We specialise in Mortgage Advice for Subcontractors paid via the Construction Industry Scheme (CIS)
Are you a contractor and looking to move home?
If you are looking to move and need to sell your current home, you at least have some idea of what is involved in the process to come!
CISMortgage.co.uk has helped thousands of contractors to successfully take their next step on the property ladder, and our expert mortgage advisors will be on hand to guide you through the whole process.
Here’s a few hints to set you up for success.
This boosts what you can afford if you’re going to buy a new-build property, as the Government lends you up to 20% (40% in London) of the cost of the new-build; so you need a 5% cash deposit and a mortgage to cover the outstanding 75% of the purchase price.
There are conditions around the loan, but it can be very beneficial.
Types of mortgage
When you consider what type of mortgage you want this time around, think ahead. A variable rate can appear cheaper than a fixed-rate mortgage today, but interest rates can increase, and even a small rise can impact your monthly budget.
Check your current credit report and make yourself attractive to lenders by showing that you have kept up-to-date with past payments on your mortgage and all your credit or store cards and other borrowings.
If you do have any bad credit, don’t worry, but tell our mortgage advisor immediately, no matter how minor you think it is. You should also obtain a copy of your credit report and be ready to present it to your mortgage advisor.
Budget for those ‘hidden’ costs you forgot about first-time around: such as building insurance and survey fees. (In Scotland, remember that this time, as the seller, it is you who will need to prepare a Homebuyer’s survey for the house you’re selling.)
And removal costs: this time round you have a whole house to pack up and relocate!
As you’re likely to be buying a larger home, remember Stamp Duty too. (Applicable above £300,000 in England and Wales, and known as Land and Buildings Transaction Tax in Scotland, or Land Transaction Tax in Wales.)
We’ll keep you straight!
And of course, don’t forget to factor in a new sofa for the larger living room.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE