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Contractor Mortgages |
| Posted: January 18, 2021 |
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Contractors can find it more difficult to get a mortgage than employed workers. But it is not necessarily impossible as long as you seek advice from a whole-of-market broker such as AWS. We know which lenders offer specialist contractor mortgages, taking your day rate into account when deciding how much you can borrow and multiplying that by the number of working days in the year to work out your annual income. You don’t necessarily need many years of accounts as long as you can show a reliable income from your contract and a history of same line work prior to contracting. |
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| Other Classifieds By AWS Mortgages: |
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| Bridging Finance in London |
Investors buying in London often turn to bridging finance to enable them to purchase property. It can be arranged quickly, ensuring you don’t miss out any investment opportunities, with the bridging finance repaid once the works are complete and the property is sold on, or remortgaged onto a buy-to-let product. A whole-of-market broker such as AWS, which is based in London, and has access to a wide number of bridging lenders, can advise on the right bridging finance for your project. |
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| Bridging Finance |
If you need funding quickly, bridging finance may be the answer. Bridging finance is a short-term loan, taken out for a set period of time, with an exit strategy in place from the outset. One of the benefits of bridging finance is that it can be arranged much faster than standard mortgages so if you are on a tight deadline – perhaps because you are buying at auction – then it may be the solution. Bridging is also used by owner-occupiers buying a new property who have not sold their own home – bridging gives them time to find a buyer while ensuring they don’t miss out on their next property. |
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| Development finance |
Development finance is a specialist product designed for those who are buying a property requiring refurbishment. The property is in such a state that it is not habitable – perhaps requiring at least a bathroom and/or kitchen to make it so – so standard mortgage lenders will not lend. Development finance enables investors to purchase the property and do it up before remortgaging onto a standard residential deal, if they plan to live there themselves, or a buy-to-let, if they are renting the property out. Often, investors sell on the property once the works are done, pay off the development finance and then invest the proceeds in another project. |
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| Commercial Finance |
Those investing in commercial property – a shop, hotel, restaurant, guest house etc – will usually need commercial finance. This is offered by specialist lenders, with a range of products available depending on what sort of business or commercial premises you are investing in. With commercial finance being a specialist product, it is wise to consult a whole-of-market mortgage broker such as AWS to guide you as to the right commercial mortgage for your purchase or refinance. We know which commercial lenders to approach to get the best deal; get in touch for more information. |
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| Mortgages for doctors |
Medical professionals often have complex income streams. GP partners are not always salaried and may have additional sessional earnings. Those working as locums may provide their services as sole traders or through limited companies, while consultants may have income from private practice on top of their NHS salaries. Not all lenders understand these complexities which is why it is worth seeking advice as to the most appropriate mortgages for doctors. This is where AWS can help – we are whole-of-market brokers with access to all the deals on the market and know the best lenders to approach for mortgages for doctors. |
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| Mortgages for Lawyers |
Some borrowers have more complex income structures than others and this is certainly the case when it comes to lawyers. Using a whole-of-market broker such as AWS who understands mortgages for lawyers, their career paths, pay scales and income sources, will ensure you get the right loan for your circumstances. The good news is that lenders are keen to lend to such professionals because even if you are starting out on a relatively modest income, this will increase as your career progresses. Preferential terms, with regard to lower fees, better rates, reduced deposits and enhanced income multiples, should be available if you approach the right lender. |
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| Mortgages for Lawyers |
Some borrowers have more complex income structures than others and this is certainly the case when it comes to lawyers. Using a whole-of-market broker such as AWS who understands mortgages for lawyers, their career paths, pay scales and income sources, will ensure you get the right loan for your circumstances. The good news is that lenders are keen to lend to such professionals because even if you are starting out on a relatively modest income, this will increase as your career progresses. Preferential terms, with regard to lower fees, better rates, reduced deposits and enhanced income multiples, should be available if you approach the right lender. |
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| Mortgages for Lawyers |
Some borrowers have more complex income structures than others and this is certainly the case when it comes to lawyers. Using a whole-of-market broker such as AWS who understands mortgages for lawyers, their career paths, pay scales and income sources, will ensure you get the right loan for your circumstances. The good news is that lenders are keen to lend to such professionals because even if you are starting out on a relatively modest income, this will increase as your career progresses. Preferential terms, with regard to lower fees, better rates, reduced deposits and enhanced income multiples, should be available if you approach the right lender. |
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| International Mortgages |
If you are buying a home overseas, whether it is for holidays, to rent out or to retire to eventually, chances are you will need a mortgage. It can be tricky enough getting to grips with a mortgage in the UK but international mortgages can be even more complex. This is why many people turn to a whole-of-market broker such as AWS, for assistance. We can advise whether you would be better off obtaining a mortgage local to the area in which you are buying or from a UK-based lender. We have lots of experience in arranging international mortgages and know the best approach to take. |
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| Mortgage Broker London |
If you are based in London and buying a property, whether it’s your first home, you are moving up the ladder, or purchasing an investment or commercial property, it makes sense to seek independent advice. The mortgage is most people’s biggest outgoing after all, and nobody wants to pay more than they need to. With a wide variety of products available, choosing the best deal can be a daunting prospect. A whole-of-market mortgage broker in London, such as AWS, will advise on the right mortgage for your purchase, guiding you through the process from start to finish.If you are based in London and buying a property, whether it’s your first home, you are moving up the ladder, or purchasing an investment or commercial property, it makes sense to seek independent advice. The mortgage is most people’s biggest outgoing after all, and nobody wants to pay more than they need to. With a wide variety of products available, choosing the best deal can be a daunting prospect. A whole-of-market mortgage broker in London, such as AWS, will advise on the right mortgage for your purchase, guiding you through the process from start to finish. |
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