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Mortgage Tips & Advise

High St mortgage lending: the bane of limited company contractors

In recent years, there’s been a revolution in the way we work in the UK. Individuals’ mindsets have changed, challenging the 9-5. Independent professionals are incorporating their own companies. They’re building a unique brand of expertise in their field.

And how the economic recovery needed these entrepreneurs. It was this rise in self-employment that supported all UK labour market figures.

Many independent professionals striking out on their own did so on a contract-to-contract basis. To streamline their businesses, most used limited company payment structures.

Why go to all that trouble?

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You can get a self-employed mortgage with just one year’s accounts

There are two ways you can apply for a mortgage when you have your first year of trading under your belt. A fast, savvy way or the slow and painful approach.

The fastest way for self-employed people is to speak to a specialist mortgage broker. Not just any broker, but one who knows what they’re doing. And that’s key, here.

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How to evidence self-employed income to get competitive mortgages

Securing mortgage finance on the High Street is far from straightforward for the self-employed. The one trait lenders share is treating self-employed accounts in their own unique way.

An oxymoron that may be (as well as a real pain), but it’s nevertheless the truth. One lender may insist on seeing three years’ accounts. Another may just want to see one year’s records, whilst the next can ask to see your contract.

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Two fatal mortgage judgement calls almost all contractors make

Mortgage LendersMany contractors still find it hard to secure mortgages from High Street lenders. There are two classic reasons, both revolving around education:

  • 1. they go direct to lenders they know, most of whom don’t have bespoke contractor mortgage policies;
  • 2. branch/call centre staff at these institutions don’t understand how contractors and freelancers work.

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Are mortgages for contractors easier than for self-employed?

It’s no secret. If you’re self-employed and don’t work PAYE, you struggle with High Street mortgage lenders. But some lenders have thrown freelancers and contractors a mortgage lifeline. It’s based on their contract rate and extends beyond typical IT-based check-boxes. And, believe it or not, it even bypasses ill-educated branch staff.

Advisors in branch may even have told you that you only qualify for a self-employed mortgage. But mortgages for contractors don’t rely on payslips and accounts, as they’d have you believe.

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Contractor Mortgage

Mortgages for self-employed contractors just got a lot easier

ANY professional contractor can now apply for a mortgage based on their daily contract rate* through The Halifax.

Before this strategic move by the UK’s largest lender, only contractors working in the IT sector would be entertained. Now, Halifax has lowered the barrier to entry by offering freelancers mortgages in any niche based on their contract rate.

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Self employed mortgages are not beyond your reach

We’ve all been there. Our decision to go self-employed seems to be justified. Business is booming. With it, the freedom we sought is within our grasp. But there’s still one niggle: rent!

Private rent can be the most frustrating aspect of contracting. Knowing that we’ve earned it by our own means, us contractors develop an uncommon affinity with our cash.

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Self-employed mortgage arrangement fees rise

Not renewed your self-employed mortgage in a while? You may be in for a surprise – the nasty sort – when the time comes. Lenders arrangement fees have risen. We think we know why…

In 2009, the average a lender would charge for the privilege of processing your mortgage application was less than £1,200. In the short time since, that amount now stands at £1,500+, a rise of more than 25%.

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Self-employed income + High St criteria = mortgage rejection!

Many articles we’ve penned here relate to the tangible shock self-employed people get when they’re told they’re no longer creditworthy. Very often, it’s by their existing mortgage lender.

Their story, perhaps one you’re familiar with, has a recurring theme. In less austere times, they’ve taken out an introductory fixed-rate self-employed mortgage. Before they know it, it’s due to elapse.

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Specialist mortgage brokers: no better way for the self-employed

In recent years, there’s been significant growth in the amount of people launching their own businesses in the UK. But what knock-on effect has this surge had on the newfound self-employed’s ability to get mortgages?

The growth in the self-employed populace shows some correlation with post-credit crunch job losses. But the fall-out that ensued the 2008 collapse changed traditional employees’ attitudes.

People began to question job security; no one company was too big to succumb to wave after wave of recession. The result?

Continue reading about  Specialist mortgage brokers: no better way for the self-employed

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