Benefits of IT Contractor Mortgage Specialists
Finding a bank to lend money to IT contractors is hard. Getting an IT contractor mortgage is like finding a needle in a haystack! The easiest way to find the needle is by using a magnet, and in real life, we can consider contractor mortgage specialists as magnets: all you have to do is consult them and they will find you a lender that still provide contractor mortgages.
Hiring IT contractors is very popular these days because they are usually more qualified and can get the job done faster and better than permanent less costly employees. However the problem is that as you know IT contractors work on a project by project basis. Therefore after any given project has been completed companies can simply choose not to continue hiring the IT contractor until the next project comes up.
This is obviously unlike when companies hire a permanent employee since they are obliged to pay them, even if the task at hand is finished.
So what are the main benefits of using an IT contractor mortgage specialist advisor? The single most important benefit of using the services of a bona-fide contractor mortgage specialist, regulated and authorised by the FSA is actually getting a mortgage, rather than failing to obtain one at all!
Furthermore, having an IT contractor mortgage specialist advisor helping you will enable the very same high street lenders that would turn you down as an individual applicant, grant you, the very same applicant, a mortgage through your specialist advisor.
This is because genuine contractor mortgage specialists have special relationships in place with the very same banks or lenders, but can leverage the ability to use a wholly different mechanism altogether, to assess and assign mortgages to applicants.
Most banks are afraid that IT contractors have irregular work and therefore may not be able to keep up with the regular repayments needed to maintain the IT contractor mortgages they have committed to. How little they really know is indeed baffling. Nonetheless, until they realise the reality of the situation, they will continue to wrongfully make mortgages for IT contractors as hard to find as the needle in the haystack.
Contractor mortgage specialists will remain the only viable solution to successfully obtain a mortgage for contractors. They know just where to find lenders willing to provide mortgages to IT contractors. These highly qualified specialists therefore currently remain the only ones who can actually help you find that elusive mortgage needle in the proverbial haystack!
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