Contractor friendly lender launches exclusive product

November 10th, 2015

Contractor friendly lender Clydesdale Bank have this week launched an exclusive product available to Contractor Mortgages Made Easy.

The mortgage will be available to first time buyers and home movers with as little as a 10% deposit and consists of a 2 year fixed rate at 2.99% with no arrangement or valuation fee. The no fees element is an important feature, particularly the valuation fee, because overall this saves the average client £1,449 in upfront fees based on borrowing £282,000 where they would typically pay £999 in arrangement fees and £450 in valuation fees.

 

This comes after news this summer the bank reduced its minimum income level for those proving income from their day rate.

Taj Kang, Business Development Director at Contractor Mortgages Made Easy said, “Due to the growing contractor market, certain lenders have identified this an opportunity for attractive and reliable new business.”

This is the first and only exclusive which Clydesdale have offered a broker since 2014.

Taj Kang adds, “Clydesdale offer value for money with their mortgage products, including offering offset products to contractors, alongside some very competitive fixed rates.”

Based on a loan amount of £282k it represents a saving of £1,097 over the first 2 years compared to the closest alternative non-exclusive Clydesdale deal available through other brokers.

“Clydesdale has proven a good option for many of our clients” added Taj. “In many cases allowing clients with situations slightly outside their standard criteria the availability of High Street lending.”

Each mortgage case is assessed by a human underwriter, rather than a computerised check list, meaning that the bank avoid the ‘computer says no’ tactics of other ‘high street banks’. That underwriter will take an overview of the entire application, including credit history, meaning that they are not as restrictive as lenders who make decisions based on credit score.

If you would like any more information or to establish which mortgage options you are eligible for, contact one of our mortgage consultants by calling 01489 555 080.