Skipton announce new contractor mortgage policy

Skipton Building Society today have launched their new contractor mortgage policy.

Their previous policy saw self-employed contractors assessed in the same was as any other self-employed customers using either an average of the last 2 years net profits

With effect from 25th June 2018 they will assess self-employed contractors using their daily contract rate multiplied by 5 (days) multiplied by 48 (weeks).

Potential customers must meet the following criteria:

  • Minimum two years’ experience in chosen profession.
  • Minimum of 1 year’s contract history.
  • Minimum income (using daily rate) of £50,000.

This adds to the growing list of contractor mortgage lenders that Super Contractors has access to.

Gordon Hunter, Managing Director of Super Contractors, says:
“We at Super Contractors are delighted to now have access to Skipton’s new contractor mortgage scheme. We are excited to add them to our panel of contractor friendly lenders. This can only bring good things for our contractor clients.”

For more information about mortgages for contractors, speak to one of our expert mortgage advisers – freephone 0800 211 8700 or fill in our online enquiry form

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Your property may be repossessed if you do not keep up repayments on your mortgage.

This firm charges a fee of up to £295 for mortgage advice. The amount of fee will depend upon your circumstances and be discussed and agreed with you at the earliest opportunity.

Lifetime Finance Group Limited trading as Super Contractors is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.

Super Contractors Awarded Feefo Gold Trusted Service Award 2018

February 2018, Super Contractors has won the Feefo Gold Service award, an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated by real customers.

Created by Feefo, Trusted Service is awarded only to those businesses that use Feefo to collect genuine ratings and reviews. Those that meet the high standard, based on the number of reviews they have collected, and their average rating, are awarded. A badge of honour, this accreditation remains unique, as it is based purely on the interactions with verified customers. As all reviews are verified as genuine, the accreditation is a true reflection of a business’ commitment to outstanding service.

Super Contractors met the criteria of collecting at least 50 reviews between January 1st 2017 and December 31st 2017, with a Feefo service rating of between 4.5 and 5.0.

Gordon Hunter, Managing Director at Super Contractors commented: “It’s a real honour to receive this award from Feefo. To be recognised for delivering exceptional experiences to our customers is a great achievement. We’ve been working hard to ensure our customers receive the best service possible, and being able to listen, understand and respond to their needs has enabled us to improve our offering in 2017. We’re looking forward to another successful year ahead.”

Have a read of all of our Feefo reviews here.

Speaking on this year’s award, Andrew Mabbutt, CEO at Feefo, commented: ‘The Trusted Service award has always been about recognising those companies that go the extra mile. Once again, we have seen many incredible businesses using Feefo to its full potential, to provide truly memorable experiences for their customers – and rightly being awarded with our most prestigious accreditation. I look forward to the continual success of the businesses that work in partnership with Feefo throughout 2018.”

Feefo is a ratings and reviews, and customer analytics platform that provides the tools to collect genuine, purchase-verified reviews on behalf of over 4,000 businesses. Feefo ensures that all feedback is authentic, by matching it to a legitimate transaction; this is in order to increase consumer confidence and combat the rising issue of fake reviews.

About Feefo

Feefo is a global reviews and customer analytics solution to boost business & build trust. Feefo collects reliable customer feedback to deliver up to date insights so businesses and consumers can make better decisions. Feefo does this on behalf of 4,000 companies, providing reviews and customer analytics for more than 5,000 websites. Clients include Expedia, AXA, Next, The White Company, Moss Bros, Notonthehighstreet.com & Tepilo.

About Super Contractors

Super Contractors are a specialist broker specialising in arranging mortgages and protection specifically for Contractors. They help contractors secure mortgages all over the UK.

Their expert mortgage advisers are trained to understand contractor specific challenges and only work with contractor friendly lenders. Contractors use Super Contractors because of their specialist mortgage advice, speedy turnaround and super friendly service designed wholly around the needs of contractors.

Interest Rates: The Impending Increase

No Jokers here, what would an increase in interest rates mean for your mortgage?

