Leeds teams with broker firms to design contractor mortgages
Let us not forget Clydesdale Bank, they have been offering
Offset mortgages to contractors for several years now, based on their contractor policy.
After Woolwich pulled its contract underwriting, Clydesdale became the
default for Offset mortgages for contractors. At least we now have two Offset
options for contractors.
We’re also delighted to announce that we’ll also be offering Leeds contractor mortgages from November.
John Yerou
Freelancer Financials
…….
We were delighted to work with Leeds on this pilot since July, and would echo Tony’s views that Leeds were forward thinking in their approach towards contractors.
The Fixed Offset product that Leeds offer is very popular among contractors, giving stability during a time when contractors are concerned about increasing rates, whilst allowing them to utilise their savings to reduce mortgage interest.
Clydesdale’s mortgage is linked to their own variable rate, offering little protection from increases in rates at the whim of the lender.
Taj Kang
Contractor Mortgages Made Easy
Best advice in a rate war – Marketwatch
It is going to be difficult not to recommend a long term fix given how good rates are.
Five plus years of 0.5% base rate has left people complacent about the whole rates issue. The current drop in swap rates could prove short lived.
With all that QE out there at some point inflation will take off. You don’t want to be defending yourself against the accusation why didn’t you recommend I fixed for 10 years when rates were so low?
Remember swap rates move ahead of base rate moves so see the current lull as an opportunity to re-engage with your mortgage customers. Busy Halloween?!!
Duncan Jones
Have a great weekend from The Mortgage Solutions team