Contractor mortgages

[LondonPM1]

Good call. Does not appear to be a penalty compared to normal.

1.19 for 2 Years Fixed, 1.79 for 5 Years, based on day rate x 240 x 4-4.5 multiple

Happy with that.

How do you go "direct" with Halifax and where are the rates published?

The closest I got to was here Halifax Intermediaries | Mortgages

And to use this you need to go through a broker

[MarillionFan]

How do you go "direct" with Halifax and where are the rates published?

The closest I got to was here Halifax Intermediaries | Mortgages

And to use this you need to go through a broker

If you'd bothered to read more than the last post, you'll see I was following a recommendation for a broker called Freelance Financials.

[radish2008]

Looking to remortgage based on my own contractor income, went to current one (Barclays) who only looked at my self assessment income which was low last year as I retain profits for warchest and split divvies. So they couldn't loan me what I need.

Is there a bank/company that will lend based on your actual earnings? Only snag is my contract is due to end on a few weeks but 99% sure I will get renewed. Looking fpr 85% LTV and a low rate. Also would prefer it to be a second mortgage as I have a high early repayment charge on the original one

P.S. NLUK please don't ask me to search

I think Nat West now do mortgages based on a multiple of your day rate.

[Becky at Power Mortgages]

I think Nat West now do mortgages based on a multiple of your day rate.

Afternoon Radish2008, you are correct NatWest have started offering contractor based underwriting with income defined as a multiple of your contract rate. There are a number of other lenders who offer this such as, but not limited to Halifax, Clydesdale Bank, Accord Mortgages, Nationwide, Scottish Widows, Leeds Building Society ect...

I would say it is worth speaking to a contractor specialist broker who will be able to understand your full circumstances and requirements and advise you accordingly as each and every one of the above lenders have slightly different criteria.

Hope that helps.

[Lumiere]

Are there any lenders that don't require an active 3+ months contract if you have many years of accounts without long breaks ?

[northernladuk]

Are there any lenders that don't require an active 3+ months contract if you have many years of accounts without long breaks ?

You'd be best asking a specialist advisor that has a view across the market. We won't really know.

[eastway]

Are there any lenders that don't require an active 3+ months contract if you have many years of accounts without long breaks ?

All the brokers I spoke to (Freelancer Financials, Contractor Financials/CMME & AS Financial) said this wouldn't be problem - I had three years of accounts, but was on a break so no active contract, and managed to get a mortgage with Virgin Money, was all very easy!

[Lumiere]

All the brokers I spoke to (Freelancer Financials, Contractor Financials/CMME & AS Financial) said this wouldn't be problem

They told me the opposite about a year ago when I enquired, glad it is different now.