I got my latest mortgage from HSBC - as long as you've got three years of accounts, they're fine. The guy doing the work on their side said that they'd been encouraged to lend more but to the right people. Not sure they're aware of how bad the contract market is, but my application went through without a hitch.
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Contractor mortgages
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Currently going through the process with Martin @AS. The only broker, out of a few, to suggest an offset instead of a standard fixed, which fits my needs better. No fee as wellComment
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Having reviewed your post I believe every broker as part of the factfinding process should be asking if savings will be retained. If this is the case they should be including this in the recommendation as a choice. This can be provided for both fixed and variable features. Not all brokers have access to ALL lenders so worth while contacting further contractor friendly brokers.Comment
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Got mine direct through Halifax - cheaper than a broker, and they know exactly how contracting works. Only needed to see the front page of my contract as proof of income.⭐️ Gold Star ContractorComment
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Do you have to have been contracting for two years to get a mortgage, or can it be based on your SA for the last few years and having a contract in place?
Example : I was perm for the last 4 years but still had to do an SA, have been contracting again 3 months, and have an extension until September.What happens in General, stays in General.You know what they say about assumptions!Comment
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Doesn't have to be 2 years. They can take a mix. I got one through freelancer financials with a year and a bit contracting. The lenders are a lot smarter now. They are able to work out what's going on so shouldn't be a problem for you.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View PostDoesn't have to be 2 years. They can take a mix. I got one through freelancer financials with a year and a bit contracting. The lenders are a lot smarter now. They are able to work out what's going on so shouldn't be a problem for you.What happens in General, stays in General.You know what they say about assumptions!Comment
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Originally posted by MarillionFan View PostThanks. And compared to the high street for normal punters how much were you penalised against the best?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View PostGood question. I'm not really sure. As high street lenders couldn't help me I didn't spend much time comparing TBH. Halifax contractor mortgage rates were pretty good from what I recall so didn't really feel penalised.
1.19 for 2 Years Fixed, 1.79 for 5 Years, based on day rate x 240 x 4-4.5 multiple
Happy with that.What happens in General, stays in General.You know what they say about assumptions!Comment
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Originally posted by MarillionFan View PostGood call. Does not appear to be a penalty compared to normal.
1.19 for 2 Years Fixed, 1.79 for 5 Years, based on day rate x 240 x 4-4.5 multiple
Happy with that.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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