Reduction in upfront costs could help contractor mortgage applicants in 2018.
If you are both a contractor mortgage applicant and a first-time buyer, then you could benefit from a reduction in the up-front costs that are faced by many.
Since the budget, a big help for mortgage hunters has been the abolition of the stamp duty charge on property purchases up to the value of £300,000. The exemption also includes the first £300,000 on properties up to the value of £500,000.
For most buyers, this equates to an average saving of £1500.
There are other costs to take into account and, to make the process as affordable as possible, some lenders reduce or remove some or all of them. The trick is knowing which mortgage provider is offering what and when. This is where having an in-depth level of expertise is very useful.
Newcastle Intermediaries, for instance, has now made a 95% LTV mortgage available for first-time buyers, which includes a free legal pack.
Deal Direct can offer advice on the suitability of this mortgage for you as a first-time buyer, however, as a contractor, another solution with different lending criteria and tailored underwriting may be a better option.
In contacting us, we can help you to source the right mortgage solution that saves you as many up-front costs as possible. We’ll even help you with hints and tips on the right way to present your application for approval to the lender.