The Bank of England has announced that it is keeping interest rates at 0.5% but has also hinted at increasing the base rate soon [1].

They did say rates would need to rise “earlier” and by a “somewhat greater extend” than they thought at their last review in November.

The BBC states that around 8.1 million UK households have a mortgage, and of those almost half are on either a standard variable rate or a tracker rate [2].

Those on a standard variable rate or a tracker rate would be most affected by a rate increase, as interest rates on those types of mortgages would likely match any increase by the Bank of England.

Economists think the next rate rise could come as soon as this May. [3]

Swoop in & Secure a Low Rate

If you haven’t reviewed your mortgage recently and not taken advantage of the record-low fixed rates, you may want to consider it now.” says Super Contractors’ Managing Director Gordon Hunter. “Securing a fixed rate deal could be your answer to avoid the impending increase. It all depends on your circumstances and whether a switch is right for you at this moment.”

Super Contractors can search for contractor remortgage deals on your behalf with major high street lenders who will consider (subject to terms) a day rate contractor.

Speak to our expert mortgage advisers about switching mortgage

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Your property may be repossessed if you do not keep up repayments on your mortgage.

This firm charges a fee of up to £295 for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Lifetime Finance Group Limited trading as Super Contractors is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.

[1] This is Money, Feb 2018, http://www.thisismoney.co.uk/money/news/article-5363197/More-quarter-indebted-Britons-fear-rate-rise.html
[2] BBC, Feb 2018, http://www.bbc.co.uk/news/business-42986729
[3] Money Marketing, Feb 2018, https://www.moneymarketing.co.uk/bank-england-holds-rates-hints-increase-soon/

Super Contractors gets involved with the Christmas Toy Appeal

This year, we at Super Contractors have taken part in the Salvation Army’s Christmas Toy Appeal. Over 25 gifts have been donated by our staff, with toys and gifts ranging for all ages.

Last year the Salvation Army were able to help over 400 children through their Christmas Toy Appeal. This means that 400 children who were in need were able to receive Christmas Gifts, where without the Salvation Army’s help they may have received nothing.

Over the last year things have remained just as tough. They have continued to help many families throughout the year, so they know that this Christmas there is still a real need to support the children and families who are struggling to make ends meet, and in many cases going without essentials to ensure that they have the basics of food, heat and light for their children.

Find out more about Salvation Army’s Christmas Toy Appeal on their website here.

See photos of Super Contractors’ donations here

Super Contractors Glasgow Business Award “Best Performing Business” Finalist

We are delighted to have been shortlisted for the Best Performing Business (11-50 employees) award by Glasgow Chamber of Commerce.

Top businesses and organisations will be honoured at the prestigious Glasgow Business Awards 2017. This year is the 20th anniversary of the award ceremony and it will celebrate achievements, successes and accomplishments of Glasgow businesses.

The names of winning entrants will be announced at the Dinner and Awards Ceremony at the Hilton Glasgow on Thursday 5th October 2017. We can’t wait to be there!

More details about the event are available here.

Super Contractors takes part in Wear a Hat Day

Today, we took part in Wear a Hat Day for Brain Tumour Research!  Wear a Hat Day takes place all over the UK. We, at Super Contractors, took part to help raise awareness and vital funds for this pioneering charity.

Gordon Hunter, Managing Director at Super Contractors, said: “The diagnosis of a brain tumour is devastating news to receive. Not only for the individual, but their family and friends as well. We are proud to help fund the fight against this disease which takes children from their parents and parents from their children before their time.

“Brain tumours kill more children and adults under the age of 40 than any other cancer! We felt we had to do something to make a difference. It is vital to have the support for research and funding for such a critical illness. It’s also why we are so passionate about Critical Illness Cover.

Critical illness cover pays out a lump sum if the worst was to happen to you and you were diagnosed with a serious illness. Having a Critical Illness Cover in place can help ease your recovery by paying out the money you need for your care and treatment, your recuperation, help pay off your mortgage or make up for lost income.”

