Mortgage Blog

We win ‘Best Contractor Mortgage Provider or Broker’… again!

Posted by John Yerou on November 25th, 2024 in Mortgage Blog

London, England; November 25, 2024: Freelancer Financials, a leading specialist mortgage broker for contractors, is thrilled to announce that it has again been voted "Best Contractor Mortgage Provider or Broker" at The Contracting Awards 2024. This marks the second consecutive year the company has received this prestigious award, the third time in all.

"We are incredibly honoured to be recognised by the industry for our commitment to providing exceptional service and support to contractors," said John Yerou, founder and CEO of Freelancer Financials.

"This award stands testament to the expertise, hard work and dedication of our entire team, who are passionate about helping contractors achieve their homeownership dreams."

Innovation and experience

Freelancer Financials has built a strong reputation for its innovative ways of navigating the complex world of contractor mortgages. The company's team of experienced brokers works closely with contractor-friendly lenders to secure the best possible mortgage deals for their clients.

"We are grateful to our clients, partners, and the entire contractor community for their continued support," added John.

"We will use our independence to continue to strive for excellence. By eliminating the barriers many traditional lenders still needlessly impose, we will meet and surpass the evolving needs of contractors."

Contracting Awards 2024

The Contracting Awards recognise the outstanding achievements of individuals and organisations in the UK's professional contracting industry. This year's event — held at the Hilton Hotel, Park Lane, London on November 13^th, 2024 — was the biggest celebration yet of the sector's growth and innovation.

About Freelancer Financials

Since 2004, Freelancer Financials has sought to bring fair mortgage lending criteria to the UK's flexible workforce. Developing contract-based underwriting directly with lenders, the team has helped thousands of contractors buy the home their income and status deserve.

A trading style of Mortgage Quest Ltd, Freelancer Financials is regulated and authorised by the FCA.

John Yerou, CEO, Freelancer Financials
email: john@freelancerfinancials.co.uk/or call: 0208 421 7999

Can contractors lock in a remortgage six months in advance?

Posted by John Yerou on October 2nd, 2024 in Mortgage Blog

In one of his most recent podcasts, Martin Lewis underlined how "crucial" it is to get on top of your mortgage finances. Part of that equation is knowing what you'll pay after your current mortgage deal expires.

In a way that spookily echoes what we've already done, he urged homeowners to leverage the opportunity now presented to those due to remortgage.

Our 'rate monitoring service' allows homeowners to lock in their next deal up to six months before their current deal is due to expire.

This service is ideal for contractors. It gives them visibility into what they need to be earning with their successive contract to maintain a healthy budget.

But it extends to the regular self-employed and PAYE employed, too.

Here's more from that podcast, plus how you can leverage our 'win-win!' service to guarantee you'll pay no more for your remortgage than the best rate that's on the market today.

Continue reading about  Can contractors lock in a remortgage six months in advance?

Freelancer Financials: Best Contractor Mortgage Provider/Broker Finalist 2024

Posted by John Yerou on September 3rd, 2024 in Mortgage Blog

Last year, we won the Contracting Awards' Best Contractor Mortgage Provider or Broker category.

It was the second time we'd done so, having first won the award in 2020.

Last month, Contracting Awards announced their shortlist for this year's Awards. And, happy days: we've made the final cut again!

We'll find out whether we've retained our title at this year's ceremony at Hilton Park Lane in November.

But, ahead of the event, I want to go behind the scenes.

What makes an award-winning contractor mortgage broker?

What do we do as an organisation that has seen us make every shortlist since this prestigious award began?

Continue reading about  Freelancer Financials: Best Contractor Mortgage Provider/Broker Finalist 2024

Why are mortgage rates so much lower than the BoE Base Rate?

Posted by John Yerou on August 28th, 2024 in Mortgage Blog

A slew of lenders have introduced sub-4% mortgage interest rates in recent weeks. More followed suit after the Bank of England announced its 0.25% cut to the Base Rate earlier this month.

But, following that, the ONS reported an uptick in inflation (from 2.0% to 2.2%), showing just how volatile and vulnerable the economy is.

Does this mean that lenders began reducing their mortgage interest rates prematurely?

From the evidence available to us: no, not really.

Whilst inflation is on an upward trajectory, swap rates are not. This may mean any further cuts to the BoE Base Rate are delayed.

But that doesn't necessarily mean interest rates will mirror the Base Rate in its stasis.

Today, we look at why this goes against the grain.

More importantly, we consider short-term factors affecting mortgage interest rates and options for homeowners still holding out for better rates.

Continue reading about  Why are mortgage rates so much lower than the BoE Base Rate?

Optimal salary/dividend split for contractors for 2024/25

Posted by John Yerou on April 19th, 2024 in Mortgage Blog

Welcome to another tax year, contractors!

Here, I'll outline the most tax-efficient salary and dividend levels split for the 2024/2025 tax year (6 April '24-thru-5 April '25).

