IT Contractors Bucking the Trend, Mortgage Applications up 300%

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The popular IT Contractor Mortgage site, Mortgages on Rails, announced today that since January 2012 mortgage applications and enquiries are up 300% from last year, despite the current economic gloom and the uncertainty surrounding interest rates. IT Contractors both young and old are cashing in on their high earnings and buying up London flats and houses.

“Whilst we believe the governments cuts are going too far we are one of the few niche sectors in rapid expansion as the market for IT Contractors in London increases.

Over the last 10 years it’s been increasingly difficult for IT Contractors to get a mortgage despite their average earnings being in excess of £100,000 per year due to their use of limited or umbrella companies and the short term nature of their contracts.

More recently though specialists in IT Contractor Mortgages, Mortgages on Rails have been setup to assist contractors find a mortgages at high street rates.

The organisation expects this trend in IT contractor mortgages to continue into the summer and a further boom in mortgage and remortgage applications set for April 2012 particularly due to government cuts which perversely increase the rates and numbers of IT Contractors, particularly in London as new projects are rushed though and no new permanent staff can be taken on.

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Richard Smith
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