Contractor Mortgage - Living Location - Advice Please. Contractor Mortgage - Living Location - Advice Please.
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  1. #1

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    Default Contractor Mortgage - Living Location - Advice Please.

    Hi all,

    First time post so go easy...

    I am an IT contractor having worked within this field as self employed for over 5 years.

    I am trying to secure a mortgage on a property which is away from my current contracted location, as a first time buyer.

    I have been told by a mortgage broker (Habito) that trying to gain a mortgage within a location to which I have no 'ties' is impossible and not worth trying.

    My argument being, as an IT Contractor I could work anywhere in country depending on where the contract is based, as I have done, Liverpool, Brighton, London etc, so, should it really matter? As long as I can cover the mortgage payment.

    So my question is - has anyone had this type of issue before or heard of such a thing?

    I have an AIP (agreement in principal) from Halifax but before I pursue it with a home near where I am currently contracted, I am keen to hear other peoples thoughts.

    Thank you.

  2. #2

    Prof Cunning @ Oxford Uni

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    I’ve never heard of the idea of not being able to get a location somewhere that you have no ties. If you’ve already got an agreement in principle, then stick with that one.
    Alternatively take a look over here —>
    At the contractor mortgages section
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  3. #3

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    That sounds odd. How do people move from A to B?

    PS are you a test manager or a manager of testers?
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    It's a risk factor for the lender as it's assumed you'll spend a fecking fortune commuting, go mental from too much commuting and lose your job, or else just let the place out without telling them. That's why.

    However, that's probably normal for a branch adviser - i'd assume a broker would be able to explain the situation away, else what are you paying them for?

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    Go to a broker that deals specifically with contractors. They will understand exactly how we work and can offer products specifically aimed at us. I've used Freelance Financials a number of times so they would be my recommendation.
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  6. #6

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    Quote Originally Posted by testmanager View Post

    I have been told by a mortgage broker (Habito) that trying to gain a mortgage within a location to which I have no 'ties' is impossible and not worth trying.
    Are you trying to buy a house just as a base for work? i.e. not your main residence.
    Or does the broker think that?

    I cannot see any other reason for them to mention no ties.
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    I live on CUK

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    Quote Originally Posted by barrydidit View Post
    It's a risk factor for the lender as it's assumed you'll spend a fecking fortune commuting, go mental from too much commuting and lose your job, or else just let the place out without telling them. That's why.
    Really???

    I think the real risk is they think the OP is trying to get a BTL mortgage through another route.
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    Load of bollocks. You can buy a house anywhere.
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    You know what they say about assumptions!

  9. #9

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    Quote Originally Posted by SueEllen View Post
    Really???

    I think the real risk is they think the OP is trying to get a BTL mortgage through another route.
    That's a very cynical take on it, Susie. I'm surprised at you. There is no reason the think this is a back-door BTL.
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  10. #10

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    Quote Originally Posted by MarillionFan View Post
    Load of bollocks. You can buy a house anywhere.
    Evidently, the OP can't.
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