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The Government have been making changes over the past few years to make mortgages more affordable for those in more vulnerable positions. This includes those looking for contractor mortgages, who, after the end of Self Certification Mortgages were finding it difficult to find lenders who were willing to invest in them. Some of the ways in which you can more easily afford a mortgage as a contractor include:

Contractor Mortgage Specialists

These mortgage specialists are there to offer advice specifically for contractors, helping you to find the best rates and lenders who are more willing to lend to contractors and the self employed. In many cases a contractor mortgage specialist will be able to find out a mortgage product which matches the rates offered to those in full time, permanent employment. You will also be the first to find out about attractive deals and interest rates if you are working with a contractor mortgage specialist such as AMS Mortgages.

Mortgage Calculators

Mortgage calculators help you to work out how much you can afford to borrow and pay back on a mortgage depending on your contract rate and how much you have saved for a deposit. These calculators may also help you to decide on the type of mortgage you want to get (such as fixed rate, offset and so on) based on the repayment amounts and repayment term you are most likely to get. AMS Mortgages have their own helpful mortgage calculator.

Help To Buy Scheme

The Government’s Help To Buy Scheme is designed to help buyers with at least a 5% deposit to buy homes. Borrowers can secure up to a 95% loan-to-value-mortgage, which is a marked increase on what has previously been possible, as most borrowers will usually be expected to find at least a 10% deposit for their homes. The Help To Buy Scheme was initially set to roll out in January 2014, but was launched three months early in October of this year.
The scheme will be available for three years, up to January 2017, and will be reviewed on a yearly basis to ensure that it is meeting targets and creating more fluidity in the mortgage market.