Depending on your profession, it could be possible to obtain a contractor mortgage that takes into account your future earning potential.
This is possible because some lenders have designed products with certain sectors in mind. For instance, Hinkley & Rugby Building Society has mortgages available for you if you are a doctor or a dentist. Depending on how much deposit you have, it could be possible to borrow up to 5.5 times your present income. The range takes two elements into account:
- The level of demand for your skills and services.
- How much you are likely to earn as your career progresses.
Various conditions apply, however, 40 year mortgage terms are available.
Regardless of the employment sector you are in, if you work for yourself or you are contracted, your financial circumstances may not be straightforward. Therefore, it is always advisable to consult with an expert mortgage broker to eliminate the possibility of applying to a provider who doesn’t understand your industry.
With nearly 15 years’ experience behind us finding mortgages for our clients, our level of knowledge is second to none.
After reviewing your circumstances and needs, our professionals can then match you with a contractor mortgage provider who is looking for someone exactly like you to lend to. Very often, these providers specialise in complex cases and take an individual approach to assessing applications. This is also where we can lend our weight as we can help you to present your case in the best possible light.
To find out how much you can borrow and over what term, you can contact Deal Direct in two ways:
- online chat – click on the blue box at the bottom of the page
- telephone – dial the number below
Out of hours you can leave us a message and we’ll get back to you as soon as possible.
To discuss your contractor mortgage requirements,
call 0800 048 8828.
With a recent YouGov survey suggesting that almost half (48%) of Brits think bringing back 100% loan-to-value (LTV) mortgages is a good idea, could this be on the cards?
It seems unlikely at the moment as both lenders and the regulatory authority seem to be resistant to the idea of a reintroduction. However, this could change if lenders and the FCA see that there is:
- the demand
- a responsible approach to lending is maintained
- a greater number of would-be borrowers who can satisfy the affordability checks
The market and mortgage-hunters alike saw the last of 100% mortgages after the credit crunch of 2008. Lenders were left exposed as many borrowers found themselves in arrears.
Since then, hard lessons have been learned and the criteria that lenders use to assess affordability have toughened. Consequently, it’s much harder now than ever before to secure a mortgage. These more rigid policies include having to save at least 5% of the value of the property for a deposit. However, even having to find 5% is proving to be beyond the financial reach of many first-time buyers.
There are options, of course, and this is where consulting with expert mortgage broker, Deal Direct can prove to be extremely useful.
This is because there’s nothing we don’t know about UK mortgages. We have years of mortgage sourcing experience under our belts, and are confident that if there’s a mortgage solution that would fit your needs available on the market, we’ll find it for you.
For independent mortgage advice you can trust,
contact Deal Direct on 0800 048 8828.
Enquire about how you can release equity from your home with a lifetime mortgage from mortgage broker, Deal Direct.
What is a lifetime mortgage?
It is essentially a long-term loan that is secured against your property, as with a regular mortgage. The difference is that the loan and interest are normally paid in full on the sale of your property, at the end of your life or if you go into full-time care.
Advantages include:
- Access to cash, tax-free, from the value of your home.
- Not having to move out of your home.
- Tailored solutions, according to your circumstances.
What is essential to know is that if you obtain a lifetime mortgage, you will almost certainly have Early Repayment Charges included in the Ts&Cs. You will definitely affect what is left in your estate after your death and you may also affect your current tax position. This is why it is vital you consult with expert mortgage broker, Deal Direct, before you do anything.
Seeking advice from us is also helpful because the lifetime mortgage market is changing. The availability of such mortgages has recently reduced, meaning there is less choice. However, the upside of this is that the level of competition for your business between the remaining lenders is high.
Canada Life Home Finance, for instance, has launched a new range of mortgage products with repayment options that offer an increased level of flexibility. The impact of the ERCs can very often deter borrowers from obtaining this type of loan. However, Canada Life has included an ERC waiver after 3 years plus the facility to repay up to 10% of the entire loan on an annual basis.
For further details and to find out whether this is a suitable option for you, consult with expert mortgage broker, Deal Direct.
Contact our offices on 0800 048 8828 today.
Buy to let mortgage provider, Aldermore, offer landlords a wide range of products.
Whether you are operating as an individual or a limited company and are looking to purchase or remortgage single or multiple properties, buy to let mortgage solutions are available at favourable rates.
The lender recently launched a limited edition buy to let mortgage for multiple properties. Highlights of the rates include:
- 78% for up to 75% LTV
- 38% for up to 80% LTV
The lending criteria has also been adjusted to include new, purpose-built flats, which were not considered previously.
In a market that continues to present challenges to landlords, this new range adds a welcome level of flexibility. In determining whether these mortgages represent the best financing option for your purposes, consult with buy to let experts, Deal Direct.
Buy to let mortgage applications from:
- applicants whose intention is to benefit from house price growth
- applicants whose intention is to benefit from rental income
- applicants who are letting to buy
will be treated as a normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.
Call us today on 0800 048 8828 for a top buy to let deal.
If you use the search term ‘contractor mortgage’ on the Internet, you’ll be presented with a plethora of borrowing options. Finding lenders who will lend to those who work for themselves is no longer the problem it used to be. Why then would you approach mortgage broker Deal Direct to assist you?
The answer is a simple one. We are the gateway to exclusive mortgages for contractors you won’t find on the wider market.
Why should this be of interest to you?
Because these exclusive deals often include:
- better rates
- enhanced incentives
- lending criteria designed to meet non-standard or complex needs
Sourcing a mortgage with better rates, when compared to other deals available on the wider market, means you save vital money on your repayments.
A mortgage with enhanced incentives is key to saving costs elsewhere, such as legal or survey fees, or being reimbursed for costs in the form of cashback.
Finding a lender who is willing to assess non-standard or more complex applications could make the crucial difference between becoming a homeowner or not.
Deal Direct has been successfully sourcing mortgages for people just like you for more than a decade. Our knowledge of the mortgage market is unparalleled. This means that regardless of your situation, we are ideally placed to match you with the right product from the right lender.
If you want to find the best value contractor mortgages that are ideally suited to your circumstances, call our experts now.
Contact Deal Direct today on 0800 048 8828.
