Contradicting views on new build mortgages coupled with dodgy mortgage advice for contractors can get messy. Quickly. Let's clean it up for you:
|Scooped by John Yerou|
John Yerou's insight:
Here's the thing about lenders and developers selling new build properties.
They assume anyone willing to get in first is also willing to stump up a huge deposit.
This assumption - via some clever market analysis, it has to be said - has seen deposits for new builds continually creep up.
In a strange turn of events, new build flats command a higher deposit than new build homes.
For a flat or apartment, expect to have to put down around 25% deposit; for a home, lenders are asking for at least 20% up front.
That is, until now!
We're decimating the deposits contractors need to find to buy a new-build property.
We fully understand the hoops contractors have to jump through to get any sort of mortgage.
We've spent years lowering that particular barrier to entry.
Now, we're taking that philosophy to the new build developers through one of the most established contractor mortgage lenders out there.
We're not sacrificing anything by way of evidencing income. Your gross contract income - your annualised day rate - is still what we use to work out how much you can afford.
None of that accounts or payslips malarkey High Street lenders ask for. And given that powerful top-line income, we can access mortgages for new build properties for contractors with just 10% deposit.
The government kick-started the UK's floundering construction with their mortgage schemes.
We're giving it a post-Brexit boost to help maintain that impetus.
You deserve to be a part of that movement without having to pay through the nose to sign up. And now, you can. Enjoy: