+ Reply to Thread
Page 1 of 2 1 2 LastLast
Posts 1 to 10 of 19
  1. #1

    Nervous Newbie


    Join Date
    Mar 2015
    Posts
    11
    Thanks (Given)
    0
    Thanks (Received)
    1
    Likes (Given)
    2
    Likes (Received)
    2

    Default Mortgage with less than a years books...

    Hey everyone

    Hoping to get some advice.

    I've been contracting since September 2014, and finally ditched my umbrella and went Ltd in May 2015. I've been in the same contract ever since.

    I've decided I want to get a mortgage. It's for a house in the 120k mark, and I have 30,000 deposit to put down, so I need a mortgage for 90k.

    I got in touch with a broker who specialises in contacting and he's currently trying to sort me out an AIP. Great.

    However, he did say I may need an SA302 (he said may). I didn't know what this was, so I did some research. Now I know. Obviously I haven't done an SA302 yet as I haven't been doing this until April '16 yet...

    My question is, am I cream-crackered or are their alternatives? Will my (healthy looking) accounts from May '15 to present suffice or should I prepare for a letdown?

  2. #2

    My post count is Majestic

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    30,844
    Thanks (Given)
    119
    Thanks (Received)
    981
    Likes (Given)
    1510
    Likes (Received)
    5003

    Default

    Erm.. Sorry to be rude but if your broker is looking in to your options and handling the requirements for each product then surely your broker is the one to go back to and speak with?? We will give you info but you still have to tell him your situation. Pick the phone up and tell him

    That said... The SAs are to prove your contractor income. In most cases they can use a combination of permie income and contractor income so instead of your SA they will need you P60 (I think it's that one).

    Lenders have lots of different requirements. Some like long contracts, some won't accept breaks yadda yadda. Just speak to your agent, provide the info he wants and tell them why if you can't and let him work for you.
    Last edited by northernladuk; 20th January 2016 at 17:15.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  3. #3

    Nervous Newbie


    Join Date
    Mar 2015
    Posts
    11
    Thanks (Given)
    0
    Thanks (Received)
    1
    Likes (Given)
    2
    Likes (Received)
    2

    Default

    My broker knows how long I've been contracting and is probably intellegent enough to work out an SA302 won't exist yet, I was just searching for real contractor experience, hence why I posted here.

    Good to know about the P60 though, I've got that from my umbrella days.

    I accept your apology for being rude.

  4. #4

    More time posting than coding


    Join Date
    Jan 2013
    Posts
    450
    Thanks (Given)
    1
    Thanks (Received)
    3
    Likes (Given)
    7
    Likes (Received)
    15

    Default

    <<house in the 120k mark>>>

    Where???

  5. #5

    Nervous Newbie


    Join Date
    Mar 2015
    Posts
    11
    Thanks (Given)
    0
    Thanks (Received)
    1
    Likes (Given)
    2
    Likes (Received)
    2

    Default

    I am area of the country that doesn't have extortionate house prices, ha. You're not the only one to have that reaction though... my fellow contractors I work with are the same.

  6. #6

    My post count is Majestic

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    30,844
    Thanks (Given)
    119
    Thanks (Received)
    981
    Likes (Given)
    1510
    Likes (Received)
    5003

    Default

    Quote Originally Posted by Nitro View Post
    My broker knows how long I've been contracting and is probably intellegent enough to work out an SA302 won't exist yet, I was just searching for real contractor experience, hence why I posted here.

    Good to know about the P60 though, I've got that from my umbrella days.

    I accept your apology for being rude.
    You would certainly think he'd spot that wouldn't you. Give them a bell and see what the crack is.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  7. #7

    Should post faster


    Join Date
    Dec 2013
    Posts
    135
    Thanks (Given)
    0
    Thanks (Received)
    10
    Likes (Given)
    11
    Likes (Received)
    13

    Default

    Quote Originally Posted by Nitro View Post
    Hey everyone

    Hoping to get some advice.

    I've been contracting since September 2014, and finally ditched my umbrella and went Ltd in May 2015. I've been in the same contract ever since.

