Pensions / Mortgages / Cover
Because of your unique working status you may struggle to secure suitable mortgages, pensions and insurance products. With this in mind we have teamed up with the market leading Independent Financial Advisers (IFAs) at ContractorFinancials who specialise in offering tailored financial solutions to contractors and freelance workers.
The award winning specialists at ContractorFinancials can show you on how to make the most of your money whilst avoiding the common pitfalls that freelancing can sometimes present. They aim to bridge the gap between your current Contractor status and the benefits you may have left behind as an employee.
A range of products tailored to your unique needs
- Pensions -reduce your tax and NI payments by up to 48% by having us transfer part of your contract into our in-house personal pension. Save tax today whilst building nest egg for your future.
- Mortgages - use specially negotiated mortgage underwriting to save the time and hassle of finding a mortgage or remortgage that reflects your Contractor status.
- Income Protection - maintain your income in the event that you are unable to work through illness or injury.
- Critical Illness Cover - will pay out on diagnosis of a range of medical conditions so that you can continue to enjoy your current lifestyle.
- Life Cover - safeguard the future for your family with life cover that will pay out in the event of your death.
- ISAs and Investments - make the most of your savings. Shelter up to £10,200pa in a tax efficient Individual Savings Account.
- Private Medical Insurance - avoid NHS waiting lists and be treatment in surroundings of your choice helping you to make a speedy recovery and get back to work without delay.
For further details call 0845 062 8888 or email paymatters@contractorfinancials.com.
Financial advice is given by Contractor Financials, which is a trading name of Contractor Financials Ltd and is regulated and authorised by the Financial Services Authority.
As a Contractor it can be tough to secure a mortgage because many of the High Street lenders simply don't understand your unique working status. Paymatters realise that too many times contractors have missed out on their perfect property because a mortgage lender realises that you will only be working with your client for a short period of time.
The independent advisers at ContractorFinancials understand the needs of Contractors and over the past 10 years have helped many thousands of Freelancers find and secure competitive mortgages. Their experience and in-depth knowledge of the market has enabled them to build unique relationships with lenders, ensuring that your mortgage is processed quickly and with minimum fuss.
They help you avoid the expense of self certification mortgages thanks to the income criteria that they have negotiated with lenders. This enables you to borrow based on an annualised multiple of your contract rate alone.
Getting you into your new home quickly
ContractorFinancials have been able to secure special terms for our clients that allow you to gain mortgages with little deposit. The selective lender criteria that they use means that the whole mortgage application process can be very much quicker than trying to source a scheme direct with the lenders. Mortgages can even be agreed within days of your very first contract.
Unlike many brokers, ContractorFinancials will not charge Paymatters clients a fee for their services. They cover their costs solely from introducers payments from whichever lenders you decide to work with but as a result of FSA regulation you will have the option to pay 0.6% of the loan instead and they will instead refund the commission.
What next?
Contact ContractorFinancials on 0845 062 8888 or via email paymatters@contractorfinancials.com and one of the independent mortgage specialists will discuss your needs.
You will then be emailed recommendations which can be discussed in more detail. You will be assigned a dedicated contact to handle your case personally who will help ensure that your application runs smoothly.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Financial advice is given by Contractor Financials, which is a trading name of Contractor Financials Ltd and is regulated and authorised by the Financial Services Authority.
As a Contractor you will be enjoy many of the perks of being your own boss, but it is also important to avoid the pitfalls that come from leaving permanent employment.
As a Contractor you are reliant on being able to get to your client site tomorrow so an accident or illness can really set you back financially. If you are unable to work there is little by way of employee sick pay to rely on. Income protection (also known as Permanent health insurance or PHI) can bridge the gap and help to cover your expenses until you are back on your feet again.
What is income protection?
ContractorFinancials offer income protection plans that are tailored to your needs as a contractor. A typical plan:
- Will pay a tax free monthly income, either immediately or after a pre-arranged period of illness (e.g. 1 month) and will continue until you recover or reach your retirement age.
- Provides the piece of mind that you can maintain your lifestyle and protect your family should you be unable to work.
The advisers at ContractorFinancials understand your unique needs as a contractor and will ensure that they take key factors into consideration when advising you. They will consider the way you are paid, market instability, employment status and whether you work abroad.
Income protection plans for contractors should guarantee the following
- The plan should be suitable for short term contract workers and cover both salary and any future dividends in case your employment status changes.
