Getting a mortgage

[spig]

As mentioned in another thread I'm about to go Ltd after being brolly for the past few months. I'm also hoping to buy a house at some point soon, although I plan to wait until the prices stop falling quite so heavily. I want to be prepared for when the market starts to pick up. The idea of going Ltd is to save more cash for a deposit, perhaps leaving anything over 40k/year in the company then closing it down after a year of trading to make use of entrepeneurs relief on the CGT I'll have to pay.

Is going Ltd likely to negatively affect my chances of getting a mortgage? I'm a bit concerned about this what with the difficulties people are having getting regular mortgages in the current climate. Are there any specialised companies that deal with mortgages for contractors that anyone has used that I can talk to? A friend of mine got a mortgage who is a contractor but this was some time ago, and they wanted 3 years of accounts from his Ltdco which I won't have.

[FSM with Cheddar]

http://www.contractormoney.com/contr...ortgages.shtml

They work on multiples of your hourly / daily rate.

I used them, and they were very good.

[spig]

http://www.contractormoney.com/contr...ortgages.shtml

They work on multiples of your hourly / daily rate.

I used them, and they were very good.

Thanks! That's exactly the kind of thing I'm looking for. Were the interest rates competitive with eg high street lenders?

[d000hg]

They act as a broker I think, agreeing special deals with 'high street' providers. The point is they get you deals you couldn't get like-for like as a contractor.

If your question was "can they get me the same rates as if I was a permie buying on the high-street", I've no idea. Maybe not without a big deposit.

[DaveB]

http://www.contractormoney.com/contr...ortgages.shtml

They work on multiples of your hourly / daily rate.

I used them, and they were very good.

I used them a couple of years ago and they were very good. Got me a decent discounted fixed rate deal I wouldnt have got otherwise.

[FarmerPalmer]

http://www.contractormoney.com/contr...ortgages.shtml

They work on multiples of your hourly / daily rate.

I used them, and they were very good.

I used them last year and can highly recommend them.

[spoons]

I used them last year and can highly recommend them.

+1 Mine was with the Abbey.

[Sausage Surprise]

Never had a problem - the C&G wanted payslips so I showed them invoices - they were happy with that.

[FSM with Cheddar]

Thanks! That's exactly the kind of thing I'm looking for. Were the interest rates competitive with eg high street lenders?

The interest rates were higher than the equivalent high street mortgage. But the point is, that you can't go to a high street lender, they will ask for 2 years accounts.

[Sausage Surprise]

The interest rates were higher than the equivalent high street mortgage. But the point is, that you can't go to a high street lender, they will ask for 2 years accounts.

Not true in my case - I'd only been ltd for 6 months and they were happy to be shown invoices.