Mortgage with less than a years books...

[Danglekt]

contractor financials

[Emma Power Mortgages]

I spoke to a chap called Tom at Power Mortgages. I had just 6 months as a contractor, and needed a 120k mortgage. Wasn't a problem.
I had come from a permie job doing the same line of work, with no break between, which I believe may have had some bearing on it.
I think it (remortgage) took about 5 weeks from application to it being done.

Thank you for your kind words, we always try to ensure our clients have a positive experience like yours.

[Freelancer Financials]

Hey everyone

Hoping to get some advice.

I've been contracting since September 2014, and finally ditched my umbrella and went Ltd in May 2015. I've been in the same contract ever since.

I've decided I want to get a mortgage. It's for a house in the £120k mark, and I have £30,000 deposit to put down, so I need a mortgage for £90k.

I got in touch with a broker who specialises in contacting and he's currently trying to sort me out an AIP. Great.

However, he did say I may need an SA302 (he said may). I didn't know what this was, so I did some research. Now I know. Obviously I haven't done an SA302 yet as I haven't been doing this until April '16 yet...

My question is, am I cream-crackered or are their alternatives? Will my (healthy looking) accounts from May '15 to present suffice or should I prepare for a letdown?

You're broker is not a specialists otherwise he wouldn't even mention SA302's. It's obvious that you can't provide this until you submit your accounts. Based on your circumstances and requirements he should be looking to utilise your contract rate alone and for this you don't need your accounts or SA302's. It's as simple as that.

The fact that he said you may need to provide SA302's based on your circumstances should be a warning.

[MarillionFan]

Based on a couple of notes before me, and obviously a few brokers on here.

I'm about to go back contracting, having been perm for the last four years, contracting 15 years before that.

I do an SA each year, and have additional rented income. I already have a mortgage which I wanted to port, but as I'm going to jump to a contract, the bank won't allow it.

If I jump back into a contract, what is the minimum I have to wait before applying for a remortgage with a new lender so I can move?

[BrilloPad]

Based on a couple of notes before me, and obviously a few brokers on here.

I'm about to go back contracting, having been perm for the last four years, contracting 15 years before that.

I do an SA each year, and have additional rented income. I already have a mortgage which I wanted to port, but as I'm going to jump to a contract, the bank won't allow it.

If I jump back into a contract, what is the minimum I have to wait before applying for a remortgage with a new lender so I can move?

I had the same last year. Getting a mortgage is no problem. Try a broker. I used Simon Butler at Contractor Mortgages UK

[MarillionFan]

I had the same last year. Getting a mortgage is no problem. Try a broker. I used Simon Butler at Contractor Mortgages UK

How long did you have to wait? What length of contract did you have? And on what basis did they lend? (ie. Value of Contract?)

[Freelancer Financials]

Based on a couple of notes before me, and obviously a few brokers on here.

I'm about to go back contracting, having been perm for the last four years, contracting 15 years before that.

I do an SA each year, and have additional rented income. I already have a mortgage which I wanted to port, but as I'm going to jump to a contract, the bank won't allow it.

If I jump back into a contract, what is the minimum I have to wait before applying for a remortgage with a new lender so I can move?

The best lender in your case is Halifax. They will assess your affordability on your contract rate as long as you're an IT contractor (no minimum contract rate) but if your a non IT contractor then you need to be on a minimum contract rate of £312.50 per day for them to accept your application.

[Emma Power Mortgages]

Based on a couple of notes before me, and obviously a few brokers on here.

I'm about to go back contracting, having been perm for the last four years, contracting 15 years before that.

I do an SA each year, and have additional rented income. I already have a mortgage which I wanted to port, but as I'm going to jump to a contract, the bank won't allow it.

If I jump back into a contract, what is the minimum I have to wait before applying for a remortgage with a new lender so I can move?

You can do this almost instantly, speak to a broker to get the specific details of your circumstances you can get more specific advice Halifax is the most obvious but there are 1 or 2 others that may look at you

[northernladuk]

You can do this almost instantly, speak to a broker to get the specific details of your circumstances you can get more specific advice Halifax is the most obvious but there are 1 or 2 others that may look at you

MF is used to people looking at him. Hopefully they brokers won't point and laugh as well.