Originally posted by DimPrawn
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Mortgage rules relaxed for contractors
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£500 a day is quite steep in my opinion, unless they are only planning on offering mortgages to contractors in London
As other have said £75k is a lot less than £500 a day.
Someone got their maths wrong, or a typo at the newspaper.Never has a man been heard to say on his death bed that he wishes he'd spent more time in the office.Comment
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I think it's a confusion of two points.
Minimum of £300 a day if working five days a week (around 360k mortgage)
but
Minimum of £500 a day if working less than 5 days, but grossing no less than 75k (so min 3 days really).
Having finalised going mortgage free this year, I am half tempted to pull out the wraps and buy a carlos fandango on the beach and work a few more years...Comment
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Originally posted by Scrag Meister View Post£500 a day is quite steep in my opinion, unless they are only planning on offering mortgages to contractors in London
As other have said £75k is a lot less than £500 a day.
Someone got their maths wrong, or a typo at the newspaper.
To apply for a mortgage you need to be on a minimum daily contract rate of £312.50 a day or on £75,000 (Gross Contract earnings) a year before tax. You must also be able to provide proof that you’re contracted to work 5 days a week and have at least one year of experience in the same field.
However, if you earn a daily rate but don’t work every day you must earn a minimum of £500 a day as Halifax assumes you are unlikely to work in the same way as those on full-time contracts.
Anyway, at least they got my quote right!Comment
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Originally posted by Scruff View PostFYI
I came back to contracting after 3 years perm, in Jan 2013, so no accounts filed.
Offer accepted on house, early March 2013.
Mortgage application sent in (to Halifax) with my CV, and current contract.
Approval In Principal within a week.
Lender's Valuation done and offer out the SAME day.
(My wife is a Mortgage Consultant who did the application).
I am just going through the process of moving house but my current provider is not as flexible. Does your wife offer mortgage services? Could you ping me either way. I would really appreciate it.Comment
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Originally posted by Leebok View PostHi Scruff,
I am just going through the process of moving house but my current provider is not as flexible. Does your wife offer mortgage services? Could you ping me either way. I would really appreciate it.Comment
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