Contractor mortgages

[LondonManc]

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.

[TheBA]

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 well

[Becky at Power Mortgages]

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.

[PerfectStorm]

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.

[MarillionFan]

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.

[northernladuk]

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.

[MarillionFan]

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.

Thanks. And compared to the high street for normal punters how much were you penalised against the best?

[northernladuk]

Thanks. And compared to the high street for normal punters how much were you penalised against the best?

Good 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.

[MarillionFan]

Good 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.

Good 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.

[northernladuk]

Good 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.

Yikes. I don't remember mine being that low. I was quite happy with it a few moments ago but now gonna have to have a look