I went to see the Halifax mortgage advisor this week about buying a house. I'm an existing mortgage customer and wanted to get a "consent to lease" (CTL) for my existing house, and buy a new house by taking out a new mortgage.
I've read others on this forum have had problems with getting high street banks to understand how an IT contractor gets paid, i.e. paying a low salary and the rest as dividends.
Apparently, I have to contact head office re: the CTL. They may or may not decide to move me onto a different type (higher rate) mortage![Roll Eyes (Sarcastic)](https://forums.contractoruk.com/core/images/smilies/rolleyes.png)
Onto the mortgage for the new house, the advisor took both my £7K salary and £35K dividends into account
but wanted to see 3 years worth of accounts (however, they were willing to accept 2 years worth and a projection for the 3rd year). ![Tired](https://forums.contractoruk.com/core/images/smilies/tired.gif)
I don't quite have 2 years accounts yet, it's a no (at least with the Halifax) for now. "Come back when you have 2 years worth of accounts", i was told.
I know others on here have had luck with just quoting their daily rate. I tried in this case but the advisor wasn't interested.
Assuming they like the look of my 2+ years accounts (if/when i provide them next month), i can have a slightly lower than anticipated amount with a slightly higher than anticipated rate (5.99%)
Looks like it's time to speak to one of the few contractor mortgage brokers out there.
I've read others on this forum have had problems with getting high street banks to understand how an IT contractor gets paid, i.e. paying a low salary and the rest as dividends.
Apparently, I have to contact head office re: the CTL. They may or may not decide to move me onto a different type (higher rate) mortage
![Roll Eyes (Sarcastic)](https://forums.contractoruk.com/core/images/smilies/rolleyes.png)
Onto the mortgage for the new house, the advisor took both my £7K salary and £35K dividends into account
![Yay](https://forums.contractoruk.com/core/images/smilies/extras/17.gif)
![Tired](https://forums.contractoruk.com/core/images/smilies/tired.gif)
I don't quite have 2 years accounts yet, it's a no (at least with the Halifax) for now. "Come back when you have 2 years worth of accounts", i was told.
I know others on here have had luck with just quoting their daily rate. I tried in this case but the advisor wasn't interested.
Assuming they like the look of my 2+ years accounts (if/when i provide them next month), i can have a slightly lower than anticipated amount with a slightly higher than anticipated rate (5.99%)
Looks like it's time to speak to one of the few contractor mortgage brokers out there.
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