Had a long chat with John Yerou at Freelancer Financials about this yesterday as mine aren't far off renewal. It appears there has certainly been a worrying shift in attitude from the lenders in the last year so it appears it's going to be tougher for the more complex cases going forward with some lenders going cold on contractor/self employed mortgages. Others that appear to be wanting to get rid altogether by greatly reducing the income to lend ratios and the like.
If you can get a good deal with your existing lender then happy days but more complex situations like high LTV or gaps in contract are going to need to some help.
The changes in April aren't going to help but I do believe the existing lenders will consider contract rate for inside gigs not net income which is a relief. I imagine quite a few people will get caught out with affordability if they don't budget proper or get stuck inside for long periods.
Odd times.
If you can get a good deal with your existing lender then happy days but more complex situations like high LTV or gaps in contract are going to need to some help.
The changes in April aren't going to help but I do believe the existing lenders will consider contract rate for inside gigs not net income which is a relief. I imagine quite a few people will get caught out with affordability if they don't budget proper or get stuck inside for long periods.
Odd times.
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