Your Guide To It Contractor Mortgages

In the current financial climate, IT contractors and contractors alike are finding it increasingly difficult to find the right mortgage advisor

. Least of all finding a mortgage advisor that specialises in mortgages for contractors. Indeed, even most contractor mortgage specialist advisors are not greatly motivated to help recently formed IT contractor start-ups obtain mortgages.

What does all this signify? It simply means that it can be extremely difficult to find a contractor mortgage through the usual means: banks and FSA authorised advisors. Contractor mortgages or remortgages have always been hard to find, at the best of times, especially for IT contractor specialists not long established. Most banks are only interested in providing mortgages to contractors who have at least two or three years experience with suitable accounts that show sustained growth and profit.

To make things worse, the recent recession has made lending companies stricter over their lending criteria. Because of this, "self-certified" mortgages were suddenly excluded, and heftier deposits were required to ensure securing the best contractor mortgage with the lowest rates. Lenders have definitely become more demanding in considering any mortgage applications! This is why; if you need an IT contractor mortgage, it would be best to employ the services of a professional contractor mortgage specialist sympathetic to your situation.

Very few contractor mortgage specialists have pre-established contacts, enabling them to find exactly the right mortgage product for the self employed IT contractor or freelancer, who does not have years of experience nor therefore accounts to show.

It is vital to remember that Information Technology is one of the fastest moving industries, which is why most IT contractor specialists opt for shorter-termed rather than long-term contracts. As such, there are always numerous contractors in the market for a mortgage at any given time. Most IT contractors especially, therefore need all the assistance in seeking a mortgage specifically for IT contractors. This is why there are many so called contractor mortgage specialists out there, supposedly looking to provide their services to IT contractors.

With the current state of affairs for contractors in general, and IT contractors especially; although very scarce, its a good thing there is still at least one contractor mortgage specialist willing and able to help them out in their time of need . With IT contractor mortgages specialists regulated by the Financial Services Authority, a mortgage is still within reach for most IT contractors, as they can match them with the appropriate lenders to provide a suitable mortgage. So if youre an IT contractor searching for a mortgage, your best bet would be to find the best contractor mortgage specialist to assist you.

by: Cyntia Kerner

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