Originally posted by Prinsa
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Originally posted by Prinsa View PostI have been contracting for 9 months and finding it difficult to find a mortgage. Can anyone suggest a solution? I
Most other contractor friendly lenders that assess your affordability based on your contract rate will be looking at a minimum of 1-years contracting history. Clydesdale can be flexible as long as you have a minimum deposit of 30% and they will also look at what you were earning before you started contracting.
Good luck!Comment
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Originally posted by Jinnah View PostContact contractor Mortgages made easy. I just got a mortgage through them. They charge a fee but are very good. Application submitted on Wed survey on Friday approval on Monday.
9 months shouldn't be an issue as long as you have been working and have 1 month left before your contract ends. Also it depends on how much deposit you have.Comment
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I am struggling to see what prevents contractors from switching from their ltd to umbrella once they need a mortgage? I assume it is possible to negotiate with the client that from this months call me not MyCo Ltd but Umbrella Ltd, is not it?
Please correct me if I am wrong but umbrella is an employer and there is plenty of lenders who are prepared to approve mortgage even in your first month of "employment".
Or are lenders treat umbrellas differently to other employers? And if so, then how do they know?Comment
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You are missing the point completely. The problem is our income is different to that of an employee. They get a salary and can easily be checked using the end of year tax docs. Nice and simple. Our income is extremely flexible and totally under our control so making it very difficult for the lender to assess. That is where the contractor products come in and we are assess on contract rate, or the ability to earn, not what salary or divis we pay. Switching to an umbrella doesn't help as they still can't assess our last two years income properly.
Rates for contractors are just as good as they are for permies so why go tons brolly and loose a big chunk of income just to get a mortgage?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by Prinsa View PostI have been contracting for 9 months and finding it difficult to find a mortgage. Can anyone suggest a solution? IComment
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Originally posted by Emma Power Mortgages View Post{sales pitch}'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by torero View PostI am struggling to see what prevents contractors from switching from their ltd to umbrella once they need a mortgage? I assume it is possible to negotiate with the client that from this months call me not MyCo Ltd but Umbrella Ltd, is not it?
Please correct me if I am wrong but umbrella is an employer and there is plenty of lenders who are prepared to approve mortgage even in your first month of "employment".
Or are lenders treat umbrellas differently to other employers? And if so, then how do they know?Comment
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Originally posted by northernladuk View PostDidn't you just say that 4 posts ago?Comment
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Originally posted by Prinsa View PostI have been contracting for 9 months and finding it difficult to find a mortgage. Can anyone suggest a solution? IComment
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