Traditional lenders/brokers will require 3-5 yrs accounts to prove income. If you want to stay with the same provider that will be the case.
There are a number of specialist brokers, (I use Contractor Financials - others are available) that deal with a smaller panel of lenders that are willing to provide underwritten mortgages for contractors. Some want accounts but maybe only 1-2 years, others will base lending on your day rate. Its a good idea to be able to prove renewals.
We just completed our renewal with them and its the Halifax that provide the mortgage. We have 2 parts to the mortgage on different rates and unfortunately different end dates for the rate. So its the bigger of the 2 that we just renewed.
Any mortgage advisor will do the sums for you, ours figured out if it would be worth our while to pay the penalty on the smaller one to bring them into line in one loan. turned out it wasnt worth the hassle so we still have 2. They would do the same for you and figure out if its worth while to pay the penalty, port or whatever.
We took a hit about 10 years back. when i was a permie, we had a mortgage tracking the LIBOR rate. pretty much the month after we completed it climbed above the BoE base rate and kept going. it became unaffordable and it cost us 8k to get out of the 5 year tracker. but it was worth it in the long run.
There are a number of specialist brokers, (I use Contractor Financials - others are available) that deal with a smaller panel of lenders that are willing to provide underwritten mortgages for contractors. Some want accounts but maybe only 1-2 years, others will base lending on your day rate. Its a good idea to be able to prove renewals.
We just completed our renewal with them and its the Halifax that provide the mortgage. We have 2 parts to the mortgage on different rates and unfortunately different end dates for the rate. So its the bigger of the 2 that we just renewed.
Any mortgage advisor will do the sums for you, ours figured out if it would be worth our while to pay the penalty on the smaller one to bring them into line in one loan. turned out it wasnt worth the hassle so we still have 2. They would do the same for you and figure out if its worth while to pay the penalty, port or whatever.
We took a hit about 10 years back. when i was a permie, we had a mortgage tracking the LIBOR rate. pretty much the month after we completed it climbed above the BoE base rate and kept going. it became unaffordable and it cost us 8k to get out of the 5 year tracker. but it was worth it in the long run.
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