Top Contractor Mortgages
Top Contractor Mortgages have changed the market for contractors. In the old days, if contractors wanted a mortgage, they went to a high street bank or building society. When they got there they were told that they needed to produce three years worth of accounts. They were also told that the loan amount offered would be based on a multiple of the contractor’s director’s salary.
That’s exactly what happened to me when I became a contractor many years ago. I had to forget it for a few years.
When I say that this is the way that it used to be, it is still that way at the high street banks and building societies. They will still tell you the same things today.
Specialist Contractor Mortgages
What has changed is the advent of specialist contractor mortages and specialist contractor mortgage brokers like Tony Harris. Tony created the specialist contractor mortgages market. He got the big lenders to understand that contractors and freelancers could afford more than a mortgage based on their director’s salary.
He also Made them see that contractors should get offers based on their daily rate. This is at multiples of up to 4. Take a contractor getting £500 a day. That’s £2,500 a week. Multiply that by 48 for annual rate. That’s £120,000 annually. At four times annual salary the loan offer would be £480,000.
Help To Buy
With Help to Buy which means that contractors just have to put up a 5% deposit that menas that a new contractor just starting up could buy a house or flat worth more than half a million pounds
They took a chance on him and neither side has looked back. He has attained many contractor mortgages in that time. ThoseÂ contractors have helped Tony’s credibility further by, in the main, keeping up their payments. There were few defaulting on their contractor mortgages.
This means that Tony is often able to get contractors mortgages at lower rates than the market ratesgage
Get a Contractor Mortgage
To get more information on specialist Top Contractor Mortgages click on Contractor Mortgages
To apply for a contractor mortgage click on Contractor Mortgage Application
and fill in the form at the bottom of the page.