Contractor Mortgages | Multiple Applicants | Working tax credits | Maintenance Payments | No Credit Scoring | Up to 4 Applicants
Bluestone mortgages launched early in the year and clearly put a great deal of thought into their lending policy to set them apart. In our dealings so far they have displayed a hunger to lend and in this post I will look at the ranger of Contractor mortgages offerd.
Contractor mortgages via Bluestone
Like most Lenders Bluestone mortgages will sense check a continuity in a certain employment sector i.e. you can’t be a IT worker one day and then a bank nurse the next but otherwise it’s pretty much fair game with both 6 months gaps and less than 3 months on your current contract to run considered. Importantly they also use the daily contract rate in their affordability assessment which usually means you can borrow much more.
Example Product Rate and Fees – Contractor Mortgages 75% loan to value (Residential)
[ezcol_1fifth]Initial Rate: 4.82%[/ezcol_1fifth] [ezcol_1fifth]Subsequent: 5.5%[/ezcol_1fifth] [ezcol_3fifth_end]The overall cost for comparison 5.62% APRC[/ezcol_3fifth_end]
Daily contract rate. Consider less than 3 months to run on current contract. Consider empoloyment gaps of up to 6 months must have ILR no visa applicants.
| Type and initial benefit period | Fixed for 2 years |
| Minimum deposit / equity: | 25% |
| Valuation fee | £430 |
| Booking fee | £0 |
| Lender arrangement | £1495 |
| Telegraphic transfer / CHAPS fee | £35 |
| Legal fee | £500 |
| Early repayment charge | 3/2% of the amount redeemed in the fixed period |
If you are self employed and looking to get a Contractor mortgage the Bluestone mortgages might be the right lender for more information and advice please call us on 02079932044 or complete the online enquiry form,.
Any property used as security, which may include your home. may be repossessed if you do not keep up repayments on your mortgage
Important Information
Residential and Buy to Let Mortgages
Rates current as at 24/9/16 . The overall cost for comparison is based on a purchase price of £300,000 over a 25 year term. The Right-to-Buy example is based on a discounted purchase price of £150,000. Repayment for Residential and Interest only for Buy-to-let (unless otherwise specified). Eligibilty will depend on your own personal circumstances.
KEY – ERC = Main early repayment charge.
The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.
It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.
The information contained herein is based on research through the Trigold (IRESS UK) sourcing system. When first published to this site the data is normally 24 hours behind real time, and may or may not still be available.
A first charge over your property is required as security for the loan.
The formal mortgage offer of an advance will be subject to a valuation and other satisfactory references.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
