Mortgage Blog

Our mortgage blog combines contractor-specific updates on the mortgage, finance and housing industries with our unique opinion, based on 16 years serving self-employed workers.

COVID-19’s Impact on Mortgage Availability and Accessibility

Posted by John Yerou on June 5th, 2020 in Mortgage Blog

On the face of it, here we are: moving tentatively towards the other side of lockdown. As an industry, a nation, a world of one people, we’ve longed for the lifting of lockdown restrictions since their imposition. So, now that we’re within touching distance, what does ‘back to normal’ mean?

COVID-19’s impact has turned most people’s lives upside down. For contractors in particular, the pandemic has had a huge impact on mortgage availability. But we’ve all faced different hurdles, both at home and at work. The experience has left many of us bruised, battered and unsure of what happens next.

Content bookmarks:

Continue reading about  COVID-19’s Impact on Mortgage Availability and Accessibility

Mortgage Payment Holidays: Good or Bad for Contractors?

Posted by John Yerou on May 7th, 2020 in Mortgage Blog

If you’re a contractor on reduced income as a result of the COVID-19 pandemic, you may be tempted to take a mortgage payment holiday. I’d urge you to think before making that leap.

Most lenders are offering a 3-month break from paying your mortgage (plus loans and credit cards) while we remain in lockdown. If we don’t get the virus under control, they may have to rethink and extend that position.Continue reading about  Mortgage Payment Holidays: Good or Bad for Contractors?

The Smart Way for First-Time Buyers to Save on Stamp Duty

Posted by John Yerou on November 12th, 2018 in Mortgage Blog

We get that First-Time Buyers often struggle to get onto the property ladder. For those trying to buy their first home on their own, it can be even more difficult. Saving the deposit, securing the mortgage, solicitors fees and budgeting for Stamp Duty? The costs keep adding up in a relentless spiral.

But borrowers got a hand up from an unexpected source in 2017. In the Autumn Budget, The Government introduced Stamp Duty relief for first-time buyers. Here’s how it works:
Continue reading about  The Smart Way for First-Time Buyers to Save on Stamp Duty

How does a BoE base rate rise affect my mortgage repayments?

Posted by John Yerou on September 20th, 2018 in Mortgage Blog

If you have a fixed rate mortgage, the BoE base rate rise in August need mean little to you. At least not yet. But when your fixed rate ends, you’ll drop onto your lender’s variable rate. That’s when the rise—the first in a decade—will affect your repayments.

If you’re already on a variable or tracker rate, your repayments will increase immediately. Here’s how you’ll feel the result of that increase in your pocket, contractor or not.

The historic low rate had to end someday

Continue reading about  How does a BoE base rate rise affect my mortgage repayments?

Even with payslips, High Street mortgages elude umbrella contractors

Posted by John Yerou on July 20th, 2018 in Mortgage Blog

You’re an experienced contractor working in the public sector. Over time, you’ve become smart. You predicted the issues with automatic payroll. So on balance, you opted to work through an umbrella company.

You’re not alone. Nine in every ten public sector contractors now use umbrella company payment structures.

And now that you’ve got payslips, you think: “Yes! Getting a mortgage now will be a doddle!” Right?

Continue reading about  Even with payslips, High Street mortgages elude umbrella contractors

The Great Rip Off: How Estate Agents Cash in on Your Mortgage

Posted by John Yerou on April 18th, 2018 in Mortgage Blog

Joe Public’s largest ever financial commitment is often buying a home. You’d expect handling that transaction would assume a certain amount of responsibility.

But the fact is, estate agents are ripping homebuyers off when it comes to the mortgages they offer.

The government is planning to put a stop to these practices. In the interim, current practices are bad enough for unsuspecting employees. But when estate agents force their own mortgage lenders on specialist borrowers? It can spell disaster.

Continue reading about  The Great Rip Off: How Estate Agents Cash in on Your Mortgage

Why IT (Information Technology) Contractor Mortgages are Different

Posted by John Yerou on December 29th, 2017 in Mortgage Blog

Freelancer Financials has championed the cause of IT (Information Technology) contractor mortgages for a decade. Most mortgage underwriters also recognise the high income potential of digital placements. At least they see that potential in principle.

Getting those same underwriters to adopt lending policies tailored to the IT sector? That’s where our job becomes more difficult.

Continue reading about  Why IT (Information Technology) Contractor Mortgages are Different

Offset mortgages offer a “golden opportunity for contractors”

Posted by John Yerou on May 17th, 2017 in Mortgage Blog

Hand with Gold CoinsContractors ignoring offset mortgages could be overpaying £1,000s in needless interest. Recent research, reviewed here, highlights the scale of missed opportunity.

Table of contents:

Continue reading about  Offset mortgages offer a “golden opportunity for contractors”

Can I get a mortgage on a fixed term or zero hours contract

Posted by John Yerou on March 29th, 2017 in Mortgage Blog

Can fixed term contract employees get contractor mortgages?

At Freelancer Financials, we’re used to people using us as a last resort. Mention any other type of employment contract to a lender than ‘permanent’, and, well. It’s as if a Dementor has sucked all the joy from your advisor’s world. Then, as a consequence, yours.

Let’s make no bones: our main client profile is that of the professional contractor. They often work through agencies and pay themselves through a limited company structure.

But there is another type of contract that’s becoming evermore popular. It’s sort of a mix between permanent employment and professional contracting.

Continue reading about  Can I get a mortgage on a fixed term or zero hours contract

Does Santander Do Contractor Mortgages?

Posted by John Yerou on December 5th, 2016 in Mortgage Blog

SantanderSantander might be a great mortgage lender for permies on a PAYE salary. But for a contractor looking for a mortgage based on their gross contract rate or net profits? Then Santander is not the ideal bank for you…
…at least not if you want to buy a home that matches your earning capacity.

It can get complicated. Technically, a contractor could get a mortgage with Santander. And with the resources it has, you’d think the bank would be a safe bet:

Continue reading about  Does Santander Do Contractor Mortgages?

check-out
Close

Thanks for your enquiry,
we’ll be in touch soon!

020 8421 7999
Request a Call Back

Incorporated in England & Wales. Company Registration Number: 5013239 | Data Protection Act Registration: Z9469673

Consumer Credit License (CCL): 562464 | Registered Office: Avondale House, 262 Uxbridge Road, Hatch End, Pinner, Middlesex, HA5 4HS