Increased choice to lead to better services for contractors
Many contractors report difficulties when it comes to accessing financial services, with mortgages often proving the most difficult product for them to secure, but this could be a thing of the past in the wake of a recent announcement. CMME has just acquired Contractor Financials, in a move which they believe will increase their leverage with lenders and allow them to offer a wider range of services to those who work for themselves.
The company is hoping to develop a range of products which will be designed to provide contractors, freelancers and other self employed individuals with options when it comes to managing their finances. They have received investment from a private equity firm who are keen to support their efforts and allow them to grow at an accelerated rate. The group are expecting to employ around 130 specialist staff in order to provide around 6,000 contractor mortgages a year, meaning that the days when contractors were met with staff who had little or no understanding of how their finances work could be coming to an end.
As a larger company, CMME are expecting to be able to attract enough clients to help them to negotiate contractor-specific products such as mortgages which take into account their contractor rates, and protection products which take into account lifetime earning potential rather than just salary. The company is hoping to get the word out amongst their target market in order to attract those who could benefit most from their services and establish a viable alternative to the unfavourable offers available at the moment.
Anyone who is considering becoming a contractor and wants a better understanding of what life is like when working for themselves could benefit from our contractor case studies which provide some insight into the realities of working for yourself. Our FREE 60 Page Guide to Contracting and Free Contractors Guides can also help you to prepare for the changes in store.
If you have found it difficult to access appropriate financial services in the past, then using an expert accountant will help you to get your finances in order and make it as easy as possible to access the services you require. For more information speak to a member of our new business team on 01442 275789 or email email@example.com.