Connells estate agents have reported a large increase in residential mortgage valuations in February, nearly a quarter more than the same period last year and 53% more than January. They also reported that there was a 20% increase in valuations for home owners moving home, which amounts to an 81% increase month on month.

Corporate services director of Connells, Paul Staley, commented:

“In particular, the upper tier of the market has been uncharacteristically active as home movers look to buy or sell million pound properties before April’s stamp duty hike comes into play.”

“Nevertheless, much hinges on the decision of the monetary policy committee this month.”

“If they send a clear signal that they are taking steps to counter inflation by hiking the bank rate – we will see a flurry of re-mortgaging activity as re-mortgagors act immediately before rates are substantially higher.”

If these figures are correct it would be fair to assume that more contractors are planning a move this year. If this is the case than the complexities of their income structure may make it difficult and even put them off from applying for a mortgage. This need not be the case, contractor mortgages are available and it is probably easier than you think to apply for them.

Business development director at e.surv, Richard Sexton, commented:

“The proportion of mortgage products requiring more than a 25 per cent deposit is at a two-year low and many of these new products are for high LTVs”

“Lending is still constraining demand as mortgage lenders are concerned about the possibility of rising unemployment as the public spending cuts continue. These concerns are particularly focused on areas with high levels of public sector employment, such as northern England and Wales.”

“Currently, a large proportion of buyers are those able to muster sizeable deposits, but if the economic horizon clears and the barrier of tight lending criteria is lifted, we could see both demand and prices pick up relatively quickly.”

He believes that the banks are creating a bottleneck with their stringent lending criteria, and we need lending to grow so the housing market can fully recover.

Contractor mortgage lending would have been susceptible to the same difficulties if it had not been for specialist mortgage brokers who were able to represent contractors to lenders properly. This has shielded contractors from many of the worries in getting a mortgage in such a tough market.

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Author Bio: This article has been submitted by Contractor Mortgages Made Easy

Category: Finances
Keywords: contractor mortgages, mortgages for contractors, mortgages, contractor mortgage