Originally posted by mudskipper
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Halifax Limited Time Exclusive Mortgage Offers
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Originally posted by oracleslave View PostAny decent buy to let mortgages out there at the moment?
They also offer free legal fees and valuations for remortgages too on their buy to lets which few buy to let providers offer.Comment
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Originally posted by Power Mortgages Ltd View PostHope that helps!
I'm sure I read somewhere that Halifax don't like gaps on your CV. Do you know how strict they are about that? I've taken breaks in the past, of a few months every couple of years or so, but I wouldn't be doing that once I had a mortgage. Is it likely to be a problem?Comment
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Originally posted by Bunk View PostHi PM Ltd
I'm sure I read somewhere that Halifax don't like gaps on your CV. Do you know how strict they are about that? I've taken breaks in the past, of a few months every couple of years or so, but I wouldn't be doing that once I had a mortgage. Is it likely to be a problem?
If you have been contracting a number of years that will go in your favour too compared to say, starting contracting 1 year ago and having 2-3 months out after your first contract then securing a second contract which you are on now.
The difficulty is that Halifax wouldn't know the gaps you took were out of choice rather than a contract coming to an end and you not finding a new one for a few months but contractor friendly lenders do appreciate you guys don't get holidays like permy counterparts so do tend to take time off after contracts come to an end to make up for this especially where you have the money to do so.
If you have been contracting for a while and it's through your own Limited Company remember you may be able to prove your income via your accounts. Some lenders will look at salary and dividends only but others can work from the net profit (after tax) figure plus your salary and there is even a few who could work from the net profit before the deduction of corporation tax plus your salary. That way they are assessing you as a Limited Company Director, not a contractor so gaps in contract wont be an issue at all.
Hope that helps?
BenComment
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Originally posted by Power Mortgages Ltd View PostThey will look at it on a case by case basis. Typically the rule is no more than 2 months in the last 1-2 years but it depends the reasons behind the gaps, when the gaps were, how long you have been contracting for without a gap now and finally how long remains on your contract.
If you have been contracting a number of years that will go in your favour too compared to say, starting contracting 1 year ago and having 2-3 months out after your first contract then securing a second contract which you are on now.
The difficulty is that Halifax wouldn't know the gaps you took were out of choice rather than a contract coming to an end and you not finding a new one for a few months but contractor friendly lenders do appreciate you guys don't get holidays like permy counterparts so do tend to take time off after contracts come to an end to make up for this especially where you have the money to do so.
If you have been contracting for a while and it's through your own Limited Company remember you may be able to prove your income via your accounts. Some lenders will look at salary and dividends only but others can work from the net profit (after tax) figure plus your salary and there is even a few who could work from the net profit before the deduction of corporation tax plus your salary. That way they are assessing you as a Limited Company Director, not a contractor so gaps in contract wont be an issue at all.
Hope that helps?
BenComment
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Originally posted by Bunk View PostIt does help, thanks. I had a few months off at the beginning of this year so I might wait until the new year, hopefully with another 6 months extension ahead of me before applying. Just hope the good deals are still around.Comment
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Thanks for all this really useful info. I'm currently thinking about buying my first home, never had a mortgage before and have anywhere between 70-90% of the property value in cash and isa's depending on what I buy.
It looks like there are some good deals around for 1st time buyers
I was considering an offset mortgage seeing as I have a fair amount of cash and also Barclays allow ISA's to be included in the offset, but with rates in the 2% or lower bracket I'm now thinking as a first time buyer I should just put a hefty deposit down and take out one of these low rate mortgages instead.Last edited by swebb; 18 October 2014, 10:51.When a man says his word is as good as his bond take his bond.Comment
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Some other interesting offers being launched but probably less contractor friendly!
UK mortgage battle hots up as banks prepare to slash rates | Money | theguardian.comComment
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Originally posted by morf View PostSome other interesting offers being launched but probably less contractor friendly!
UK mortgage battle hots up as banks prepare to slash rates | Money | theguardian.comComment
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Originally posted by jamesbrown View PostBarclays/Woolwich are contractor friendly. 3.49% for a 10-year fix is pretty good (depending on your best guess about where rates might end up).
1) Banks being flooded with cash desperate to get it out of their doors
2) Too much cash being saved by Joe Public and savings rates of 0.1% continue to attract savers stashing cash
3) The market concerend about defaltion and collectively indicating that savers are happy with getting no return on their savings because deflation will cushion them
My personal opinion is (1) although there is deflation happeninng at the wage levelComment
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