that, if you’re a contractor looking for a mortgage, we can help.

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Halifax slashes mortgage rates for first time buyer contractors

Posted by John Yerou on September 18th, 2015 in Mortgage Blog

HalifaxFor 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.

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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.

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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.

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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

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