Get the Best Deal on Contractor Mortgages and Save Money

It is not difficult to get information about contractor mortgages in this 21st century when we have all the knowledge on our fingertips. However, to know where to start from and how to go about it without making a mistake is very important.
Anybody can apply for a contractor mortgage. There is absolutely no primary requirement for you to be able to apply for one. There are wide choices for this as well. You do not need to worry even if you have some negative credit rating. Contractor mortgages can be easily availed by even a first time buyer. There are many rumours that are doing the rounds when it comes to contractor mortgages. One is that there is a requirement of 3 years of bank account proof to be shown at the time of application. This does not hold water at all.
A contractor mortgage application is analysed considering a number of factors. They will check on the time period of the contract you already have, i.e. if you already have one, if you have retained any profit, for how many years you want the new contract to be in place and also the rate at which you wish to take the contract. They are not self-certified and the best thing about them is that the interest rate is not very high when compared to other mortgages. The interest rate will vary according to the broker you speak to. If you do your research about local brokers well, you will surely be able to find a good one at a cheap interest rate.
It is always better to know how much you can borrow even before you sign up for the contract. This is easy to do. All you need to do is multiply the number of days you work in a week by the daily contract rate and then that by forty eight. The amount you can avail is double this figure. You can also sometimes avail 4 times of this figure.
However, you will have to submit your CV, fill out a questionnaire and produce a statement with your daily contract rate at the time of signing up. If you have a good credit score, it is all the more easy to find a good contract mortgage. If your credit history is neat and without any faults, this will increase your chances of getting a better deal.

No comments:

Post a Comment