Mortgage

[FarmerPalmer]

My deal is finishing with IF at the end of the month, so I was looking around for another mortgage.

I've been contracting for 1 year, after leaving a permie job which I had for 7 years, before which I was contracting for 4 years.

First Direct said NO - need 3 years accounts
Woolwich said NO - need 2 years accounts.

Yet I only want a 23% mortgage - no other debts etc - but because I'm a Company Director I am scum of the earth.

Looks like I'll be stuck on the 7% SVR for a while.

GRRR ! ! ! !

[theoctopus]

try contacting contractor financials. they just got me a 2 year tracker with HBOS on the same rates as a permie would get. they only needed my current contract, not audited accounts (which I didnt have) . I had the same issue as you with First Direct, Abbey ........etc etc

[expat]

Originally Posted by FarmerPalmer

My deal is finishing with IF at the end of the month, so I was looking around for another mortgage.

I've been contracting for 1 year, after leaving a permie job which I had for 7 years, before which I was contracting for 4 years.

First Direct said NO - need 3 years accounts
Woolwich said NO - need 2 years accounts.

Yet I only want a 23% mortgage - no other debts etc - but because I'm a Company Director I am scum of the earth.

Looks like I'll be stuck on the 7% SVR for a while.

GRRR ! ! ! !

For tax, HMRC would like you to be an employee.
For employment benefits you are a company director.
For a mortgage you are self-employed.

Yep, scum.

[NickFitz]

Originally Posted by FarmerPalmer

My deal is finishing with IF at the end of the month, so I was looking around for another mortgage.

I've been contracting for 1 year, after leaving a permie job which I had for 7 years, before which I was contracting for 4 years.

First Direct said NO - need 3 years accounts
Woolwich said NO - need 2 years accounts.

Yet I only want a 23% mortgage - no other debts etc - but because I'm a Company Director I am scum of the earth.

Looks like I'll be stuck on the 7% SVR for a while.

GRRR ! ! ! !

Have you tried Contractor Mortgages, linked over there on the right? Others have apparently had success with them.

[FarmerPalmer]

Originally Posted by NickFitz

Have you tried Contractor Mortgages, linked over there on the right? Others have apparently had success with them.

I've filled in their online form ... so I am awaiting a call from them

[blacjac]

HSBC did me a deal with no accounts.

[Bumfluff]

Originally Posted by FarmerPalmer

My deal is finishing with IF at the end of the month, so I was looking around for another mortgage.

I've been contracting for 1 year, after leaving a permie job which I had for 7 years, before which I was contracting for 4 years.

First Direct said NO - need 3 years accounts
Woolwich said NO - need 2 years accounts.

Yet I only want a 23% mortgage - no other debts etc - but because I'm a Company Director I am scum of the earth.

Looks like I'll be stuck on the 7% SVR for a while.

GRRR ! ! ! !

First Direct are worth asking again, they took me recently with 1 years accounts and a letter from accountant for predicted profit for the year 2 though I was in last trading month of year 2, and my tax returns for the two years before that. Some of the staff there are switched on to contractors but you need to call them a few times before you find one They do a decent offset on variable and tracker, there SVR is only 6% and they promise that it wont be more than 1% above BOE thats the variable deal seems more like a tracker though, £299 fee, no legals to pay and no early repayment.

[TheRefactornator]

I've just been offered a two year tracker with the Halifax @6.29% on a 90% LTV...not a bad rate for 90% so you could possibly do even better. I do have one years completed financial accounts but they didn't even seem bothered.

The slightly worrying thing was they gave me the ok in the estate agents just by looking at my entire financial history on whatever credit checking system they've got in there...there was no need to produce any id whatsoever, but the advisor could see everything I'd ever paid / owed etc!

Before that I'd been rejected by Chelsea, RBS and Yorkshire BS...BS if you ask me.

[glashIFA@Paramount]

Originally Posted by TheRefactornator

I've just been offered a two year tracker with the Halifax @6.29% on a 90% LTV...not a bad rate for 90% so you could possibly do even better. I do have one years completed financial accounts but they didn't even seem bothered.

The slightly worrying thing was they gave me the ok in the estate agents just by looking at my entire financial history on whatever credit checking system they've got in there...there was no need to produce any id whatsoever, but the advisor could see everything I'd ever paid / owed etc!

Before that I'd been rejected by Chelsea, RBS and Yorkshire BS...BS if you ask me.

Yep, Halifax are pretty good for contractors. Standard Life Bank, Leeds BS, Coventry BS - I've used them all for contractors with less than 2 yrs accounts, so you could try any of them.

[FarmerPalmer]

I didn't have any problems the last time I was contracting - late 90's.

I guess I am being caught by the 'credit crunch' - lenders are becoming less flexible ... even though they'd have 77% of equity held ... I only want 23%.