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SuPaStA
10th October 2010, 19:28
I have recently started contracting (been perm at the same company for 5 years before this), the contract is about a year on a day rate.

I have setup a LTD company which is run a lot like everyone else here on the board.My question is, how easy is it for me to get a mortgage?

I see a lot of companies offering to get your a mortgage even if you have not run your company for two years but am I correct in thinking that this is either false or dodgy?

Also if it is possible to get a mortgage, what % deposit are they asking for?

scooterscot
10th October 2010, 19:54
I got a mortgage direct with Santander no problem. IMO forget the middle men.

SuPaStA
10th October 2010, 20:04
Thanks for the quick response!

How long were you contracting before you asked for the mortgage?

Ruprect
10th October 2010, 20:20
contractormoney sorted mine out no problem. Still on the tracker .75% above base.

scooterscot
10th October 2010, 21:17
Thanks for the quick response!

How long were you contracting before you asked for the mortgage?

They needed 2 years of accounts but they were more interested with my employability/industry, which extended to 10 years of experience.

scooterscot
10th October 2010, 21:22
contractormoney sorted mine out no problem. Still on the tracker .75% above base.

I used them for before Santander, unfortunately this time round they massively overpriced the value of the house. Got the feeling that the professionalism I received some 5-6 years ago was replaced with sell sell sell...

Lockhouse
11th October 2010, 07:19
I'd hold off for a bit. House prices are going to go down for the next few months.

Scrag Meister
11th October 2010, 07:34
Santander wanted 2 years accounts from me, even though I had been with them for 23 years!!

Finally landed .49% above base for the term with them though, so pretty happy.

EternalOptimist
11th October 2010, 07:37
save up, pay cash, buy cheap. You know it makes sense





:rolleyes:

SupremeSpod
11th October 2010, 07:42
save up, pay cash, buy cheap. You know it makes sense

:rolleyes:

What my little scouse chum says.

The_Equalizer
11th October 2010, 08:15
I asked the same question about five months ago. I only had only be contracting 18 months and had a limited for a year. I found that Woolwich came out best although the LTV was quite low. Didn't buy the house in the end, but it was still a useful process to go through.

lukemg
11th October 2010, 09:17
When did you lot get the base rate + tracker rates, is it in the last year ?
Got a Woolwich offset tracker which is .75 over BR, which I am very happy with at the mo, but need another couple of hundred k or so for an upgrade so interested in current options (got a big deposit 40%+)

Scrag Meister
11th October 2010, 09:28
When did you lot get the base rate + tracker rates, is it in the last year ?
Got a Woolwich offset tracker which is .75 over BR, which I am very happy with at the mo, but need another couple of hundred k or so for an upgrade so interested in current options (got a big deposit 40%+)

My BR + 0.49% was agreed somewhere around August/September last year, finally completed Nov 2009, took 4 months from 1st viewing to completion.

Lumiere
11th October 2010, 10:25
When did you lot get the base rate + tracker rates, is it in the last year ?
Got a Woolwich offset tracker which is .75 over BR, which I am very happy with at the mo, but need another couple of hundred k or so for an upgrade so interested in current options (got a big deposit 40%+)

it's more like BR + 2.49-2.99 these days

lukemg
11th October 2010, 12:51
yeah, that's what I thought, rates will push back up and that is likely to sting when they do.