Contractor Mortgages

[chopper]

I have just started contracting as a Ltd Company in Oct 2016, and I am looking to buy a house. From initial conversations with high street lenders, I need at least 12 month contracting history.

Not necessarily - if you left a permie job to become a contractor, and so therefore had more than 12 months history of contracting or permiedom without a break, then this could be fine.

[northernladuk]

Not necessarily - if you left a permie job to become a contractor, and so therefore had more than 12 months history of contracting or permiedom without a break, then this could be fine.

I got my first mortgage less than a year in. Freelancer found a provider that would take a mix of my contractor income and the permie stuff to make the rest up. Not all did back in the day but I expect they've moved forward considerably now. That said not all lenders have the same criteria. Some won't accept breaks, others need x months left and so on. Might narrow the field down a little but 12 months or under isn't a problem.

[ChimpMaster]

I have used Freelancer Financials a number of times and can strongly recommend them. Happy to give you my personal contact there - send me a PM.

Halifax are great for contractors, even if you have recently started contracting.

[SueEllen]

Personally, I had issues with Martin from AS Financials and had to turn to Freelancer Financials on a very last minute. They got me sorted in a few days (my contact is xxx)

Good idea to remove your real name from the post. It's not needed. I've had issues with some of the brokers mentioned.

[Martin@AS Financial]

Personally, I had issues with Martin from AS Financials and had to turn to Freelancer Financials on a very last minute. They got me sorted in a few days (my contact is Nudim Akhtar)

Hi Monita

I pride myself on the service my clients have received over the last 11 years. Would you mind emailing me the issue you experienced and your name please so I can get to the bottom of this.

[Freelancer Financials]

I have just started contracting as a Ltd Company in Oct 2016, and I am looking to buy a house. From initial conversations with high street lenders, I need at least 12 month contracting history.

Can anyone recommend a decent contractor mortgage broker they have had success with?

I have always worked in finance in perm roles.

Cheers

The majority of contractor friendly lenders are looking at a minimum of 12 months contracting history. Apart from Halifax. If you work in IT then you have no problem getting a mortgage with Halifax from the first day of your initial contract. However, if you don't work in IT (e.g. you're an accountant or work in Finance) then you need to be on a minimum daily contract rate of £312.50/day. There are other providers like Bucks Building Society that only require 6 months contracting history than don't set a minimum daily rate.

[Gordon ContractMortgages]

Expect to pay a fee with any broker but do note that some take a commission instead. The difference is subtle but significant. I believe all the ones recommended so far charge a fee, which is better.

There are some brokers out there that are FEE FREE. The fee free brokers will get commission from the mortgage lender, as will the brokers that charge a fee.

[monita]

Good idea to remove your real name from the post. It's not needed. I've had issues with some of the brokers mentioned.

It's not my name, but my contact. I have removed it now, happy to share if anyone interested. Sorry if this was not appropriate.

[MarillionFan]

I used Contractor Financials years ago. Did a good job.

Expect to pay a fee with any broker but do note that some take a commission instead. The difference is subtle but significant. I believe all the ones recommended so far charge a fee, which is better.

I don't recommend Contractor Financials or CMME as they call themselves. Used this thread to find a couple to talk to recently. Freelance Financials was OK albeit a bit limited. Stuart Selkirk at CMME talked a good game, so I provided personal details to him via their portal & he never bothered to come back to me even having emailed and phoned up on four occassions.

I would avoid CMME like the plague.