Personal House finance on contractor job

[geek876]

All,

Wanted to know if it is common for banks to give mortgage based on contracting income ? I own a limited company and currently have a 1 year long LTD contract with good day rates. However, I only draw minimal wage to keep it below personal allowances and take out rest as dividends.

[TestMangler]

NLUK to reception please.....

[northernladuk]

I just can't be arsed...

[vetran]

I just can't be arsed...

are you sure you are cut out to upset a contractor?

[northernladuk]

are you sure you are cut out to upset a contractor?

My infractions list says I am

[yasockie]

All,

Wanted to know if it is common for banks to give mortgage based on contracting income ? I own a limited company and currently have a 1 year long LTD contract with good day rates. However, I only draw minimal wage to keep it below personal allowances and take out rest as dividends.

Yes, google is your friend.
Also 1 year contract means nothing in terms of income security.

[Bunk]

What's a limited contract?

[TheFaQQer]

All,

Wanted to know if it is common for banks to give mortgage based on contracting income ? I own a limited company and currently have a 1 year long LTD contract with good day rates. However, I only draw minimal wage to keep it below personal allowances and take out rest as dividends.

You & Yours on Radio 4 last Monday had a bit about it, featuring IPSE's own Chris Bryce (and CC candidate Greg Dillon) - iPlayer link, skip to about 14 minutes 30 seconds.

[ChimpMaster]

All,

Wanted to know if it is common for banks to give mortgage based on contracting income ? I own a limited company and currently have a 1 year long LTD contract with good day rates. However, I only draw minimal wage to keep it below personal allowances and take out rest as dividends.

Will help if your Ltd Co has been running for at least 2 years. There are lenders that will provide loans even if less than 2 years, like TMW, but you're best off speaking to a specialist broker. PM me if you want the direct contact of my broker.