Originally posted by Old Greg
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Getting a mortgage - FTB
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You want to avoid speaking to the call centre bods.
In my experience, it helps going through a broker or companies (many advertising on this site) that understand how contractors/ltd co. work and have access to decision makers/underwriters more senior then the bod reading off a script.Comment
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Originally posted by NorthWestPerm2Contr View PostReally? In this current market? Once you have already bought I am assuming it is a lot easier. When I spoke to my bank they were worse than useless, made me almost lose hope of buying. They said they would only go off income - anybody had direct experience with any branches in the south manchester area who are not stupid idiots?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View PostThe word income is confusing though. Some people regard income as PAYE/Wage, others regarding it as 'incoming money' from divi's/wages etc. You want to get this clarrified. Your income is your divi/wage and they need to know and accept that which I am sure they will when your accountant confirms it.Comment
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Originally posted by NorthWestPerm2Contr View PostHave you had experience with them?Comment
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Originally posted by NorthWestPerm2Contr View PostThe problem here is that we tend to pay ourselves below the higher tax bracket (<43k) which is not an accurate reflection on our actual daily rate and will limit our mortgage options.
In that case find a specialist broker who will go off the current contracted rate as proof of income.
Also has the benefit of being pre-tax and expenses so is higher than the equivalent salaried income.Feist - 1234. One camera, one take, no editing. Superb. How they did it
Feist - I Feel It All
Feist - The Bad In Each Other (Later With Jools Holland)Comment
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Originally posted by NorthWestPerm2Contr View PostThe problem here is that we tend to pay ourselves below the higher tax bracket (<43k) which is not an accurate reflection on our actual daily rate and will limit our mortgage options.It's about time I changed this sig...Comment
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Originally posted by MrRobin View PostYes but if you're refusing to go into the higher tax bracket then your daily rate has no bearing on your personal income and ability to pay a mortgage!Comment
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Originally posted by NorthWestPerm2Contr View PostCheers for your advice. I am staying put in a cheap rental place until I can afford a house of a certain size for family reasons. 250k is a lot but not if your looking in high demand areas with the best schools (think Sale/Alty etc). Unfortunately I am no longer at the stage of being able to buy a small house only to look for a larger house a few years later, the recession came at such a time for me that made it impossible to buy anything for the last few years anyway....
Why? Because I could borrow on the basis of the rental yield on the property and not on my personal income. In addition, it kept my 'first time buyer' status intact.
As I was contracting I then charged my Ltd company before moving elsewhere for another contract. I bought 3 small, cheap properties like this. Not until later did I sell them and buy myself a bigger house.What happens in General, stays in General.You know what they say about assumptions!Comment
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Originally posted by PAH View PostIn that case find a specialist broker who will go off the current contracted rate as proof of income.
Also has the benefit of being pre-tax and expenses so is higher than the equivalent salaried income.Comment
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