Mortgage Blog

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!

Mortgages for Foreign Nationals: HSMP or Immigrant VISAs

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

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

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?

Tougher mortgage regulation by FSA for self-cert mortgages

Posted by John Yerou on October 20th, 2009 in Mortgage Blog

Financials Services AuthorityThe FSA has sounded the death bell for self-certification mortgages. The regulator laid out proposals today that will change the face of the mortgage market.

It’s called the motions tabled as the most ‘intrusive and interventionist’ proposals to date. Targeting lenders, there’s little doubt the FSA is tightening their leash.

Continue reading about  Tougher mortgage regulation by FSA for self-cert mortgages

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