Offset Mortgage for IT contractor

[computerguru]

Hi guys,

Just wondering if any IT contractor has applied for "offset mortgage" totally based on daily rate with only one years of accounts.

Any recommendations about the mortgage broker who is willing to submit offset mortgage?

Thanks

[newmove]

I'm sure sure if you do a search someone would have done it before

[Bones]

Have you seen an offset mortgage deal that your interested in?
I looked into this a while ago but found that the minimum mortgage amount was so high it rendered the whole thing pointless for me.

[northernladuk]

I've applied for BTL and a normal mortgage. Didn't really need an offset as I already have one.

Try ringing Contractor Financials to see what the contractor friendly lenders are offering.

I wouldn't be too hung up on an offset though. A 4% offset with a reasonable sum in can equate to a 2.5% with no offset over a reasonable period and then you can put your savings in something a bit higher rate etc so an offset isn't the golden goose it appears to be.

Keep an open mind and ask for some figures.

[Power Mortgages Ltd]

Hi guys,

Just wondering if any IT contractor has applied for "offset mortgage" totally based on daily rate with only one years of accounts.

Any recommendations about the mortgage broker who is willing to submit offset mortgage?

Thanks

Yes, there are lenders who will lend based upon a multiple of your contract rate and who offer offset mortgages.

A rough idea on rates as follows:

Up to 75% loan to value: 2.79%
Up to 80% loan to value: 2.99%

[northernladuk]

Yes, there are lenders who will lend based upon a multiple of your contract rate and who offer offset mortgages.

A rough idea on rates as follows:

Up to 75% loan to value: 2.79%
Up to 80% loan to value: 2.99%

They are the rates for offsets? Not fixed etc?

[Power Mortgages Ltd]

They are the rates for offsets? Not fixed etc?

Yep, offset mortgage rates for contractors based upon day rate

[FarmerPalmer]

I got one with Woolwich/Barclays through Contractor Money a few years ago, I only had one years accounts, but all they needed was the current contract.

[Power Mortgages Ltd]

I got one with Woolwich/Barclays through Contractor Money a few years ago, I only had one years accounts, but all they needed was the current contract.

A few years ago Barclays/Woolwich were a contractor friendly lender and used to allow you to use your contract to prove your income but that stopped in late 2011 unfortunately when their risk department decided that they should no longer assess contractors in this way and they now need Limited Company accounts.

[MarillionFan]

Just applied for a new BTL


60% LTV with Virgin.
Interest Only
£995 fee, but you get a £500 cash back (so £445)
2.09% 2 Years


Nice.