Buying a house - concerned

[SimonMac]

Reviving this thread just to update everybody who might be interested.

Got offered 4.5% rate for 15% deposit. I managed to scrape another 5% and this reduced the rate down to 3.89% fixed for 2 years. Not that bad really.....

Did you find the mortgage yourself or through a broker that knows how to work with contractors?

[NorthWestPerm2Contr]

Did you find the mortgage yourself or through a broker that knows how to work with contractors?

Contractor Broker - the only way to get a house at that cost "officially earning" less than 42k

[SimonMac]

Contractor Broker - the only way to get a house at that cost "officially earning" less than 42k

Would you recommend? I need to remortgage my house but its not going to be simple

[NorthWestPerm2Contr]

Would you recommend? I need to remortgage my house but its not going to be simple

There are a few brokers out there but the company I found to be the best by a long way is contractor financials. Really helpful bunch of people, I can't recommend them enough. I initially tried Contractor Mortgages but they just put me off.

[northernladuk]

Contractor Broker - the only way to get a house at that cost "officially earning" less than 42k

I can't believe this is true. Many lenders are quite happy to consult with your accountant for proof of income. When I spoke to a few lenders they had a standard process to do it and some even consider your contract rate as opposed to your wage. I have had two offers in principle doing this over the last few years. Didn't blink an eye when I mentioned my situation, even when I didn't have 2 years accounts.

Who can get you the best rate right now I don't know though.

[NorthWestPerm2Contr]

I can't believe this is true. Many lenders are quite happy to consult with your accountant for proof of income. When I spoke to a few lenders they had a standard process to do it and some even consider your contract rate as opposed to your wage. I have had two offers in principle doing this over the last few years. Didn't blink an eye when I mentioned my situation, even when I didn't have 2 years accounts.

Who can get you the best rate right now I don't know though.

I am only speaking from personal experience - perhaps there are better deals out there. Whenever I tried to go through a bank/building society they asked for Accounts as opposed to daily rate.

[northernladuk]

I am only speaking from personal experience - perhaps there are better deals out there. Whenever I tried to go through a bank/building society they asked for Accounts as opposed to daily rate.

Yep thats right but that isn't a stopper, they send a form to your accountant who does it for you, or they did for me.

[NorthWestPerm2Contr]

Yep thats right but that isn't a stopper, they send a form to your accountant who does it for you, or they did for me.

Will keep that in mind for future when I will be looking to re-mortgage. I guess I won't be needing that though? How does re-mortgaging work for us?

[SimonMac]

Yep thats right but that isn't a stopper, they send a form to your accountant who does it for you, or they did for me.

Hmmm I do my own books, I wonder how that is going to work!

[lukemg]

I used a broker too, not sure which one but one of them slipped in a 500 quid charge to me at completion. At which point I switched to the one that didn't. They are getting paid by the lender anyway, think CUK or PCG membership can get you charges dropped too.