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Contractor Mortgage

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    #11
    Last year when I wanted to raise some funds for building work ( I had no mortgage at the time) I went direct to my personal bank, Halifax. Easy and understanding of a contractor and offered far more than I wanted to borrow at a good rate too.

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      #12
      Originally posted by Yorkie62 View Post
      Last year when I wanted to raise some funds for building work ( I had no mortgage at the time) I went direct to my personal bank, Halifax. Easy and understanding of a contractor and offered far more than I wanted to borrow at a good rate too.
      That's what I did too earlier this year. Halifax base lending on turnover and not sal/divs only.
      Don't use L&C as they were cr*p.
      ______________________
      Don't get mad...get even...

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        #13
        I've heard in various places that Halifax are really quite contractor friendly. I guess it helps to have a banking relationship with them but it's not entirely necessary.

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          #14
          Originally posted by ladymuck View Post
          I've heard in various places that Halifax are really quite contractor friendly. I guess it helps to have a banking relationship with them but it's not entirely necessary.
          You don't need a banking relationship with them at all. Just proof of contract with at least 2 months to run I think it is. You don't even need to provide previous years accounts.
          ______________________
          Don't get mad...get even...

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            #15
            Originally posted by kaiser78 View Post
            You don't need a banking relationship with them at all. Just proof of contract with at least 2 months to run I think it is. You don't even need to provide previous years accounts.
            Pretty much this, just show them the contract and you should be good.

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              #16
              Halifax love a contractor.

              Borrowed 4.5x contractor income (assumed 48 weeks) 2 months after going contracting. All they needed was evidence of at least a month left to run when the offer was made and convincing that I had prior experience in the same line of work.

              Mortgaged to the hilt with eye-watering payments - pre-credit crunch careless lending is back!

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                #17
                Contractor Mortgage

                Originally posted by fiisch View Post
                Halifax love a contractor.

                Borrowed 4.5x contractor income (assumed 48 weeks) 2 months after going contracting. All they needed was evidence of at least a month left to run when the offer was made and convincing that I had prior experience in the same line of work.

                Mortgaged to the hilt with eye-watering payments - pre-credit crunch careless lending is back!
                Nice one


                Sent from my iPhone using Contractor UK Forum

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