I’ve heard Contractors can’t get Help-to-Buy. And why does it matter – they’re rubbish!? What a load of old baloney. Contractors can get on the property ladder with their 5% deposit, just like permies. What’s more, #HelpToBuy has been so popular since its launch, Halifax (THE #contractor-friendly lender) capped the maximum value theyd lend on the Equity Loan part of the scheme through brokers to £150,000. Because it was ‘rubbish’? Nu-huh! The amount of mortgages of this type were weighing down their books so unequally, they had to curb take-up. Okay, last month, they upped that limit to £250,000 through brokers. Its going the right way, but it’s still less than a half of the £600,000 threshold set by the Government for the two Help-to-Buy schemes. That ceiling is only the Help-to-Buy 1, the Equity Loan. The Halifax is still offering the full £600,000 on the Mortgage Guarantee product, Help-to-Buy 2. Theyre the only lender to enforce these restrictions; other lenders signed up for Help-to-Buy *and* who are contractor-friendly (few and far between) are still offering the full terms on both. Contractors can apply for Help-to-Buy and, like permies, they only need 5% deposit and a super-clean credit history to begin the process. As per all other contractor #mortgage applications, they’ll need a copy of their current contract, their CV, 3-months bank statements and an official form of ID, but that’s it. No need for accounts, payslips and all that malarkey. If you’ve seen a house and think it’s out of your reach because you’ve only got 5% set aside, you might want to reconsider. Full details about both Help-to-Buy schemes here:
Posted on: Wed, 10 Dec 2014 10:09:14 +0000
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