Crispin Zeeman, Head of Marketing for Brain Tumour Research, said: “We are extremely grateful to Super Contractors and are impressed by their commitment to helping our cause. Such support is vital in order to help us to fund the fight as we work to improve the lives of patients and, ultimately, find a cure for brain tumours.”

Brain Tumour Research helps fund an annual £1 million programme of research at its Centre of Excellence at the University of Portsmouth. Further partnerships announced last year with Plymouth University, Queen Mary University of London, and Imperial College pave the way for a £20 million investment in brain tumour research over the next five years.

For more information about critical illness cover, freephone 0800 211 8700 or fill in our online enquiry form.

For more information about Brain Tumour Research visit www.braintumourresearch.org

 

Notes to Editors

Fundraising in its own right, Brain Tumour Research is also an umbrella charity, working in collaboration with Member Charities around the UK. Together with this network and supported by the fundraising achievements of our Umbrella Groups and fundraisers across the UK, over £4 million was raised during 2015 to fund both brain tumour research and to provide support for patients and families.

Brain Tumour Research’s Invest In a Cure manifesto calls on the Government and the larger cancer charities to increase national investment in brain tumour research to between £30 million and £35 million, in line with other cancers. This issue was taken up by the Petitions Committee as the subject of their first-ever inquiry, resulting in their report “Funding for research into brain tumours”. This led to a debate in the House of Commons in April 2016 where then Health Minister George Freeman MP formally acknowledged more must be done for brain tumour patients and their families and announced measures to begin to address the issue. Brain Tumour Research will be playing a key role in the Government Task and Finish group convened to take the issue forward.

Key statistics on brain tumours:

  • Brain tumours kill more children and adults under the age of 40 than any other cancer…
  • Yet just 1% of the national spend on cancer research has been allocated to this devastating disease.
  • 16,000 people each year are diagnosed with a brain tumour.
  • Less than 20% of those diagnosed with a brain tumour survive beyond five years compared with an average of 50% across all cancers.
  • Incidences of, and deaths from, brain tumours are increasing.

Spring Budget 2017 – What Does It Mean For Contractors?

10 Highest Paid UK Contract Jobs in Finance

With the Fintech sector booming, finance specialists are well sought after. See the below table for the 10 Highest Paid Contract Jobs in Finance in the UK:

SAP Finance Consultant - £508
SAP Finance Lead - £513
Senior Finance Analyst- £513
SAP Finance Specialist - £525
SAP Finance Project Manager - £525
SAP Finance Architect - £539
Finance System Manager - £550
Quantitative Finance Specialist - £850
Computational Finance Specialist - £850
Head of Finance - £925

Source: Sonovate, Q4 2016, November 2016

5 Ways Brexit Won’t Impact Contractor Mortgages

A Super Contractor should be prepared for every eventuality. While many in the city may not have backed Brexit or even anticipated the result – I was busy calculating what a leave vote would mean for contractors like myself. No, my powers are not psychic in nature, but simply those I put into operation every day in my role as a (Super) IT contractor – foresight and planning.

Here are my five reasons why Brexit won’t impact negatively on UK contractor mortgages.

1. The BOE Contingency Plan

Like any super contractor worth his cape and day rate – Bank of England Governor Mark Carney, was quick (as The Flash) to announce that the Bank had prepared for every eventuality; duly unveiling a cunning contingency master-plan designed to protect the economy from negative effects in the the outcome of leaving the EU. In fact, since the last crash of 2008, the Banks have been simulating and stress testing far more severe scenarios than those we currently face to shape the battle plan. Are they ready? It’s worth noting that the money held by the biggest British banks is ten times what it was before the crisis of 2008; some £130 billion of capital and £600 billion of high quality liquid assets; something Carney says ‘gives banks the flexibility they need to continue to lend to UK businesses and households, even during challenging times.¹ In short, the UK banks are more stable – while ‘Fred The Shred’ could only lend from his piggy bank to close friends and family, Mark Carney has the resources of Lex Luthor, and a better head of hair besides.

