Bank statements… we all have them, whether you receive paper or electronic you get them and they’re a window into the activity your bank account has in a month. It’s not a surprise then that bank statements are something lenders and brokers ask for during the mortgage application process.
With an increasingly volatile property market, it is becoming harder to get your foot on the property ladder. With an estimated 1.75m renters believing they will never own their own home* things do look bleak, especially if you’re considered an independent professional (contractors, freelancers, self-employed, etc.) or have a complex income.
As of Wednesday 2nd August 2018, the Bank of England have raised the base rate to the highest level since March 2009, from 0.5% to 0.75%. This is the official borrowing rate, so it’s what banks and other lenders are charged when they borrow money. A change in the base rate can affect what borrowers pay and what savers earn, so if you’re saving, a rise is generally positive news.
Deciding when to buy a property can be a challenging prospect, especially in a volatile marketplace, which is constantly changing!
But can buying a home at a certain time in the year really make a big difference?
The answer is yes, and it certainly pays to know when to turn this into your advantage. After all… the vast majority of house prices are based on demand, and the bigger the demand, the more you can expect to pay!
From a young age, I always had the ambition of becoming an entrepreneur and wanted the exciting challenge of being my own boss.
Today I’m now CEO of a growing start-up. iContract started as a lightbulb moment from my contractor career, but now it’s a real thing after years of hard work.
If you’re thinking of becoming a contractor, one of the first things you will need to do is to set up your own company to trade under. Although this process may seem daunting to the uninitiated, it is a fairly simple process in reality, and professional help is widely available. Here are some things to bear in mind before you set up a company.
Why go limited?
As CEO of iContract, me and my team need stay focused and ensure that our productivity is high! I wanted to share my five tips that will help you become more productive in the workplace!
Keep meetings under control
The government are proposing a new three-year tenancy for renters to provide them more stability and security in their homes. The current minimum term is 6-12 months, which 81% of renters are currently signed up to and typically, tenants stay in their homes for nearly four years.
As we enter the month of July, there’s a feeling in the air that summer is in full swing. After a long winter, a hit and miss spring interspersed with a few intensely hot May weekends and crazy thunderstorms the wait for the long summer ahead has been an incredibly long one.
As a contractor, summer holds vast opportunity. How can you best use your time during the summer months this year?
Reduce your hours
Lending criteria in the UK has not kept pace with the changes in working styles, since 2008 the number of contractors in the UK has grown to roughly 1.9million, up by more than a third since 2008 (as of 2016). And while this is the number of contractors, the number of households where part of the overall income is from someone who is a contractor is obviously much higher. From our experience with our clients, we’ve found that most lenders make it much more