- The plan should cover you for the job that you are doing now so that the insurer cannot say you are fit enough to do a menial role and refuse to pay.
- Premiums should be ‘guaranteed’ rather than ‘reviewable’ so that you can be confident your costs can’t increase dramatically.
- The minimum number of exclusions should apply so that you can be confident of making a successful claim if ill.
Contractor Financials are Independent Financials Advisors so they are able to search the whole of the market to find the best cover for your needs. They only work with insurers that have a good history of paying claims and offer affordable cover for the duration of your time contracting.
For more detailed information and a quotation based on your needs please call 0845 062 8888 or email paymatters@contractorfinancials.com.
Financial advice is given by ContractorFinancials, which is a trading name of Contractor Financials Ltd and is regulated and authorised by the Financial Services Authority.
It's not a subject that we like to think about but it is important to protect any dependents in the event of your death.
As a Contractor you no longer have the death-in-service associated with working for a large employer so it is vital that you put a plan into place to secure your families future should you die.
ContractorFinancials specialise in finding the right insurance to suit your individual needs as a Contractor and aim to provide this essential cover for you at an affordable price. There are two main types of life insurance: term cover and whole of life cover.
ContractorFinancials can recommend a variety of life cover policies which can be used in various ways to suit your needs:
Level term assurance plan
- Pays a set lump sum to your dependents that they can then invest to gain an income. The spending power of this lump sum can be affected by external influences such as interest rates or inflation.
- Covers you for the period in your life i.e. for when you have dependent children until they are 18 or 21.
- Saves your family from being left with your debts by protecting loans or a mortgage.
Decreasing term assurance plan
- Pays a lump sum that will be a steadily reducing level depending on when death occurs through the term of the plan. Can be used to provide funds to help settle a repayment mortgage if you die.
Family income benefit plan.
- This policy will provide a set monthly or annual income over a pre-determined term so that your family will have help with the bills etc.
- Your total payout will differ according to how far into your policy you are i.e. if you die early on then the overall payment will be larger than if you claim at the end of the policy.
- Avoids the need for relatives to worry about investment of a lump sum.
Whole of life policy
- This covers you for the whole of your life and is useful if you don't want a policy to have an end date. The policy can be backed up by investments that build up over the life of the policy to ensure that premiums are kept more manageable as you get older.
- Prices can be competitive if you take the policy out early and with an investment linked plan you have the option to take out a cash lump sum if the plan is encashed before you die. Please note that investment plans can increase and decrease in value throughout the life of the policy.
It is also possible for clients to protect life cover payments if they are unable to work due to illness or injury. After six months the insurer will maintain the payments so that your family or mortgage remains protected, this is called a 'waiver of premium'.
Contractor Financials are Independent Financials Advisors so they are able to search the whole of the market to find the best cover for your needs. They only work with insurers that have a good history of paying claims and offer affordable cover for the duration of your time contracting.
For more detailed information and a quotation based on your needs please call 0845 062 8888 or email paymatters@contractorfinancials.com.
Financial advice is given by ContractorFinancials, which is a trading name of Contractor Financials Ltd and is regulated and authorised by the Financial Services Authority.
Back to topPaymatters appreciate that the high stress levels that Contractors sometimes work under can mean that they are more susceptible to conditions such as heart attack, stroke and cancer.
Whilst it is hard to avoid these now common illnesses there is an easy way to financially protect yourself if the worst should happen.
ContractorFinancials can help you to arrange a critical illness cover that will protect you from the financial consequences of falling ill, leaving you to concentrate on getting better. This cover can do more than just settle debts or an outstanding mortgage; it will pay out a lump sum on diagnosis that can help you to pay for medical bills, adjustments to your lifestyle to help you cope with the illness, or simply pay for a holiday to recharge your batteries.
What are the benefits?
- Critical Illness cover pays out on diagnosis of a condition rather than on death so that you can make use of the money whilst you are recuperating.
- Can help you fund changes to your car or home to help you keep your independence so that your life remains as normal as possible if your mobility is reduced and.
- The critical illness policy will repay outstanding debts or mortgage loans
How does it work?
- With Critical illness cover you will receive a single payout on diagnosis, which is non-refundable even if you return to full health.
- Like life cover, you can arrange your critical illness policy to cover you for a fixed term such up to retirement, or for the whole of your life.
