Contractor Morgage - First Time Buyer

[schindler]

Hello All,
I am an IT contractor and a first time buyer.I have been looking for a 85-90%LTV mortgage and really finding it difficult in terms of the interest rates.

I contacted a couple of Mortgage advisers(the ones that come up in the first page of a google search for contactor mortgages) who specialize in contractor mortgages and they only list Halifax and Woolwich as possible lenders with the intrest rates in the region of 6.5-7.5%.

Is it best for me to approach other lenders on my own?. I am not sure whether they look upon contractors favourably even with 10-15% deposit.Any suggestions reg Lenders/Mortgage advisors would be gratefully accepted.

Ta

[DimPrawn]

Hurry up. Nationwide say prices rose nearly 2% in June and have risen straight for the last 5 months.

I'd pay the 7% and be grateful you can get on the ladder before prices go stratospheric now the recession is over.

[The Lone Gunman]

Hello All,
I am an IT contractor and a first time buyer.I have been looking for a 85-90%LTV mortgage and really finding it difficult in terms of the interest rates.

I contacted a couple of Mortgage advisers(the ones that come up in the first page of a google search for contactor mortgages) who specialize in contractor mortgages they only list Halifax and Woolwich as possible lenders with the intrest rates in the region of 6.5-7.5%.

Is it best for me to approach other lenders on my own.I am not sure whether they look upon contractors favourablly even with 10-15% deposit.Any suggestions reg Lenders/Mortgage advisors would be gratefully accepted.

Ta

There is a link over there on the right in the contractor services section. The guys on there were pretty good with me. They have direct contacts to lenders, not the bloke who is laughingly called the mortgage adviser at most high street lenders.
Have you spoken to your own bank?

[RichardCranium]

On the right is the link "Contractor Mortgages". Is that any help?

[wurzel]

I got mine sorted through these people:

http://www.wealth-matters.co.uk

They're linked in with the Professional Contractors Group & will charge a fee if you go with their recommendations (I paid about 300 quid). All in all not a bad service though.

[Menelaus]

Hurry up. Nationwide say prices rose nearly 2% in June and have risen straight for the last 5 months.

I'd pay the 7% and be grateful you can get on the ladder before prices go stratospheric now the recession is over.

W-shaped ...

[schindler]

Hurry up. Nationwide say prices rose nearly 2% in June and have risen straight for the last 5 months.

I'd pay the 7% and be grateful you can get on the ladder before prices go stratospheric now the recession is over.

Well thats the worry.Having said that there was a debate in Radio4 on sunday evening and one of the guy was saying the market has not yet bottomed out and there will be spells of price increases but will it will eventually go down even further apparently...

[schindler]

On the right is the link "Contractor Mortgages". Is that any help?

Contractor money and contractor financials are one and the same and have already approached them.

[schindler]

I got mine sorted through these people:

http://www.wealth-matters.co.uk

They're linked in with the Professional Contractors Group & will charge a fee if you go with their recommendations (I paid about 300 quid). All in all not a bad service though.

Had a look and looks not too bad.Will give them a call and see. Ta!

[The Lone Gunman]

I have a Woolwich offset mortgage. The rate is OK with me.
I do run a significant war chest in my personal account so the offset suits me.