Mortgage options for contractors became even more comprehensive this week, with the opening of TSB’s intermediary access.
The brand, famed for being the ‘bank who likes to say yes’; was reformed, in name at least, in September 2013 following the sale by Lloyds Banking Group of over 600 branches, and they have made access routes easier this week by opening up to selected brokers.
“TSB was born to bring competition to the market and we will be a substantial intermediary player. We’re dedicated to providing a great service to brokers and competitive mortgages for their customers” said Roland McCormack, TSB Intermediary director.
“Service is our number one priority and we aren’t prepared to sacrifice for volume, which is why we’re looking to grow organically.”
This now means that mortgage options for contractors are as varied as ever, according to one contractor specialist.
“It’s been thought of for some time that banks were beginning to wake up to the borrowing potential of contractors, and starting to see them as a safe bet, and to me the last six to twelve months prove that” said Simon Butler, a senior consultant at Contractor Mortgages Made Easy.
“Firstly we saw the introduction of specialist lender Kensington to the market, then late last year new lender Metro Bank set their sights firmly on contractor business, and now TSB are entering the waters. It’s a good time to be looking for mortgage funding as a contractor, particularly with historic low, long term fixed rates beginning to be offered by the likes of Nationwide.”
Once the mainstay purely of IT contractors, and predominantly from contractor friendly bank Halifax, also owned by the Lloyds Banking Group, now you’re likely to have realistic lending options whatever your job, salary or payment route.
“It was extremely frustrating a few years ago, as we speak to a huge number of contractors from all types of employment, and we were coming up against a brick wall with the majority of non-IT contractors” added Butler.
“Thankfully due to the relationship that we have with lenders now, we’re able to ensure that any contractor is not discriminated against thanks to their job status, meaning that more than ever before are able to realise their home-ownership dreams.”
“It is, however, vitally important that you speak with a broker with the right access, as unfortunately we do still hear horror stories of lenders – even those who proclaim to be ‘contractor friendly’ – trying to shoe-horn clients down the self-employed route which, given new affordability rules, is unlikely to work in all but a small handful of cases.”
Article By: Mark McBurney, Senior Mortgage Consultant at Contractor Mortgages Made Easy
Media Contact: Raman Kaur, Public Relations Manager
Tel: 01489 555 080