Looking for a contractor mortgage for the first time? Contact Deal Direct.
Are you a first time contractor mortgage buyer? Look no further than Deal Direct to help you find your top home loan options.
Although last November saw the first rise in the base rate for 10 years, you wouldn’t know it from the trends in the mortgage market.
Although the immediate reaction from the mainstream lenders was to increase their rates, since then, the trend has been to pare them back down again.
As a result, the average rate for a 5 year fixed term mortgage is now 4.49% for 95% LTV when compared to 4.55% in summer last year. The rates, however, are significantly cheaper if you can provide a higher level of deposit.
What does this mean for you if you are working for yourself?
More of the mainstream lenders are offering mortgages specifically tailored to meet the needs of the contractor. However, the mainstream providers are not your only options and something other than mainstream may offer a deal of greater all-round value.
With our experience, we can help you to successfully source a mortgage that has been specifically designed by the lender with you, a contractor and a first time buyer, in mind.
For further details on current rates and availability of products from across the whole of the market, speak to a Deal Direct adviser.