2. Even Lower Interest Rates for Contractor Mortgages

Whatever way you voted, the fact is ‘we are where we are’. So, while the banks navigate a foreseen period of uncertainty and adjustment, the BOE is widely tipped to slash UK base interest rates from a record low of 0.5% to 0.25% by the end of 2016.² Gadzooks! If Interest rates stay this low, we’ll all be forming an orderly queue at our banks for (almost) free loans. Take that, Payday Loan Lenders!

So what does that mean for contractor mortgages? Well, with lower BOE interest rates in place, mortgage lenders could take a hatchet to mortgage rates to lure customers with new, cheaper deals. In short, not only could this mean lower contractor mortgage rates, but also lower asking prices for available property, while uncertainty abounds.

3. Carpe Diem (I knew learning Latin in school would finally come in handy)

As Contractors, we have the ability to speculate and act fast. On 16th September 1992 George Soros made an estimated £1 Billion from short selling the GB Pound on Black Wednesday. Granted, he almost collapsed the UK economy in the process, at an estimated cost of £3.3 Billion³, but the point is, know your onions, be agile, and the opportunities are there.

UK Pound Devalued
Today, the value of Sterling is at a 30 year low against the USD, and other currencies. This is a positive for exported UK products and services who are currently enjoying renewed international demand as a result of buyers gaining more value for money.

Lower UK Corporation Tax Rates
With George Osborne proposing the lowering of UK Corporation Tax (CT) to 15%, the UK is being cited as a potential Tax Haven for Corporations.

Booming FinTech Market for Contractors
Despite all the uncertainty, what is certain is the fact that Financial Technology Contractors are in demand. Here’s a quick list of the highest-paid contract IT jobs in UK FinTech companies (figures refer to average daily rates):

Project Management: £425
System Administration: £450
Software Engineer: £464
Database Administration: £491
Database Developer: £495
Programme Management: £503
Unix Administration: £544
Technical Architect: £625
ERP: £700
IT Security: £700

Source: Sonovate 4

4. Brexit – Great for contractors

Ahead of the Brexit vote, many head honchos were putting big appointments on hold. According to a poll by Randstad, around a quarter of the professional firms surveyed were using contractors due to the uncertainty. The result is that many companies may continue to hire ‘contractors’ or temporary staff in the short term.5 So make hay while the sun shines!

5. Upheaval Means Transformation Projects

You heard it here first. I predict an increased demand for Super Contractors (like me) as the UK starts getting its own shiny new systems in place. Speaking with many recruitment agencies, they sense the UK leaving the EU could mean many high level transformation projects will be required, triggering substantial demand for fellow skilled contractors and freelancers in IT, Finance, Business Analysis, etc.

A key strength of being a Contractor is our flexibility. Employers and recruiters know this, and we’ll be the first workers called upon when the work requirements come in. So, if David Cameron, BOJO and Farage are considering their next moves – potentially retraining as Contractor Systems Analysts could be the smartest thing they’ve done this year!

In summary, despite all the uncertainty of the UK Brexit, I believe it will bring many opportunities for Super Contractors. What are your thoughts?

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Sources:

  1. Statement From The Governor Of The Bank Of England Following The EU Referendum Result | Bank Of England. Bankofengland.co.uk. N.p., 2016. Web. 1 July 2016.
  2. London South East News, Bank Of England Chief Hints At Interest Rate Cut After Brexit Shock
    Thu, 30th Jun 2016 18:04
  3. UK Government Papers released under 2005 Freedom of Information Act show that if the government had maintained $24 billion foreign currency reserves and the pound had fallen by the same amount, the UK would have made a £2.4 billion profit on sterling’s devaluation.
  4. Sourced by recruitment finance provider Sonovate, Q1, May 2016
  5. IQ Contracts, Brexit ‘may benefit contractors‘, 29 June 2016