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IT Freelancer Mortgages
Most contractors will have a horror story or two to tell about the hassles they have had trying to arrange a mortgage. It's all too easy to obtain an 'online agreement in principle' only to find that, after a nerve wracking two weeks wait, you're rejected when the underwriter realises you are not a permie or asks you to show accounts (which clearly won't reflect what you truly earn - otherwise you need a new accountant!!)
At FreelancerMoney we are eager to prove that you can easily secure the same 'High Street' mortgages as a permie - its simply a case of making use of the expertise and contacts that we have built up over many years.
Over 95% of our clients are contractors and as such we fully understand how and where to properly submit mortgage applications to ensure success (each week we are approached by distraught clients whose homes are in jeopardy as a result of being declined for a mortgage elsewhere because a less specialist broker has approached the wrong lender or poorly packaged the application). We avoid poorly trained, poorly motivated staff at the branch networks of the major institutions and instead deal with key underwriters within the lenders centralised processing units. In this way we can avoid the strain of having to prove your employability, earnings potential and credit worthiness to branch based mortgage processors who always seems to look for reasons NOT to help.
We are registered with the Mortgage Code Compliance Board and constantly research the entire market place offering our clients full advice and recommendation regarding their mortgage. We are Independent Mortgage Brokers who act on your behalf. Please read our Mortgage Code Private Client Agreement which outlines the standard of service and procedures you can expect from us. Before contacting us with your enquiry or completing the 'mortgage finder' below, you should read the 'You and Your Mortgage' leaflet available from the Mortgage Code Website under the press and publications section.
We ensure that interest rates are competitive and favour lenders who will work simply from a generous multiple of your annualised contract rate (up to 4 times income). This use of your contract rate alone avoids the need for company accounts that first time contractors may not have and that will not, in any case, truly reflect your income (otherwise its clear you need a new accountant!). We also avoid schemes that have extended loyalty clauses and high associated fees. We can secure competitive loans where little or no deposit is required and do not need you to have been contracting for a lengthy period before applying for the mortgage (we have arranged mortgages for people who were 2 weeks into their first contract).
Many clients exploit the potential savings associated with the new breed of 'flexi loans' and 'cheque book' mortgages (contractors have made significant savings on their interest payments by reducing debt on a short term basis whilst maintaining the freedom to withdraw this capital when needed-tax bills etc).
Even in the Internet age we recognise that most people would prefer to seek help and advice when making, what is, the biggest financial decision of their lives. To this end we offer a highly personalised service. You will be assigned a real, living, breathing member of our team to answer queries and keep you informed along the way and to ensure that your mortgage application is dealt with efficiently. By using a mortgage broker you should have access to exactly the same products from lenders with no additional costs.
Unlike our competitors we make no charge for this service nor do we pressure you into taking out additional products with ourselves. All mortgage brokers receive commission from the lenders every time they introduce a client however most advisers then also charge the client a hefty fee (as high as 1-2% of the amount borrowed), insist that you take out insurance etc through themselves or insist that you deal with an impersonal automated process. We are committed to offering a personalised approach and have never felt the desire to charge an additional fee as our costs are covered adequately by the lenders payment alone. We are convinced that, in the close knit world of contracting, our business has benefited overall-the vast majority of our clients still come to us by recommendation from other, satisfied, contractors who have made use of our services in the past.
Whether you're a first time buyer who's keen to stop funding someone else's mortgage from the rent you pay, whether you're 'trading up' to a house that reflects the hard work that you put in each and every day of your contract, whether you're looking to invest in a second property for rental as a hedge against uncertain times ahead or simply looking to save substantial amounts of money each month on your existing loan by re-mortgaging fees free to a lower rate please complete the Mortgage Finder and we will be in touch shortly.
Alternatively we've a range on self-certification options where no proof of income is required
To judge likely monthly repayments for a given interest rate try our Mortgage Calculator.
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