Contractor mortgage....any suggestions who to go with?

[DirtyCash]

I've recently just applied for a mortgage through Contractor Financials who intend to offer me via Halifax 90% LTV for 4.99% interest.

Anyone been offered a better rate recently for a 10% deposit and who with? I understand interest rates did go up on the weekend (despite BoE base rates not changing!) as mine was 4.79%.

I'm just wondering if there are alternatives to contractors like myself with only 1 year history and 10%.

[northernladuk]

Speak to Freelancer Financials and see if they can offer you a better one.

[DigitalUser]

I've recently just applied for a mortgage through Contractor Financials who intend to offer me via Halifax 90% LTV for 4.99% interest.

Anyone been offered a better rate recently for a 10% deposit and who with? I understand interest rates did go up on the weekend (despite BoE base rates not changing!) as mine was 4.79%.

I'm just wondering if there are alternatives to contractors like myself with only 1 year history and 10%.

Unlikely. With that deposit Halifax is likely to be your only viable option. Do what I did, and save for a 15% deposit as your rate of interest drops massively.

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[Mark McBurney@CMME]

Clydesdale Bank - 3.99% depending on your circumstances, and whether you meet their criteria....

Have your broker looked into this?

[bodillc]

FLF are OK via Halifax, BUT, as you can see from my previous thread, Halifax want a min of 6 month contract AND the wording in your contract MUST state 5 days a week !!!

[kevpuk]

Or you could plough ahead with the 4.99% (guessing fixed for 2yrs?) and then look to re-mortgage with a better 'deposit' later? I would think that aiming to get another 5-10% in 2yrs would be relatively achievable, and then - even with the value of the property staying static, which it likely won't - you could be looking at a 80% LTV and therefore more market choice and better rates

[Mark McBurney@CMME]

FLF are OK via Halifax, BUT, as you can see from my previous thread, Halifax want a min of 6 month contract AND the wording in your contract MUST state 5 days a week !!!

Halifax do NOT require a minimum six month contract, and the contract does not have to state that you work five days per week. It has to state the number of days that you're expected to work, however if you have the sort of role whereby you work 3/4 days per week then this is also acceptable.

I have a client at present who's contract is for XX days per month. We had his Halifax mortgage offer about 6 weeks ago.

[DigitalUser]

Clydesdale Bank - 3.99% depending on your circumstances, and whether you meet their criteria....

Have your broker looked into this?

I thought with Clydesdale you needed either 2 years of accounts or a minimum of a 30% deposit?

[Mark McBurney@CMME]

I thought with Clydesdale you needed either 2 years of accounts or a minimum of a 30% deposit?

It isn't as clear cut as that, but that was what I meant by 'depending on circumstances'.

They are very good at looking at all situations so it's not as black and white as a yes or no on XXX circumstances.

EDIT: To clarify, they'll often look into previous work history to back up a shorter contracting period, for example. Ask your broker to speak with an underwriter.

[kevpuk]

To clarify, they'll often look into previous work history to back up a shorter contracting period, for example. Ask your broker to speak with an underwriter.

This ^^

It is quite different to be, say, a new contractor who has no proven work history in a given area and a new contractor who has been doing much the same thing in permie-land for the last 10yrs+

The advantage that a (good) broker gives you is the ability to speak direct with underwriters, and who understands in the first place the best fit providers for your individual circumstance.