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Mortgage for a new Contractor

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    Mortgage for a new Contractor

    Hi,

    I have been contracting for around 4 months (since Oct 2008). Have got 2 months left in the current contract, but have also been informed on email about a confirmed 6 month extension (till Oct 2009).

    I am looking to buy a repossesed flat which is being offered at around 140K. I am planning to make a down payment of 35K (25%), and take a mortgage for 105K.

    Am in touch with 1-2 mortgage advisors, but thought it will be good if I can ask for some advice on this forum also.

    It will be great if any of you can share any information/advice/experience regarding getting the best possible mortgage in the current climate, considering my personal details provided above.

    Thanks.

    #2
    It's extremely difficult getting a mortgage now without a large deposit according to the Daily Mail yesterday. As a contractor you will also need to show at least two years accounts and get your accountant to verify salary for the third year.

    I'm through First Direct/HSBC via the above method with an offset mortgage.

    Good Luck !!

    Comment


      #3
      contractormoney used to offer woolwich flexible mortgages based on rate. Don't know if they do now though...
      Older and ...well, just older!!

      Comment


        #4
        Originally posted by Pegasus View Post
        Hi,

        I have been contracting for around 4 months (since Oct 2008). Have got 2 months left in the current contract, but have also been informed on email about a confirmed 6 month extension (till Oct 2009).

        I am looking to buy a repossesed flat which is being offered at around 140K. I am planning to make a down payment of 35K (25%), and take a mortgage for 105K.

        Am in touch with 1-2 mortgage advisors, but thought it will be good if I can ask for some advice on this forum also.

        It will be great if any of you can share any information/advice/experience regarding getting the best possible mortgage in the current climate, considering my personal details provided above.

        Thanks.
        I believe properties are due to become significantly cheaper, so do what any proper contractor would: save up and pay cash.
        Insanity: repeating the same actions, but expecting different results.
        threadeds website, and here's my blog.

        Comment


          #5
          Originally posted by ratewhore View Post
          contractormoney used to offer woolwich flexible mortgages based on rate. Don't know if they do now though...
          I think they still do. Try here as well.

          Comment


            #6
            Originally posted by oracleslave View Post
            I think they still do. Try here as well.
            Yeah I found contractor money (the same as contractor financials) really good.

            They worked on a multiple of my daily rate, based on working 48 weeks a year.

            That was 6 months ago though
            Originally posted by cailin maith
            Hang on - there is actually a place called Cheddar??

            Comment


              #7
              Originally posted by Cyberman View Post
              It's extremely difficult getting a mortgage now without a large deposit according to the Daily Mail yesterday.
              Also, from the same source, the world will end in 3 weeks, but during that time we can expect at least another 8million to sneak past our immigration laws.

              Originally posted by Cyberman View Post
              As a contractor you will also need to show at least two years accounts and get your accountant to verify salary for the third year.
              Horsetulip. The guy sat next to me has been contracting for only 18months and just secured a mortgage with Barclays @80% LTV based upon 12months of accounts and no verification from accountant on 3rd year (how would they do this anyway? Crystal Ball?)
              Proud owner of +5 Xeno Geek Points

              Comment


                #8
                I got a mortgage from HSBC after 6 months contracting.

                They accepted a financial statement from my accountant and the last 3 P60's from my permie days.
                However I had been a custom of theirs for over 10 years previous so they knew my history....
                Still Invoicing

                Comment


                  #9
                  why do you reckon that Threaded?
                  Always forgive your enemies; nothing annoys them so much.

                  Comment


                    #10
                    Pegasus, 1st thing, have you thought of putting in an even lower bid for the flat, I'd say 95K. Seriously, the ball is firmly in the buyers court now.

                    Sit on the offer, wait for a ring back.

                    Comment

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