- You also have the option of decreasing term assurance (DTA) when the amount of cover decreases over time.
- Contractor Financials are Independent Financials Advisors regulated by the FSA so they are able to search the whole of the market to find the best cover for your needs. They only work with insurers that have a history of paying claims and offer an affordable cover for contractors for the duration of the policy.
- Critical illness is best used in conjunction with Income Protection (Private Health Insurance) which will give you a monthly income if you are injured or become too ill to work and will continue to pay until you return to health.
Contractor Financials are Independent Financials Advisors so they are able to search the whole of the market to find the best cover for your needs. They only work with insurers that have a good history of paying claims and offer affordable cover for the duration of your time contracting.
For more detailed information and a quotation based on your needs please call 0845 062 8888 or email paymatters@contractorfinancials.com.
Financial advice is given by ContractorFinancials, which is a trading name of Contractor Financials Ltd and is regulated and authorised by the Financial Services Authority.
Avoid NHS waiting lists and have a chance to make a speedier recovery with Private Medical Insurance.
As a Contractor you are reliant on being able to get to your client site tomorrow so an unexpected illness can really set you back financially. With private medical insurance you benefit from good quality treatment when you need it so you can get back to work as quickly as possible.
Special terms for Paymatters clients
ContractorFinancials have negotiated special terms for Paymatters clients and their families with WPA, a recognised health insurer that has won numerous awards in the field. With this experienced provider you can gain immediate cover as soon as you join and benefit from a 10% discount on premiums for the life of the policy. With WPA you have the freedom to choose your hospital and your premiums are guaranteed not to increase if you make a claim.
To receive a personalised illustration or to find out how you can add extra benefits including alternative therapy plans, Call 0845 062 8888 or email paymatters@contractorfinancials.com and they will arrange for a WPA representative to email or call you.
You can help maximise the potential of your investments with a wide range flexible solutions for Contractors. The extensive experience of the IFAs at ContractorFinancials means that they can search thousands of investment funds to find the right solutions for you.
One of the most popular investment routes amongst Contractors is an Individual Savings Account (ISA) because of its significant tax breaks and flexibility. There are a number of key benefits for an ISA investment:
- You can invest up to £10,200pa each year into an ISA account.
- There are a wide range of ISAs to choose from so you can find the best solution to your needs.
- ISAs offer flexible investments with options that are suitable for short, medium and long term needs. With most you can draw out your savings at any time.
Make the most of your savings
With HMRC’s continuing efforts to remove the tax breaks available to Contractors, now more than ever it is important for you to take advantage of the few remaining options available.
Equity ISA
Investing in an equity ISA is one of the most popular routes and stock market based investments historically offer the best returns as long as you can accept that your funds may fluctuate in value from one year to the next. It is often best to consider a minimum time horizon of five years or more so that your savings have a chance to grow and hopefully ride out any dips in the stock market. ContractorFinancials search thousands of options to short list the funds that have a history of positive performance and strong prospects.
You have the option to invest in a lump sum however the advisers will recommend that you use monthly contributions to spread the risk of market fluctuations and avoid the end of tax year rush.
Cash ISA
For investors with a low risk tolerance or those that need to have access to their savings in the short term, a cash ISA would probably be more suitable as savings they invariably offer instant access. With cash ISA you should benefit from a higher interest rate than you would gain in an ordinary High Street savings account because banks view ISA investments as a longer-term commitment and reward this with extra interest.
Protected ISA
Offering a compromise between the cash and equity ISAs, a protected ISA tracks the stock market but it carries protection for the underlying value of the fund. This allows Contractors to benefit from some of the potential for growth in an equity ISA with the security of a cash ISA.
Pension or ISA?
Ideally both if affordable, as the pension offers substantial up-front tax breaks whilst ISAs offer accessibility. This ability with an ISA to access your savings at any time carries dangers though as you are more likely to take money out leaving no long term nest egg. In most cases the pension cannot be accessed until you are 55 which ensures you will have money for your retirement.
ContractorFinancials will be happy to advise you on your investment options, to find out more please Call 0845 062 8888 or email paymatters@contractorfinancials.com.
Financial advice is given by ContractorFinancials, which is a trading name of Contractor Financials Ltd and is regulated and authorised by the Financial Services Authority.
The value of investments may rise as well as fall and past performance is not a guide to future returns.
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