Allow Landlords to evict tenants where there are 14 days rent arrears14:34 PM, 1st October 2020
About 3 weeks ago 97
When you think of an actor who do you think of? Most would think of someone like Tom Cruise, Anna Friel or Brad Pitt.
If I told you that actors have a hard time getting a mortgage, would you believe me? Actually, the majority of career actors really do struggle. Mostly their income is sporadic and variable.
The big names get paid in the millions yes, but have you considered:
– How they were doing before hitting the big one?
– The thousands of other career actors who haven’t yet hit the big screen or in fact, do not want to?
– Theatre/ Stage/ TV/ Film/ Netflix/ Soap/ Documentary/ Comedy/ YouTube/ Musical/ Panto/ Education/ Health&Safety/ Training/ Extras/ Doubles/ Stuntperson/ Co-ordinators/ Military Advisers/ Realism Experts/ Continuity Advisers/ Writers etc etc?
They are usually employed by contract from an agency with either a short-term date or a no fixed end date if it’s a running show. This means it could end tomorrow!
Think of Christmas time with Eastenders, they write 4/5 different endings as no one is to know who is written out until it airs. That means that one of those actors will suddenly lose their job as they watch it unfold on TV.
As their job is contractual, they may get paid amazingly for 6 months and then have some between contracts or maybe they do not have a contract lined up for when this one finishes? Maybe they work with a proactive agent who helps them keep working, maybe they go it alone…
If you were a mortgage lender, how could you lend someone 100/200/300/a million pounds if you could not prove beyond a reasonable doubt that they would be able to pay month after month for the next 30 odd years?
Yes, while on this contract, you could absolutely pay each mortgage payment as they come in but after that?
Actors don’t just work on the TV, some are dedicated stage actors and think about how Covid has affected them! The theatres literally shut down overnight for months!
How did they pay their mortgage? Well, the answer is, a lot couldn’t and have taken mortgage payment deferrals which, although it’s still uncertain as to the effect of this, are looking to be a bit of an issue with long term borrowing.
As an actor, getting a mortgage is a tough feat and if they go it alone can end up in countless applications and countless declines, each one affecting their credit score until that becomes as big a problem as their income.
With this in mind (and the countless other complexities of this), we decided to set up a financial wing that deals exclusively with those in the public eye and their complex cases. Luckily for us, we have already helped quite a few big names and some who are sure to be blooming soon, we already have the experience to set this up and make sure our actors are able to get the mortgage they really want.
With this new arm, we offer one to one planning with our acting clients to help them through the process and make sure they are getting the best chance of getting a mortgage accepted.
Through our extensive research, we know the lenders who are able to help, and we also know what they need to see to make things work. We know they need different underwriting with much more of a personal edge and a whole different approach.
If you know an Actor, Actress, Musician or YouTuber (yes, they also struggle!), then please let them know they are now able to be looked after and helped through the maze. They can even call just for an informal chat about what they would like to achieve.
Mortgages For Actors, a new dedicated service for those in the public eye. Helping them on the right path of property and protection.
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