April 13th, 2016
Contractor Mortgages Made Easy are pleased to welcome a new lender to the UK mortgage market. Bluestone Mortgages, backed by Australia’s Macquarie Bank and one of the UK’s leading private equity houses, LBG Capital, have a range of products suitable for our contractor clients.
Although unlikely to be first choice for many of our clients due to their higher rates, the lender is expected to be a popular choice for those with long gaps between contracts and payment problems. Attractive features to their contractor policy include flexibility towards missed and late payments, and allowances for gaps of up to 6 months between contracts in the last 12 months.
In the past, contractors have needed a 12-24 month continuous contracting record in order to qualify for a mortgage. However, one of the major benefits of flexible working is the freedom to take a break when you want, with the majority opting for a less frequent extended period of time off.
Contractors no longer need to worry if this choice will put them at a disadvantage when trying to secure a mortgage, as long as they are willing to compromise on the mortgage rate on offer.
It obviously presents choice now for those who have had enforced gaps, whereas before there would have been no immediate solutions.
As with all truly contractor friendly lenders; income will be assessed based on a multiple of the daily rate – over a 48 week year, representing a substantial increase in borrowing power when compared to using company accounts or umbrella payslips, which will reflect any tax saving methods used. Day one contractors are also accepted.
If you would like any further information about this lender and if they are suitable for you, call 01489 555 080 to speak with one of our consultants today.
Article By: Ratchelle Deary at Contractor Mortgages Made Easy
Media Contact: Ratchelle Deary, Public Relations Manager
Tel: 01489 555 080