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Found your dream house this Spring? Secure your Contractor Mortgage today

Tuesday 13th May 2014

If you were actively looking at new properties over the bank holiday weekends or made the decision to make that next move, the time has never been better to sell your property. The market has not been as buoyant for years and the tide has clearly turned.

Do I move? Or stick tight?

It’s one of the big decisions we make in life to move house or stick tight. . There are many reasons behind a desire to move home, perhaps you have been speculating whether to put your house on the market having seen the equity in your home grow, or that you’ve outgrown a property, perhaps the kids have finally left home and you want to down size and buy a little pied-a-terre on the coast. In the back of your mind you may dismiss those thoughts fearing that the whole financial process is far too overwhelming to undertake. However, Contractor Financials have some fantastic mortgage rates available to take that leap towards your next property and they take care of the whole process for you so it is hassle free.

Activity in the UK market

UK house prices have grown month on month, for example in February the average house price was £177,846 and in March this rose to £180,264. For the third quarter in a row all parts of the UK experienced year-on-year price increases. This was in fact the fifteenth successive monthly increase in March.

Location, location

Depending on where you live in the UK there is still a stark contrast between London, and in fact now the rest of the UK. It’s not necessarily London being tagged to the south east. It now stands in isolation as a market of its very own, in fact it has recently been likened to being a country within a country. The average London house price is £460,000, twice that of the rest of the UK. So if you are a Contractor living in London and feel the urge to move out, this is a great time to capitalise on this amazing growth. But wherever you are placed in the UK there are opportunities to be had in the property market as the figures above clearly suggest.

Should I be put off by the Mortgage Market Review (MMR)?

There has been lots of chatter in the media around the introduction of MMR at the end of April. This may initially make you stop in your tracks and question whether this would compromise your mortgage application. But as a Contractor you are likely to be in a stronger financial position than a regular PAYE employee. The more stringent affordability checks being introduced by the Financial Conduct Authority (FCA) should not be considered a deterrent to going through the mortgage process. In fact MMR will offer Contractors more assurance that they are in safe hands. The award winning mortgage Advisers at ContractorFinancials will be able to guide you through the whole mortgage application process.

Contractor Mortgage rates

The specialist Advisers at ContractorFinancials have shared their current ‘best buy’ contractor mortgage rates with us. At a 90% LTV, Contractors can access a two year fixed rate at 3.97%, with a £995 arrangement fee with Saffron Building Society. Clydesdale can offer a two years fixed rate at 2.29% on a 75% LTV basis, with a £999 arrangement fee. Finally the Halifax are exclusively offering a 60% LTV mortgage on a two year fixed rate at 1.99%, with a fee of £999, but with £250 cash back. Halifax are also currently offering free valuation fees which can save hundreds of pounds for Contractors looking to buy.

To find out more about how to make the most of rising property prices and get involved in the Spring property rush, call 123 Contracting on 0845 834 0269 or email

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