The nation warms up to another General Election, and voting fever is hitting the UK. However, there are some pockets of the population who have grave concerns about the outcome of the May election. Depending on the next government, the availability of contractor mortgages hangs in the balance. So how much of a difference would hiring a contractor mortgage broker do to your chances of getting the property that you want?
Contractors have always experienced some degree of difficulty when it comes to being accepted for a mortgage. The way their finances and their tax handling differs slightly to a that of a worker in permanent employment has traditionally put off a lot of lenders. The Mortgage Market Review, introduced after the sub-prime mortgage crisis hit, was almost seen to be the final nail in coffin for any contractor wishing to get their hands on a mortgage. Which is where the role of the contractor mortgage broker came in to play.
A contractor mortgage broker is an expert of the whole financial, legal and tactical area of buying property. They have the skills to know where to go to ask for a contractor mortgage, to present your case to a lender in the best possible light, and to advise the contractor about the infamous twists and turns of getting the right property.
In the past six to twelve months, the market has eased a little, and there has been a visible change in the way contractors are viewed by mortgage lenders. There has almost been a surge of interest in getting in on the valuable market of the growing self-employed sector. And as the Election comes closer, lenders seem to be in a scramble to offer great deals to contractors in order to meet the lending targets set.
However, there is also an element of uncertainty and fear as to what the future holds, and so any help available to a contractor should be snapped up. UK Contract Partners offers all its contractors free access to our expert contractor mortgage broker service, which will allow you to take advantage of specialised help, support and knowledge in these uncertain times. If you need that extra bit of advice, call us on 0207 526 4708 to see how we can help.
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