Mortgage

[Prinsa]

I have been contracting for 9 months and finding it difficult to find a mortgage. Can anyone suggest a solution? I

[PurpleGorilla]

I have been contracting for 9 months and finding it difficult to find a mortgage. Can anyone suggest a solution? I

Contracting isn't an automatic utopia of milk and honey.

[WTFH]

How much have you got as a deposit? What's the LTV?

[stek]

I have been contracting for 9 months and finding it difficult to find a mortgage. Can anyone suggest a solution? I

Wait till you've been contracting longer.

[northernladuk]

Speak to Ken at Freelancer Financials. They deal with different contractor specific products that will fit the bill. They will take your permie wage and contractor rate together to come up with an amount you can borrow.

[heyya99]

I spoke to those crowd also, plus contractor mortgages made easy.

Does anyone know if, when deciding on a deposit size, must one stick within the 10, 15, 20, 25 round numbers or do providers take any percentage one can provide?

[SueEllen]

They will take any percentage but the deals fall into round numbers.

So if you have a 17% deposit then you get a 15% deal. However your repayment costs will be lower than if you paid 15%.

While this means nothing now if you get your total repayment costs you can see the difference it makes. Plus that way you know when you should move to a shorter repayment schedule and/or lower interest rates.

[heyya99]

They will take any percentage but the deals fall into round numbers.

So if you have a 17% deposit then you get a 15% deal. However your repayment costs will be lower than if you paid 15%.

While this means nothing now if you get your total repayment costs you can see the difference it makes. Plus that way you know when you should move to a shorter repayment schedule and/or lower interest rates.

Thanks. I was hoping I would be able to give my desired monthly repayments and then have a product tailored to fit that budget.

[northernladuk]

Thanks. I was hoping I would be able to give my desired monthly repayments and then have a product tailored to fit that budget.

Freelancer Financials did that for me but when I remortgaged. They altered the end date of the mortgage until it met the payments I wanted.

[heyya99]

Freelancer Financials did that for me but when I remortgaged. They altered the end date of the mortgage until it met the payments I wanted.

I've been tempted to do that but wouldn't extending a 25 to 30 year mean that, although your monthly repayments are less, you're losing out more in the long run on interest? Or do you care if it gives you a home?