Mortgage with less than a years books...

**northernladuk** · 20 January 2016, 16:53

Erm.. Sorry to be rude but if your broker is looking in to your options and handling the requirements for each product then surely your broker is the one to go back to and speak with?? We will give you info but you still have to tell him your situation. Pick the phone up and tell him

That said... The SAs are to prove your contractor income. In most cases they can use a combination of permie income and contractor income so instead of your SA they will need you P60 (I think it's that one).

Lenders have lots of different requirements. Some like long contracts, some won't accept breaks yadda yadda. Just speak to your agent, provide the info he wants and tell them why if you can't and let him work for you.

**Nitro** · 20 January 2016, 17:01

My broker knows how long I've been contracting and is probably intellegent enough to work out an SA302 won't exist yet, I was just searching for real contractor experience, hence why I posted here.

Good to know about the P60 though, I've got that from my umbrella days.

I accept your apology for being rude.

**SandyD** · 20 January 2016, 17:09

<<house in the £120k mark>>>

Where???

**Nitro** · 20 January 2016, 17:12

I am area of the country that doesn't have extortionate house prices, ha. You're not the only one to have that reaction though... my fellow contractors I work with are the same.

**northernladuk** · 20 January 2016, 17:17

Originally posted by Nitro View Post

My broker knows how long I've been contracting and is probably intellegent enough to work out an SA302 won't exist yet, I was just searching for real contractor experience, hence why I posted here.

Good to know about the P60 though, I've got that from my umbrella days.

I accept your apology for being rude.

You would certainly think he'd spot that wouldn't you. Give them a bell and see what the crack is.

**Mark McBurney@CMME** · 21 January 2016, 09:32

Originally posted by Nitro View Post

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 say you have a broker who specialises in contracting and yet he's asked you for a document you can't get yet?

Is there a reason why you can't get the AIP based on your day rate instead of looking at SA302's? You're limiting yourself to those lenders who will lend to self employed customers with 1yr of history, rather than a contractor-friendly lender?

**Emma Power Mortgages** · 21 January 2016, 12:25

Contractor Specialist

Originally posted by Nitro View Post

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?

As Mark said, is your broker a true specialist? With your history and deposit you should be able to source a couple of lenders without the use of self employed criteria (looks like that is what your broker is trying to use). Perhaps do some comparisons and ensure you trust your specialist and what they are doing

**Nitro** · 21 January 2016, 12:34

Originally posted by Mark McBurney@CMME View Post

You say you have a broker who specialises in contracting and yet he's asked you for a document you can't get yet?

He's told me I may need one, he hasn't said for definite. I've just asked the question on here while he's gone away to have some conversations... a two-pronged approach if you like.

Originally posted by Mark McBurney@CMME View Post

Is there a reason why you can't get the AIP based on your day rate instead of looking at SA302's? You're limiting yourself to those lenders who will lend to self employed customers with 1yr of history, rather than a contractor-friendly lender?

I don't know the answer to that question, though I do understand your point. He said I may need one, but the day rate may be sufficient... or my accounts since I started my Ltd in May. I don't know yet, I just wanted to get a feel for what other peoples experiences were... with the hope that someone could say "I was in the same situation and this is what I needed to do" which may give me a head start.

I've seen a property I like, I have a viewing tomorrow and I at least want an AIP so I can make an offer. I've never done this before so I'm not sure how long the process will take to get a full blown mortgage agreement.

I'm the type of person to do research from multiple sources to get a full picture of what I can/can't do.

**yMyjgT** · 21 January 2016, 18:17

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.

Mortgage with less than a years books...