First time house buyer

**SueEllen** · 13 October 2016, 21:30

Yes you can.

See a broker who specialises in contractors to see who they advise.

**northernladuk** · 13 October 2016, 22:28

Speak to John Yerou at Freelancer Financials. They got me my first mortgage when I didn't have a full set of accounts and have done another 2 for me since without a hitch. Each lender has different criteria so FF will tell you exactly which one is right for you.

**saptastic** · 14 October 2016, 12:57

Originally posted by ITbanker View Post

Hi, new to this forum and to contracting so go easy on me. I started contracting in march through my limited company.

I am now looking at buying my first house. Prior to contracting I have been in permie IT roles for 10 years with no gaps. In my first contract I was extended In July till November. From November I have obtained a new contract with a 6 month term.

My question is will I be able to get a mortgage even though I haven't yet been contracting for a full year? I am getting conflicting info, some saying I need to have been contracting one year at least, others saying this is not an issue if I have been in employment in the same field for atleast 5 years (which I have). I've been told certain banks understand contracting better than others.

Can any one advise?

This may be helpful

IT Contractor Mortgages Information and Quotation :: Contractor UK

Mortgages for IT Contractors and Mortgage Advice :: Contractor UK

**SeededLoaf** · 14 October 2016, 14:54

I was in the same boat. A few months into contracting I looked at buying my first home.

There wasn't any issues getting an decision in principle from contractorfinancials. They look at your daily rate rather than previous 2 years accounts etc. The DIP was from the Halifax with a low rate and no fee.

**Dave SuperContractors** · 17 October 2016, 11:20

Originally posted by ITbanker View Post

Hi, new to this forum and to contracting so go easy on me. I started contracting in march through my limited company.

I am now looking at buying my first house. Prior to contracting I have been in permie IT roles for 10 years with no gaps. In my first contract I was extended In July till November. From November I have obtained a new contract with a 6 month term.

My question is will I be able to get a mortgage even though I haven't yet been contracting for a full year? I am getting conflicting info, some saying I need to have been contracting one year at least, others saying this is not an issue if I have been in employment in the same field for atleast 5 years (which I have). I've been told certain banks understand contracting better than others.

Can any one advise?

Provided that the Contracting role is within the same field as your previous permanent roles, there's lenders who will look at your situation. There's two main lenders, one of whom would restrict to 70% lending, but the other would be fine with it. Your best bet is to get in touch with a broker who specialises within the contractor market, preferably one with no fee..!

**dingdong** · 17 October 2016, 13:24

I've just been in a similar situation and used mortgage medics who have been great - they got me a deal mainly based on retained earnings in the company at a rate far lower than I'd found anywhere else.

They are based in Sussex but I dealt with everything over email/phone and their service was great.

I'd definitely repeat the advice given above to always use a specialist broker!!

**Invisiblehand** · 17 October 2016, 13:26

These guys are pretty good: Contractor Mortgages Made Easy

**blackeye** · 17 October 2016, 19:52

Super contractors are the only ones left that don't charge an obscene broker fee.

I'm sure those mentioned so far are fine, but £800+ fee is too much to pay IMO. Especially considering contract financials used to obtain it's fee from the Bank. Halifax must have lowered it's introducer fees, or they are just being greedy. I suspect it's the later, as contractor mortgages made easy and CF are now the same group.

**northernladuk** · 17 October 2016, 21:43

Freelancer Financials are cheaper than some of the others as well.

First time house buyer