Frequently Asked Questions – Mortgage FAQ
Opportunities in the UK Property market as an IT Contractor
IT contractors and consultants know that a property purchase represents a relatively secure and potentially profitable investment and should form an integral part of your financial and future planning.
It is likely that you enjoy a higher income than most – an attribute that can be put to good effect to raise more capital than was possible when you were working on a salaried basis. Some prudent planning both in terms of the property you desire and the mortgage product you select should allow you to jump several rungs on the property ladder; even opening up the prospect of buying a second home or rental properties – forming a core of your financial planning for the future.
When business is good you can also look to repay a substantial part of your loan back each year thus avoiding thousands of pounds of interest liabilities that would normally accrue over a 25+ year mortgage.
Better deals
As a major mortgage ‘buyer’ we have a great influence over mortgage lenders. Frequently, we have access to deals and rates not available to the general public.
Potential Bugs
We have noticed a trend in our dealings with the IT consultant community; many contractors find trying to secure a good sized mortgage a frustrating and time consuming experience. High street banks and building societies tend to base their maximum lending on your salary – there’s the first spanner in the works for most contractors! IR-35 compliance may well give you a low salary and high dividends – perfect for qualifying for a measly house loan! The short term nature of many contracts and the apparent multiple-contract multiple-job-changes that looks so good on your CV will send the high street lenders running – their wariness comes from a fundamental misunderstanding of what you do and the service you provide… And the irony, you are considerably more employable than most!
Call in a Specialist!
Do not despair, IT Contractor Mortgages is here to help. We regularly work with lenders who do understand you, with good deals, sympathetic lending criteria and flexibility of payments. You may be able to borrow up to 4x your annualised contract rate and need only have been trading for between 3-6 months. It is possible to take out a mortgage with a small deposit although the better deals are likely to be on offer to those who have 10-15% of the purchase price to put down.
Why use IT Contractor Mortgages to find your mortgage?
By choosing IT Contractor Mortgages you will immediately have access to our many years experience of arranging mortgages for contractors and comprehensive consultants. Our constantly updated systems, enable us to keep a close watch on the latest deals available. This technology and our considerable expertise means that we are able to conduct a rapid and extensive search on your behalf – pin-pointing the mortgage most suited to your unique needs and the needs of the IT contracting community in the UK. We have been trading in the Mortgage Brokering business since 1995 and currently help our customers borrow £80 – £100 million pounds of mortgages each year.
Free, no obligation initial quotation
We offer you a free, no obligation initial quotation service. Discover the best deals available for you now! Simply complete the brief questionnaire and you can have a decision, in principle, often within one hour (during office hours).
We talk to the entire mortgage market and know where we can get you the best mortgage; we also talk to hundreds of IT contractors and independent consultants and are well aware of the traps, pitfalls, qualities and attributes of the IT contractor community.
If you have been having problems arranging a mortgage, perhaps you are self-employed without a full set of accounts, or need a company that recognises that your past financial problems are behind you, or maybe your income is variable – we know who to talk to about your unique needs.
Better deals
As a major mortgage ‘buyer’ we have a great influence over mortgage lenders. Frequently, we have access to deals and rates not available to the general public.
Faster service
Cut through the red tape. Our service is fast. Our free quotation service can give you a decision, in principle, often within an hour – and a formal mortgage offer within 7-10 days. When dealing with a mortgage lender direct this can often take weeks.
An independent service
We are Independent Mortgage Advisers. This means we can offer truly impartial advice. We survey the mortgage market on your behalf. We are not tied to any particular mortgage lender. Our only concern is that you, our client, obtain the best deal available for your unique needs.
We will save you time
With today’s hectic schedules, very few people have the time to wade through all the different mortgage options available. Time that would be better spent charging billable hours! Let us guide you through the mortgage maze and help you to make the correct choice, right now!
The right choice
Say goodbye to those nagging doubts. When we help you find a mortgage, you will know it’s the right choice. Even if a better deal appears on the market at the last minute, we will keep you informed and you can choose to change to that mortgage if you wish.
