Contractor Mortgage

**Cameron Wallace** · 14 September 2009, 16:50

I have used a company that can help. email me: [email protected]

**kaiser78** · 14 September 2009, 18:33

Originally posted by Rangster View Post

Hi,

I am interested in getting a contractor Mortgage. My partner is permanent and has a steady job (senior teacher). I have been trading since Dec 07 but only submitted one year of accounts (Oct 09). Does anyone know if the 2 years of accounts that most banks require relate to two years of submitted accounts or 2 years of trading with an income?

Any advice on how to get the best deal. I went to my accountants broker but they could only offer me 1 supplier which was 6.99% fixed due to not having 2 years of accounts

Thanks

Try Barclays believe it or not

**dmini** · 14 September 2009, 19:25

Try Contractormoney. We used them earlier this year with some unusual financial angles - joint mortgage between 4 people, including my parents who were 77, and OH, who earns very little - and they sorted it.
Fully recommended! Good, efficient... what more can you ask?

**GreenerGrass** · 14 September 2009, 19:35

First Direct are worth a try, their offset mortgages are ideal for contractors. I don't think I had more than 1 years accounts when I applied, although they will want previous years proof of income as well(permie/umbrella whatever).
Great telephone service, and you can use HSBC branches to pay stuff in.

**BolshieBastard** · 14 September 2009, 19:37

Originally posted by Rangster View Post

Hi,

I am interested in getting a contractor Mortgage. My partner is permanent and has a steady job (senior teacher). I have been trading since Dec 07 but only submitted one year of accounts (Oct 09). Does anyone know if the 2 years of accounts that most banks require relate to two years of submitted accounts or 2 years of trading with an income?

Any advice on how to get the best deal. I went to my accountants broker but they could only offer me 1 supplier which was 6.99% fixed due to not having 2 years of accounts

Thanks

You may be struggling everywhere with only 2 years accounts to hand.

Beware these mortgages called 'contractor mortgages.' Yorkshire Bank offer a Rapid repay mortgage which is the same thing. IIRC the rate was 0.5% less than the best 'contractor mortgage' on the market when I took it out.

Its great and I've never looked back. I've effectively paid up the mortgage but still have a draw down ability at any time without having to have a new loan agreed etc.

**Sausage Surprise** · 14 September 2009, 20:09

I got one from C&G by showing company bank statement and 6 months invoices.

**FarmerPalmer** · 14 September 2009, 21:15

Talk to ContractorMoney. I rang around the banks (Woolwich, First Direct etc) and they all refused me, and ContractorMoney got me my first choice (Woolwich OpenPlan) with no hassle.

**bellymonster** · 15 September 2009, 07:48

Originally posted by GreenerGrass View Post

First Direct are worth a try, their offset mortgages are ideal for contractors. I don't think I had more than 1 years accounts when I applied, although they will want previous years proof of income as well(permie/umbrella whatever).
Great telephone service, and you can use HSBC branches to pay stuff in.

Seconded. I only had one years accounts but they were happy enough to take a peek at the income on my HSBC business account. Approval took less than a week.

With their offset mortgages you basically just have to cover the interest each month so if you go through a spell of not working you can lower the payment without any hassle. You can also draw back any overpayment you've made by simply transferring the cash back to your current account.
Plus you can offset your personal tax stash as well.

You do have to bank with them to get a mortgage but their online banking is pretty good and I've never had any cause to complain.

**Epiphone** · 15 September 2009, 12:23

Contractor Money always get good feedback.

Contractor Mortgage