Mortgage rules relaxed for contractors

[Freelancer Financials]

Cheap money.

We are back to liar loans, anything to make a quick profit on cheap printed money.

Everything is going up (cost of living, houses, stock markets) except wages.

Boomed!

This has nothing to do with SELF-CERT Mortgages. You still have to provide evidence of your earnings by way of contract and bank statements.

[Scrag Meister]

£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.

[Old Hack]

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...

[Freelancer Financials]

£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.

I agree, it's slightly confusing, this is how it should have read in the Times:

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!

[Leebok]

FYI

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).

Hi 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.

[Freelancer Financials]

Hi 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.

If you just Google "contractor mortgage brokers" you will see a list of mortgage specialist that can help you.