• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Contractor Mortgage - Living Location - Advice Please.

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Contractor Mortgage - Living Location - Advice Please.

    Hi all,

    First time post so go easy...

    I am an IT contractor having worked within this field as self employed for over 5 years.

    I am trying to secure a mortgage on a property which is away from my current contracted location, as a first time buyer.

    I have been told by a mortgage broker (Habito) that trying to gain a mortgage within a location to which I have no 'ties' is impossible and not worth trying.

    My argument being, as an IT Contractor I could work anywhere in country depending on where the contract is based, as I have done, Liverpool, Brighton, London etc, so, should it really matter? As long as I can cover the mortgage payment.

    So my question is - has anyone had this type of issue before or heard of such a thing?

    I have an AIP (agreement in principal) from Halifax but before I pursue it with a home near where I am currently contracted, I am keen to hear other peoples thoughts.

    Thank you.

    #2
    I’ve never heard of the idea of not being able to get a location somewhere that you have no ties. If you’ve already got an agreement in principle, then stick with that one.
    Alternatively take a look over here —>
    At the contractor mortgages section
    …Maybe we ain’t that young anymore

    Comment


      #3
      That sounds odd. How do people move from A to B?

      PS are you a test manager or a manager of testers?

      Comment


        #4
        It's a risk factor for the lender as it's assumed you'll spend a fecking fortune commuting, go mental from too much commuting and lose your job, or else just let the place out without telling them. That's why.

        However, that's probably normal for a branch adviser - i'd assume a broker would be able to explain the situation away, else what are you paying them for?

        Comment


          #5
          Go to a broker that deals specifically with contractors. They will understand exactly how we work and can offer products specifically aimed at us. I've used Freelance Financials a number of times so they would be my recommendation.
          'CUK forum personality of 2011 - Winner - Yes really!!!!

          Comment


            #6
            Originally posted by testmanager View Post

            I have been told by a mortgage broker (Habito) that trying to gain a mortgage within a location to which I have no 'ties' is impossible and not worth trying.
            Are you trying to buy a house just as a base for work? i.e. not your main residence.
            Or does the broker think that?

            I cannot see any other reason for them to mention no ties.
            See You Next Tuesday

            Comment


              #7
              Originally posted by barrydidit View Post
              It's a risk factor for the lender as it's assumed you'll spend a fecking fortune commuting, go mental from too much commuting and lose your job, or else just let the place out without telling them. That's why.
              Really???

              I think the real risk is they think the OP is trying to get a BTL mortgage through another route.
              "You’re just a bad memory who doesn’t know when to go away" JR

              Comment


                #8
                Load of bollocks. You can buy a house anywhere.
                What happens in General, stays in General.
                You know what they say about assumptions!

                Comment


                  #9
                  Originally posted by SueEllen View Post
                  Really???

                  I think the real risk is they think the OP is trying to get a BTL mortgage through another route.
                  That's a very cynical take on it, Susie. I'm surprised at you. There is no reason the think this is a back-door BTL.

                  Comment


                    #10
                    Originally posted by MarillionFan View Post
                    Load of bollocks. You can buy a house anywhere.
                    Evidently, the OP can't.
                    Best Forum Advisor 2014
                    Work in the public sector? You can read my FAQ here
                    Click here to get 15% off your first year's IPSE membership

                    Comment

                    Working...
                    X