With the Holidays out of the way you may find yourself with less money that you thought. If you were planning to renovate or upgrade your business you might have an unpleasant surprise that this year the Holidays may have cost more than expected. Many people are faced with surprises such as these and opt for a mortgage. There are a lot of discounts right after the Holidays, which makes it the best time to renovate, purchase new furniture, or upgrade the business. A lot of people are faced with many problems in getting a mortgage that will be accepted, especially if they are contractors or freelancers.
Contractors or freelancers are particularly venerable because their profit and income is hard to determine, and often changes each month. There is also a question of financial stability. Many financial institutions and mortgage brokers do not work with, or have extreme charges, fees, and rates for anyone that cannot prove their income. At times they may even deny them altogether. Today there is a solution on the market, the contractor mortgage. These are mortgages are especially directed towards contractors and freelancers.
The self employed or freelancers usually need three years of accounts in order to be even considered for a mortgages. Even then, because they are regarded as a “high risk” they are usually met with larger than normal fees and rates putting them at a great disadvantage when looking for a new home or moving house.
Companies that deal with contractor mortgages are able to work with contractors, freelancers or people that run their own limited company to quickly, and easily get a mortgage at competitive rates. Since it is an area they are specialist in the whole process is quick and efficient, so there is no more going to bank after bank waiting for a decision to be made.
In the case that your business is already thriving, you may want to improve your home or move in to bigger accommodation. Either way contractor mortgages can be of great assistance to you and your family. So if you are a freelancer or contractor and are looking to get ahead after the Holidays you can speak to your mortgage broker or financial institution about getting a mortgage for contractors. Unlike in the past you will no longer be discriminated because you run your own business, and will be offered the same rates as everyone else.
