Business Bank Account & Mortgage

[ThomserveBAS]

I've seen a couple of posts now mentioning contractors (especially IT contractors) and Halifax being a good partnership when it comes to mortgages to that might be why Halifax didn't bat an eye lid.

I will be looking into a new mortgage this year with 12 months of contracting and 5 years in permiedom (same line of business) so am keeping an eye on all these discussions.

[northernladuk]

Let us know how it goes. It doesn't seem to be a very level playing field at the moment.

[Kelstar]

Good friend of mine (contractor) just got a mortgage which completed late 2012 based on her day rate and a 6 month contract via Halifax. She said she went direct. Has her own Ltd but didn't present her accounts.

Guy I was working with recently did the same thing direct with Clydesdale Bank (or Yorkshire Bank not sure which arm of NAGE does the mortgages). That completed October 12. Again rate and 6 month contract, didn't present his accounts.

[DigitalUser]

Good friend of mine (contractor) just got a mortgage which completed late 2012 based on her day rate and a 6 month contract via Halifax. She said she went direct. Has her own Ltd but didn't present her accounts.

Guy I was working with recently did the same thing direct with Clydesdale Bank (or Yorkshire Bank not sure which arm of NAGE does the mortgages). That completed October 12. Again rate and 6 month contract, didn't present his accounts.

Do you know what rates they were offered and the size of the deposit they were offered? It would be good to compare what's on offer as I'll be looking to buy later this year

[Kelstar]

Early 4.(something)% if memory serves me correct. I recall it not being too much off my mortgage rate.

Both had good deposits from savings/previous house sale. I didn't ask details (that would be a bit too nosey even for me) but would have been lower than 75% LTV I reckon.

The comments they both made were contractor status didn't change the deal that was offered, just asked contract stipulating rate and duration in place of payslips.