    I've decided I want to get a mortgage. It's for a house in the 120k mark, and I have 30,000 deposit to put down, so I need a mortgage for 90k.

    I got in touch with a broker who specialises in contacting and he's currently trying to sort me out an AIP. Great.

    However, he did say I may need an SA302 (he said may). I didn't know what this was, so I did some research. Now I know. Obviously I haven't done an SA302 yet as I haven't been doing this until April '16 yet...

    My question is, am I cream-crackered or are their alternatives? Will my (healthy looking) accounts from May '15 to present suffice or should I prepare for a letdown?
    You say you have a broker who specialises in contracting and yet he's asked you for a document you can't get yet?

    Is there a reason why you can't get the AIP based on your day rate instead of looking at SA302's? You're limiting yourself to those lenders who will lend to self employed customers with 1yr of history, rather than a contractor-friendly lender?

  8. #8

    Still gathering requirements...


    Join Date
    Nov 2015
    Posts
    45
    Thanks (Given)
    1
    Thanks (Received)
    5
    Likes (Given)
    3
    Likes (Received)
    3

    Default Contractor Specialist

    Quote Originally Posted by Nitro View Post
    Hey everyone

    Hoping to get some advice.

    I've been contracting since September 2014, and finally ditched my umbrella and went Ltd in May 2015. I've been in the same contract ever since.

    I've decided I want to get a mortgage. It's for a house in the 120k mark, and I have 30,000 deposit to put down, so I need a mortgage for 90k.

    I got in touch with a broker who specialises in contacting and he's currently trying to sort me out an AIP. Great.

    However, he did say I may need an SA302 (he said may). I didn't know what this was, so I did some research. Now I know. Obviously I haven't done an SA302 yet as I haven't been doing this until April '16 yet...

    My question is, am I cream-crackered or are their alternatives? Will my (healthy looking) accounts from May '15 to present suffice or should I prepare for a letdown?

    As Mark said, is your broker a true specialist? With your history and deposit you should be able to source a couple of lenders without the use of self employed criteria (looks like that is what your broker is trying to use). Perhaps do some comparisons and ensure you trust your specialist and what they are doing

  9. #9

    Nervous Newbie


    Join Date
    Mar 2015
    Posts
    11
    Thanks (Given)
    0
    Thanks (Received)
    1
    Likes (Given)
    2
    Likes (Received)
    2

    Default

    Quote Originally Posted by Mark McBurney@CMME View Post
    You say you have a broker who specialises in contracting and yet he's asked you for a document you can't get yet?
    He's told me I may need one, he hasn't said for definite. I've just asked the question on here while he's gone away to have some conversations... a two-pronged approach if you like.

    Quote Originally Posted by Mark McBurney@CMME View Post
    Is there a reason why you can't get the AIP based on your day rate instead of looking at SA302's? You're limiting yourself to those lenders who will lend to self employed customers with 1yr of history, rather than a contractor-friendly lender?
    I don't know the answer to that question, though I do understand your point. He said I may need one, but the day rate may be sufficient... or my accounts since I started my Ltd in May. I don't know yet, I just wanted to get a feel for what other peoples experiences were... with the hope that someone could say "I was in the same situation and this is what I needed to do" which may give me a head start.

    I've seen a property I like, I have a viewing tomorrow and I at least want an AIP so I can make an offer. I've never done this before so I'm not sure how long the process will take to get a full blown mortgage agreement.

    I'm the type of person to do research from multiple sources to get a full picture of what I can/can't do.

  10. #10

    Nervous Newbie


    Join Date
    May 2015
    Posts
    19
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    0
    Likes (Received)
    0

    Default

    I spoke to a chap called Tom at Power Mortgages. I had just 6 months as a contractor, and needed a 120k mortgage. Wasn't a problem.
    I had come from a permie job doing the same line of work, with no break between, which I believe may have had some bearing on it.
    I think it (remortgage) took about 5 weeks from application to it being done.
    Last edited by yMyjgT; 21st January 2016 at 18:24.

+ Reply to Thread
Page 1 of 2 1 2 LastLast

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.