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Contractor Mortgages

Contractor Mortgages Made Easy are experts in sourcing Mortgages for Contractors. We can help you find the right contractor mortgage quickly and we make it as easy as possible by doing everything we can to simplify the process for you.

Specialising in bespoke mortgages for contractors. We have access to the whole of the market for contractor mortgages and our advice is completely impartial.

Historically, lenders have penalised contractors when it comes to sourcing a mortgage. They see permanent employees as a better bet.

Most contractors are referred to us as a consequence of being let down by others in the mortgage marketplace that do not understand the contractor's world or have a good working knowledge of contractor mortgages. They have usually spent time and money or in some instances both to source a competitive mortgage deal, which in a lot of instances for contractors is not forthcoming. We are all too familiar with these frustrations. In essence, we can position your situation with the lender so that they do not discriminate against you for being a contractor for lending purposes.

We have quickly established a reputation in the contractor mortgage marketplace associated with quality. We consistently provide a speedy, straightforward service for busy contractors who need to trust someone to find the right contractor mortgage and get things done.

I requested a contractor mortgage enquiry in July 2010 and secured an AIP.  Rebecca then picked up my case with ease and little handover from an ex-colleague, and secured a very good arrangement from the Woolwich (my existing lender) and a Buy to Let from Birmingham Midshires. Throughout the process I found Rebecca to be highly courteous, professional, and very knowledgable about the subject matter. Rebecca was quick to respond to my emails / phone calls and recognised that as a contractor it is not always possible to take personal calls, working around my availability and calling me at times that suited me. I was very impressed by her proactively engaging the Barclays relationship manager to seek resolution to an issue that could have jeopardised the purchase of my new house when Barclays relayed incorrect information that resulted in a 4 week delay in the overall process.   Rebecca secured the outcome i wanted, and we were able to complete at the agreed date. I'd like to thank Rebecca for her help in making a stressful process straightforward and for her determination to resolve an issue for her client.  I'd be happy to pass on Rebecca's details to my contracting friends/colleagues. Christine

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The Latest Contractor Mortgage News

5th February 2012 Subscribe to our RSS Feed

Sale and Rent Back Market Temporarily Closed by FSA

Following a recent investigation of the sale and rent back market by the Financial Services Authority, the entire market has been temporarily closed down, with widespread failings reported across the board.

The FSA claims that the majority of sale and rent back transactions were found to be unsuitable and did not give the families that they were meant to protect a good chance to recover financially. Sale and rent back firms basically buy back homes from people who are unable to keep up with mortgage repayments on their property, and then keep the homeowner in their property as a tenant of the firm. The idea is a good one, as it allows people that would have otherwise lost their home to their mortgage lender the chance to keep their family in the home and simply pay rent in order to keep it. The property then remains in the hands of the sale and rent back firm.

However, the FSA have discovered that the majority of these firms were more concerned with personal financial success rather than the welfare of their companies and deemed most of the deals they came across as unaffordable. They also found a number of other failings including failure to assess the appropriateness and affordability of the deal, failure to give customers enough time to consider the deal - meaning the homeowner feels forced into a decision they otherwise might not have made. Firms were found to have not explained the key details of the agreement with the customer in enough detail or at the right time, meaning customers were signing agreements they didn’t really understand and then were caught in a contract with the company that they could not get out of or afford.

Most importantly, a good number of sale and rent back firms were not compliant with the FSA’s own rules and regulations for tenancy agreements and financial promotion with one company even found to have committed fraud.

With this in mind, the FSA has temporarily closed the market whilst they try to make the sale and rent back market suitable for use again, and have suggested that any customers who feel they have been treated wrongly to contact their provider or even seek other legal advice. Customers may in the near future be able to get compensation from the firms, and free legal advice is available from a number of sources, including the Citizens Advice Bureau.

Article by: Jonathan Veers, Senior Mortgage Consultant at Contractor Mortgages Made Easy

Media Contact: Raman Kaur, Public Relations Manager.

Tel: 0844 44 88 800
Email: media@contractormortgagesuk.com

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