• Catherine Hope

July 2018

Well what a beautiful couple of months it’s been...

After recovering from some unwelcome holiday sunburn and an even more unwelcome premature end to England’s run in the world cup, things are starting to get back to normal at H.M.S HQ!

The sun is shining and I’ve been busy helping people with a vast variety of mortgage enquiries…

This month has seen meetings with lots of lenders with some exciting new changes to the mortgage market, including:

- More lenders coming into the market with options for ‘short term let properties, or properties let on 'Air BnB'

- According to, more than one third of mortgages on the market are now fee-free!

- And we’ve seen lenders improve their affordability calculations as well as additional lenders entering the 95% loan to value market – encouraging for first time buyers!

Case Study : Contractor Mortgage

While contractor mortgages are becoming more popular and widely offered in today’s market, lenders still put strict criteria in place regarding the borrower’s position of their contract. For example, how long they have worked in their field, how many contracts they have previously had and how many months are remaining on the existing contract.

My client has been living and working in the UK as a pharmacist for 3 years, he has just taken up a position with the NHS on his first fixed term contract, the contract had 3.5 months left to run with no renewal date on the table when he contacted me.

Most lenders would require my client to have had at least one contract in place before, or for there to be 6 - 12 months remaining on the existing contract.

However, working with the lender to evidence my clients experience and longevity working as a pharmacist and his intention to keep working in this employment, they were comfortable with lending and using the full salary as stipulated in the contract for affordability purposes.

As a result, my clients have had a full mortgage offer issued and move in to their first home on the 3rd August…

You can find out more about contractor mortgages here.

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