contractor mortgages

How can I get a mortgage as a contractor

By | finance, First Time Buyer, housing, mortgage, News - Blog, remortgage, self employed | No Comments

The UK mortgage market is expanding it’s offering for contractor workers, making it potentially easier for those in the demographic to get property finance. Here, we look at the definition of a contract worker, income assessment, how much contractors can borrow and what specialist advice is available.

WHAT IS A CONTRACTOR MORTGAGE?

A contractor mortgage is a loan against a property for a professional who operates via their own limited company, and are not employees of a larger business. A contract worker is not in formal employment but work via an agreed contract for a specified period of time, making them self-employed specialists.

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REMORTGAGING EXPLAINED

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Despite the Bank of England raising the base rate to 0.75% in August 2018. The remortgage market continues to grow, with rates remaining competitive among lenders. However, these rates may not last much longer. With the Term Funding Scheme (TFS) ending in February 2018, the supply of cheap funding for lenders will soon finish.  All 9 of the Bank of England Monetary Policy Committee voted to keep the base rate at 0.75% in September, things look to be settled for the near future.

This makes now an appropriate time to consider reviewing your financial circumstances. You may find that you can reduce your monthly mortgage repayments by remortgaging and potentially secure yourself a cheaper mortgage product ahead of a speculated rate rise.

In this blog, we answer some of the crucial questions that you may have about remortgaging and how to get the best deal suited to your needs and circumstances.

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Remortgaging volumes hit record high

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Remortgaging volumes hit an eight-year high in July, conveyancing service provider, LMS has found.

But while transaction levels hit their highest point since September 2009 on a 12-month rolling average, Remortgaging volumes remain some way off their pre-crash highs.

Loan amounts are also on the up, reaching an all-time high of £171,421 in July.  Read our blog post ‘How much can I borrow for a mortgage?Read More

What is Help to buy equity loan!

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Help to Buy

What is Help to Buy and how does it work?

The popular Government-funded Help to Buy Equity Loan is available until 2021, so you can find your new home with just a 5% deposit. With competitive mortgage rates available, now really is a great time to buy. Read More

renters first time buyers mortgage

Renters spend £1.1m more than buyers in their lifetime, research finds

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Following the European model of being lifetime renters is all very well, but you’ll pay through the nose for a lifetime of renting.

So you want to buy a home? You’re in a shrinking majority.  The gap between those that own and those that may never be able to is getting bigger.

Of the 17 million renters in the UK, more than two-thirds now have no plans or may not be able to purchase a property in their lifetime.

A third of Brits are currently renting the home they live in, and official statistics place the UK ahead of only Denmark, Austria, and Germany.  Some of the world’s wealthiest countries – in terms of the proportion of owner-occupied homes across Europe.

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self-employed mortgage guide

Self-Employed Mortgage Guide 2018

By | finance, mortgage, News - Blog, self employed | 4 Comments

Whether you are a Sole trader, in a Partnership or a Director of a Limited Company becoming self-employed takes guts and the freedom it offers can be priceless, but it does come with its difficulties, including getting a mortgage. Being a specialist broker Mortgage Squared can help you to overcome these difficulties explaining complex incomes and holistic working, for the process to become a walk in the park.

Our guide explains the different schemes available.

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13 things that can hold up your mortgage application

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Find out how to speed up your mortgage application

Mortgage stress

When you’re applying for a mortgage, any delay can hold up the entire chain of buyers and sellers, or even stop the sale going ahead. But you might be surprised at how seemingly minor details can derail the process. Something as simple as the wrong address on your drivers’ licence could prompt the lender to return your application and request more information – while more serious lapses may lead to a rejection. Read up on the most common stumbling blocks to having your mortgage application accepted quickly and hassle-free.

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Factors affecting a mortgage application

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Applying for a mortgage can be nerve-wracking! It’s helpful to have an idea of exactly what sort of information lenders will look at when deciding whether you can borrow from them. Here, we look at some of the factors that will affect your application.

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Forces help to buy, the low down for HM forces! current scheme runs to December, 2018

By | british army, finance, mortgage, News - Blog | No Comments
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If you’re a regular serviceman or servicewoman in the armed forces, the Forces Help to Buy scheme could let you borrow up to 50% of your salary

What is Forces Help to Buy?

The Forces Help to Buy scheme enables servicemen and servicewomen to borrow up to 50% of their salary, interest-free, to buy their first home or move to another property on assignment or as their families needs change. Find out more at from gov.uk help to buy.

If this is you, then you are likely eligible.

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