contractor mortgages

[DJG]

hi,

whats's the best advice for a contractor mortgage?

I have been contracting for 20months though a ltd company and the websites for contractor mortgages seem awfully optimistic on contractor mortgages for me.

Are Contractor Based Underwriting schemes dangerous?

thanks
D

[northernladuk]

I bet you couldn't guess this is asked a lot on the forums and I bet it didn't occur to do a search did it?

There is a newbie guide to CUK below..
http://forums.contractoruk.com/welco...e-newbies.html

There is a guide on how to search below
http://forums.contractoruk.com/welco...uk-forums.html

There are plenty of links about mortgages to the right and in the main site...

If all that is too difficult this search brings all threads posted about mortgages (which is a lot of them!!)

mortgage site:forums.contractoruk.com/accounting-legal - Google Search

If you want people to help you here you are going to have to put a bit more effort in than this. Even posting it in the right part of the forum was too much to ask.

[administrator]

IT Contractor Mortgages Information and Quotation :: Contractor UK

Contractor Money base the loan amount on signed contract value. They will want to see a copy of the contract plus personal and business bank statements for the last three months or whatever.

No scheme is more dangerous than you let it be. If you think your current contract rate is unsustainable then getting a mortgage for the full amount would be a bit silly As long as the payments are within your means then there is no problem. I used Contractor Money to sort my mortgage recently and had a great service from them so this isn't just a recommendation because we work with them, I have personally used their service. All they do is act as middle man in securing the mortgage, the loan is still direct with the provider. As I said, just make sure you don't borrow more than you can realistically afford. Be nice to CUK and tell Contractor Money we sent you as it helps us keep this place running

[Notascooby]

I bet you couldn't guess this is asked a lot on the forums and I bet it didn't occur to do a search did it?

There is a newbie guide to CUK below..
http://forums.contractoruk.com/welco...e-newbies.html

There is a guide on how to search below
http://forums.contractoruk.com/welco...uk-forums.html

There are plenty of links about mortgages to the right and in the main site...

If all that is too difficult this search brings all threads posted about mortgages (which is a lot of them!!)

mortgage site:forums.contractoruk.com/accounting-legal - Google Search

If you want people to help you here you are going to have to put a bit more effort in than this. Even posting it in the right part of the forum was too much to ask.

1 hour 10 - were you in a meeting?

[Pondlife]

IT Contractor Mortgages Information and Quotation :: Contractor UK

Contractor Money base the loan amount on signed contract value. They will want to see a copy of the contract plus personal and business bank statements for the last three months or whatever.

No scheme is more dangerous than you let it be. If you think your current contract rate is unsustainable then getting a mortgage for the full amount would be a bit silly As long as the payments are within your means then there is no problem. I used Contractor Money to sort my mortgage recently and had a great service from them so this isn't just a recommendation because we work with them, I have personally used their service. All they do is act as middle man in securing the mortgage, the loan is still direct with the provider. As I said, just make sure you don't borrow more than you can realistically afford. Be nice to CUK and tell Contractor Money we sent you as it helps us keep this place running

WAS.

Although, I sourced my mortgage from a standard high street lender based on 3 years accounts (which I see you don't have)

[northernladuk]

1 hour 10 - were you in a meeting?

Sorry I printed my rep list out and went to the loo for a quick shuffle over it...but didn't spot your name now you mention it

Being a first poster he has to be moderated first, plus he posted it in general first as well....

[DJG]

such a warm welcome.

thanks for the help.

[Scrag Meister]

Ignore NLUK's tone and read what he actually says. He's a bit of a grump sometimes, eh NLUK?

Unless you are imminently buying a house, and you can wait til you have 2 years of accounts then I would wait until 24 months arrives and get your YE accounts done asap after that.

It will open up many more mainstream lenders and probably better rates. Not sure of the current willingness to lend, but this was my experience a couple of years back.

I was looking back early 2009 and no one was interested except some brokered deals and they were offering high rates.

In the end I waited until I had 2 years account and went to Santander and C&G, direct, and got .49 above base and 3.24 above base respectively.

[cojak]

such a warm welcome.

thanks for the help.

Sorry, this is a contractor site. The advice you get here is succinct and to the point.

If you want warm fuzzies I would suggest a mooch somewhere else.

(But we are able to crack a smile occasionally.. ).