Posted by John Yerou on June 4th, 2021 in John Yerou Specialist Mortgage Blog
The catalyst for the recent turmoil in the mortgage market is, we can all agree, unprecedented. But the resultant situation that faces mortgage lenders isn’t. Far from it.
You only need go back to 2007/2008 for a recent example of lenders facing a similar scenario.
Back then, global money markets collapsed, plunging not just institutions but countries into financial uncertainty. Their banks had to make decisions whilst surrounded with looming recessions and a future of unknowns.
The same is true as we look ahead today. The question is, what are banks and building societies doing differently this time around?
Continue reading »Post-Lockdown (2021) UK Mortgages: a Generalisation Theory
Posted by John Yerou on May 13th, 2020 in John Yerou Specialist Mortgage Blog
You may well be familiar with this story. High Street lenders have already deeply scarred most contractors and freelancers by the time they reach us.
Often, inept in-branch advisors unwittingly inflict those wounds.
Their weapon of choice? Failed credit searches! Failed searches leave ugly footprints across your credit file.
When lenders carry out such a search based on your application criteria and go on to turn you down, it leaves a blot on your copy book. And one for all to see thereafter!Continue reading »Why dealing with High St lenders direct can sink contractors
Posted by John Yerou on October 30th, 2015 in John Yerou Specialist Mortgage Blog
It’s thanks to the IT crowd that bespoke mortgages for contractors exist. As banking systems digitalised, banks outsourced specialists to update their systems.
What these banks discovered was that:
- IT professionals capable of rebuilding their digital ecosystem from the ground up earned big money;
- despite that high income, banks had little in place to accommodate an IT contractor’s mortgage needs.
Continue reading »Get a mortgage that can use your top line contract rate!
Posted by John Yerou on August 11th, 2015 in John Yerou Specialist Mortgage Blog
The six-year holiday is officially over. Earlier this year, Mark Carney, BoE Governor, forewarned banks that the base rate would rise.
He intimated the rise would occur before the end of the year. Many pundits have predicted that the rise will come sooner rather than later, though.
Likewise, we think that the ‘sooner’ is imminent. The likely effect is that cheap mortgages may disappear from the High Street.
Already, Barclays and Santander plan to up their interest rates on new mortgage launches. Other lenders will follow suit. But how that ‘domino effect’ will impact mortgage interest rate increases per lender may differ.Continue reading »Rise in BoE Base Rate – Good or Bad for Borrowers?
Posted by John Yerou on May 21st, 2015 in John Yerou Specialist Mortgage Blog
Just when you thought discrimination was a thing of the past, you happen upon your High Street bank looking for a mortgage. You present your credentials as a contractor. The adviser’s eyes ignite when they see your day rate.
Continue reading »Why specialist contractor mortgage brokers trump the High St
Posted by John Yerou on May 20th, 2015 in John Yerou Specialist Mortgage Blog
Our friends over at IPSE commissioned Kingston University to research the country’s self-employed. As expected, numbers are growing, with results showing an independent UK workforce of almost 2M. It’s safe to say, contractors and freelancers are now essential to the overall job market.
Continue reading »Does your income protection cover your contractor lifestyle?