First, I'll tackle the tax bands where income is drawn as salary.

Then, we'll look at dividend thresholds and the optimal split between the two.

Finally, we'll look at scenarios and strategies that optimise the various tax breaks on offer to limited company and PSC owners.

Moreover, how you can extract money from your company without paying through the nose for the privilege.

Continue reading about  Optimal salary/dividend split for contractors for 2024/25

Short mortgage shelf-life gives contractors unique advantage

Posted by John Yerou on March 21st, 2024 in Mortgage Blog

"I must be the unluckiest bloke in the world," the comedian said. "I'm the only person in history to have bought a three-piece suite when there wasn't a sale on."

An oldie, but a goodie, which I was reminded of when I saw the latest mortgage shelf-life figures.

In these days of mass advertising, we've become desensitised to glib taglines.

So, when you hear something like "limited time deal" or see a clock counting down on a website, it hardly dinks our psyche.

We think, "Yeah, right. There'll be another sale next week." Or, "I can get it cheaper on [Amazon/eBay/Temu]" (delete as applicable).

But, in this instance, mortgage deals really are disappearing in almost record time.

Today, we look at why this is so. Also, why contractors could be the unwitting beneficiaries of this scenario if they put their skates on.

Continue reading about  Short mortgage shelf-life gives contractors unique advantage

How to make your investment property appeal to Gen Z renters

Posted by John Yerou on February 13th, 2024 in Mortgage Blog

If you've bought your rental property to attract students, it's tempting to offer only the basics. It's even more tempting with student numbers continuing to increase, whilst properties they can afford become evermore scarce.

It's almost a private landlord's dream: way more demand than the market can support. And, in many instances, potential tenants who'll be there for at least three years.

So, why aren't university types banging down your door to rent your investment property?

Basic requirements for students and young professionals in rented accommodation have changed.

And this has little to do with suggestions that Gen Z is pampered. (Okay: maybe a little.)

But the world they're accustomed to is very different to the one previous generations inhabited in their youth.

Today, we're going to look at the basic amenities Gen Z needs from their accommodation. Then we'll see where you can go the extra mile to garner a queue of bicycles around your HMO or apartment.

Continue reading about  How to make your investment property appeal to Gen Z renters

Mortgage Quest: the all-inclusive specialist mortgage broker

Posted by John Yerou on January 30th, 2024 in Mortgage Blog

With the tumultuous nature of finance markets, it seems all I've written about recently is how x affects y, potentially giving us z. Today, our news is much closer to home.

In fact, it is our home I want to talk—no, shout!—about.

After undergoing a huge facelift, we've relaunched our parent brand's website, Mortgage Quest.

Why now? In short, many contractors have returned to PAYE employment, recently. After talking to them, they assumed we could no longer help with their mortgage. So not true.

Through Mortgage Quest, we now welcome everyone, no matter how they work.

Does this mean we've stopped specialising in contractor mortgages?

Absolutely not. We'll continue to fly the flag for independent professionals, as we have done for 20 years.

Here's more about our parent brand. First, more on why we've had to reach out to past clients.

Continue reading about  Mortgage Quest: the all-inclusive specialist mortgage broker

Remortgage vs Product Switch: What Lenders Aren’t Telling You

Posted by John Yerou on September 27th, 2023 in Mortgage Blog

Today more than ever, lenders are encouraging their existing customers to ‘product switch’ their mortgage. If you’re coming to the end of your initial rate period or have dropped onto your lender's SVR, you’ll likely jump at the chance. After all, what they’re offering is good, old-fashioned customer service, right?

Not always. If you’ve never used an experienced broker before, you’ll go on believing you’re getting the best deal from your current lender.

In some cases, you may well be: a product transfer is the right option for you. But, I want to show you why remortgaging is a viable option, by:

• Helping you realise why dealing with one lender is ‘inadvisable’;
• Showing you which key offers to avoid (e.g. ‘execution only’);
• Availing you of the ocean of choice by using an experienced broker;
• Conversely, explaining product transfer ringfencing, and when is the right time to consider it.

Continue reading about  Remortgage vs Product Switch: What Lenders Aren’t Telling You

Are there special mortgages for contractors?

Posted by John Yerou on August 17th, 2023 in Mortgage Blog

Are there such things as 'contractor mortgages'? Without wanting to sound like Richard Harris's Dumbledore in The Philosopher's Stone, "Yes. And no."

Let's start with the 'no' bit.

The repayment mechanisms are essentially the same across the mortgage industry for all borrowers. It's getting past the application part that's often the problem for independent professionals.

But it needn't be!

If a contractor goes through a reputable, specialist broker, they should be treated no differently than PAYE employees, with access to similar:

• mortgage terms;
• interest rates;
• deposit requirements.

So, why do most contractors struggle to convince lenders that they can afford the mortgage they know their income warrants?

Continue reading about  Are there special mortgages for contractors?