Entries by John Yerou

5 Time Saving Tips Every Contractor Needs To Know

When you are starting out as a contractor or freelancer you will already have a business plan and strategy in place. However, as your business takes off, it’s often the small things that need to be done, but often forgotten about until you apply for a mortgage or send in tax returns. The time saving […]

All you need to know about VAT

In this article, I will take you through VAT rates and some things that don’t include VAT. I will introduce you to what you can and can’t claim for VAT. Then we will cover keeping business records. There is a lot more specific information on the GOV.UK and HMRC websites. If you want to look […]

How to Register with HMRC – Self Employed

This article is all about working for yourself and how to register with HM Revenue & Customs. I’ll tell you when, how and why you tell HMRC you’ve started working for yourself. So when do you tell HMRC that you’ve started in business? The date you start in business will be: the date you actively […]

VAT and Motoring expenses

In this article about VAT and motoring expenses I’m going to give you a short overview about when you can claim VAT on a car, claiming VAT on commercial vehicles, VAT on repairs and maintenance to your vehicles, what you need to do when you are reclaiming VAT on your motor fuel and what records you need […]

HELP TO BUY MORTGAGES FOR CONTRACTORS AND FREELANCERS

The Help to Buy Scheme, launched back in April 2013 has given the UK property market a massive boost and helped thousands of people get into the property market for the first time. The government provides first time borrowers with a 20% contribution towards their deposit on top of a minimum equity deposit of 5% from the borrower. This allows borrowers to put down 25% deposit on properties and gives lenders more incentive to provide more mortgages, knowing that the government is backing 20% of the loan. Contractors looking to buy their first home should take advantage of the scheme but once again, it is important to do so through a specialist contractor mortgage broker in order to ensure everything runs smoothly. Our Help to Buy guides show how to do exactly that.

A Self-Employed Contractor’s Solution to Mortgage Rejection

Here at Contractor Guides we advocate a ‘prevention over cure’ approach for contractors applying for mortgages but if you have applied for mortgages in the past and been turned down, don’t despair! We have put together a guide that explains exactly what you need to do next and a step-by-step approach to making sure it never happens again. From working out where the application broke down to choosing mortgages and mortgage brokers who can repair your credit file, your mortgage application and get you your first home, we cover every aspect of the application process.

WHY DO CONTRACTORS NEED A SPECIALIST MORTGAGE?

Contractors have not had much luck over the years when it comes to regular high street mortgages. The over-simplified division of workers into self-employed and employed fell harshly on contractors who were classified as both and therefore not properly eligible as either. The new specialist contractor mortgages neatly sidestep this problem by utilizing bespoke mortgage underwriting and assessing contractors on the basis of more relevant criteria such as annualized rates of income and their working history as a contractor. Our guides will help explain all the benefits of specialist mortgages for contractors.

4 Tips To Help Contractors Get A Mortgage

Just because some banks and lenders are now offering specialist contractor mortgages, that doesn’t mean you will automatically be welcomed with open arms. We outline five essential things you need to know about applying for a specialist mortgage, from how to get your credit in shape and how to find a specialist contractor mortgage broker to organizing your finances correctly pre-application and correctly filling out the application itself. Everything you need to get that mortgage!