Finding a Mortgage ?

**manubbo** · 13 July 2013, 18:53

There are a lot of posts on the forum if you search "mortgages"... in a nutshell, Halifax seems to provide mortgages to IT contractors at some conditions, from other banks it seems much more difficult, but there are some specialised brokers that can help you

**eek** · 13 July 2013, 19:12

Originally posted by scrollock View Post

I'm new to contracting, so don't know the options regarding Mortgage market.

In a nut shell My situation is.

1) Been contracting for 4 months for now.

2) Deposit will be approx. 40-50%

3) Mortgage will be approx. 1 to 1.5 * my take home pay.

Is it possible to get a mortgage ? if not what do I need to do to improve this situation.

Who in the Market provides mortgages to contractors ?

Spoke to Kevin at Contractor Money earlier this week for a slightly different amount. Spoke to them at 2:30 and by 3:45 had a mortgage in principle offer.

**northernladuk** · 13 July 2013, 20:33

Originally posted by scrollock View Post

I'm new to contracting, so don't know the options regarding Mortgage market.

In a nut shell My situation is.

1) Been contracting for 4 months for now.

2) Deposit will be approx. 40-50%

3) Mortgage will be approx. 1 to 1.5 * my take home pay.

Is it possible to get a mortgage ? if not what do I need to do to improve this situation.

Who in the Market provides mortgages to contractors ?

Not gonna buy much with a 10k mortgage

**Martin@AS Financial** · 15 July 2013, 08:17

[QUOTE=scrollock;1775363]I'm new to contracting, so don't know the options regarding Mortgage market.

In a nut shell My situation is.

1) Been contracting for 4 months for now.

2) Deposit will be approx. 40-50%

3) Mortgage will be approx. 1 to 1.5 * my take home pay.

Is it possible to get a mortgage ? if not what do I need to do to improve this situation.

Who in the Market provides mortgages to contractors ?

The fact that you have a good deposit will help. Lenders today want to get an overall picture of your financial position. Normally, lenders want to see that your contract has been renewed at least once and that you have the relevent experience within your field. This may be that you were working in a perm role before making the leap across to contracting.

Most lenders simply do not understand the way self employed clients work and as such normally want 2-3 years of ltd co accounts. As such, you will need to approach a contractor sympathetic lender who will work off your daily rate such as Halifax. As a general rule - take your daily rate - multiply it by 5 and then by 48 and this will give you the income from which affordability is calculated.

**TheFaQQer** · 15 July 2013, 08:33

Ken at Freelancer Financials has been pretty good with us so far - completed the webform one night, spoke the next day, I sent he details that night, decision in principle came the next day.

**scrollock** · 15 July 2013, 15:54

Originally posted by northernladuk View Post

Not gonna buy much with a 10k mortgage

20K! the wife has suddenly found working on Minimun wage very attractive

**scrollock** · 15 July 2013, 15:56

Thanks for the responses, glad its not as hopeless as I thought. I know my financial fundamentals are sound, even without an income I'm basically giving the bank a risk free bet.

How much of an issue will it be that I've only been trading a few months going to be? (will probably be about 6 months by the time I start loking properly)

**northernladuk** · 15 July 2013, 16:09

Originally posted by scrollock View Post

Thanks for the responses, glad its not as hopeless as I thought. I know my financial fundamentals are sound, even without an income I'm basically giving the bank a risk free bet.

How much of an issue will it be that I've only been trading a few months going to be? (will probably be about 6 months by the time I start loking properly)

Speak to the contractor specialists above as they will put you on to providers that are particularly geared up to deal with our situations. I don't think trading time is a problem, they will just take your perm history as far back is missing by your accounts. They may ask your accountant to verify as you haven't had a year filed yet though.

**eek** · 15 July 2013, 16:09

Originally posted by scrollock View Post

Thanks for the responses, glad its not as hopeless as I thought. I know my financial fundamentals are sound, even without an income I'm basically giving the bank a risk free bet.

How much of an issue will it be that I've only been trading a few months going to be? (will probably be about 6 months by the time I start loking properly)

phone up one of the brokers and ask them. Every situation is different so you need to ask them whether what you want to do is plausible.

I can't see why it isn't but I can't give you a personal answer.

Finding a Mortgage ?