Introducing Contractor Mortgages from Nationwide.
We have been working very closely with the lender community to secure best deals and competitive rates on contractor mortgages. We have been successful in getting best deals from the likes of Newbury, Furness, Kensington and Kent Reliance, especially for those Contractors who are fairly new to contracting, but still wanted to get on the property ladder.
Our seven years of negotiations have paid off, and we are proud to announce that Nationwide are now on the list of our latest high street lenders, to offer Contractor Mortgages and it’s hit the market with a bang! All thanks to their new lending policy and their very competitive market rates.
In the past few years, we have done many pilots with Nationwide on contractor mortgages, however, they were only limited to Umbrella company contractors. We challenged this to the senior level management at Nationwide as we wanted them to come out of this single sided approach and also lend to Contractors who trade through their own limited company – based on a multiple of the contract rate alone, and on the same competitive market rates which were offered to permanent employees.
As a Contractor, even if you are able to prove a 12 month work record in your respective field then, you can apply for a contractor mortgage with Nationwide, as they now lend to Contractors coming from varied industries like Oil and Gas, IT, Engineering etc.; there’s now no industry restriction in place.
With no minimum income requirements, Contractors who are fairly new to contracting will be able to apply and still get a very competitive rate. Good news, isn’t it?
Market predicts that Nationwide will soon become the preferred lender of Contractor Mortgages, and a blessing for those who don’t meet the minimum income requirements of lenders such as Halifax. So, get ready to climb the property ladder!
For Contractors, Nationwide will take into consideration 80% of annual contract rate over a 52-week period, whilst calculating your mortgage affordability. You would be literally surprised to find out how much you can actually borrow as a Contractor.
With extremely competitive mortgage rates from Nationwide, you would be able to get Contractor mortgages up to a maximum of 90% of Loan To Value (LTV), if you are purchasing a home, and up to 85% Loan To Value (LTV), if you are looking for a remortgage. You can now benefit with a modest deposit.
Nationwide have come up with some very competitive rates after carefully considering the requirements of Contractors, with 10 year fixed rates.
So, if you’re looking to keep your medium to long term options, if you foresee base rate increase (as rumored) to come late this year or early next year then, Nationwide’s 2 year fixed rates could just be what you’re looking for:
60% LTV – 2 years fixed at 1.49% with a £999 arrangement fee
75% LTV – 2 years fixed at 1.79% with a £999 arrangement fee
80% LTV – 2 years fixed at 1.89% with a £999 arrangement fee
90% LTV – 2 years fixed at 3.14% with a £999 arrangement fee
The arrangement fee can be added to the mortgage on all of Nationwide’s product range so you won’t need to fund this payment upfront.
If you’re someone who is looking for a long term option and need to have the peace of mind that your mortgage repayments will remain fixed for the next 10 years then, Nationwide are launching 10 year fixed rates on Contractor Mortgages.
60% LTV – 10 years fixed at 3.14% with a £999 arrangement fee
75% LTV – 10 years fixed at 3.44% with a £999 arrangement fee
80% LTV – 10 years fixed at 3.69% with a £999 arrangement fee
Nationwide have a wide range of tracker rate mortgages which are also free from any early redemption charges if you decide to move or remortgage so these could offer the perfect solution if you know that you will need to move in the next few years and don’t want to be tied in to a fixed rate.
75% loan to value – 2-year tracker at 1.44% (0.94%+BBR) with a £999 arrangement fee
80% loan to value – 2-year tracker at 1.94% (1.44%+BBR) with a £999 arrangement fee
85% loan to value – 2-year tracker at 2.69% (2.19%+BBR) with a £999 arrangement fee
90% loan to value – 2-year tracker at 3.49% (2.99%+BBR) with a £999 arrangement fee
All the types of mortgages quoted above are available on purchase and remortgage.
When you’re applying with Nationwide Contractor Mortgages, it will also cover your valuation and legal fees, which means no extra or hidden costs for you.
It’s very simple and easy to apply for Nationwide Contractor Mortgages; all you need to do is this:
If you can gather these essential items together before you start the process of applying for your mortgage then you will be able to secure your mortgage offer far quicker as the lender will want to see these items to verify your application.
To find out how much you could borrow, try out our contractor mortgage calculator
We can often secure you an agreement in principle within an hour of your initial phone call to us so you could be ready to start house hunting by the end of the day!
We don’t charge a fee for our mortgage service which saves you £500+ compared with other brokers and we handle the entire process for you, from your initial phone call to you collecting the keys to your new home, our award winning team will be with you every step of the way so contact us today on 0333 370 8888 or fill in a contact form and we will be in touch.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED AGAINST IT.