Freestyle clients unaffected by the death of the Self-Cert mortgage
The FSA announced last week that they are likely to pull the plug on Self-Cert Mortgages.
In a controversial announcement the financial services regulators revealed that they are looking to introduce compulsory verification of borrower incomes which will effectively kill the self-certification mortgage market. This comes as no suprise following recent developments in the industry which has seen Nationwide, one of the last remaining lenders, pulling all of their self-cert products from the market.
Contractors and the Self Employed seem to have been caught in the cross fire as the FSA has been keen to appear to be clamping down on the unpopular banking sector. Just when the country is most in need of Entrepenuers, the net result of the move could be to force them back in to permanent employment in order to obtain a mortgage.
As far as Freestyle Accounting clients are concerned, the death of the self-cert mortgage may sound alarming but it is certainly not the end of your home ownership dreams. ContractorFinancials are specialist mortgage advisers who work on behalf of our clients and have negotiated contract based underwriting with lenders that will be of use to our Freelancer clients and should help ensure you can borrow the same, if not a higher amount, as when you were a permi.
This contract based income verification allows you to borrow without the high interest rates and fees that were often associated with Self Cert mortgages and could offer a life line if you are coming to the end of a discounted or fixed term or are looking to purchase a house in the future.
Whether you are a business Owner Manager or a Contractor, the expert advisers at ContractorFinancials can help you to make your dream home a reality.
Going directly to a lender and asking for a mortgage based on your contract rate or drawings could easily end in failure as they may very well assume that you cannot afford the repayments. However, ContractorFinancials are able to secure your mortgage based on a multiple of your annualised contract rate alone which means you don’t have to worry or if you are a small business owner will ensure that your accounts are packaged in as positive a light as possible.
With schemes available for Freelancers who are within the very first week of starting your first contract and also for new start up businesses, there is a solution to fit almost all needs. The advisers charge Freestyle Accounting clients none of the usual mortgage broker fees.
Contact ContractorFinancials today on 0845 062 8888 or visit www.contractorfinancials.com.
