Originally posted by Gumbo Robot
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Mortgage application and bench time
Collapse
X
-
Join Big Group - don't let them get away with it
http://www.wttbiggroup.co.uk/ -
I've never been asked anything about how much time I was on the bench. I've been asked how much I personally make each year, for the headline figures from company accounts, and to explain why these values varied, but not that.Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
-
Originally posted by Mark McBurney@CMME View PostGenerally you need at least the last 12 months gap-free. If you've got this, you may have options regardless of even a six month gap 12+ months ago.
Two of the most prolific contractor lenders, Halifax and Clydesdale Bank, won't lend if you've had any more than c.6 weeks as a gap in the last year, unless there's a valid reason for it in their mind. Clydesdale are slightly more amenable to a sanction if the rest of the application is up to scratch, but with 6 months of gaps over the past two years, you really will struggle, sadly.Rhyddid i lofnod psychocandy!!!!Comment
-
Originally posted by psychocandy View PostEven a week gap? As in finish one contract, get anohter straight away.
No, in excess of 6 weeks in each calendar year.
Regards
MarkComment
-
Originally posted by d000hg View PostI've never been asked anything about how much time I was on the bench. I've been asked how much I personally make each year, for the headline figures from company accounts, and to explain why these values varied, but not that.
This is because using accounts is the more traditional 'self-employed' assessment of income, looking at historical income via accounts which is proven by the actual figures, so gaps don't matter - it should only become relevant about down time if you're looking to apply based on contractor-criteria (or sometimes with the few lenders who will look at 1yr accounting history, if you get a particularly anal underwriter!).
Regards,
MarkComment
-
Originally posted by flamel View PostI was only after £15k - the IFA didn't mention amounts as such - it's partly due to the loan/equity value and partly due to two years accounts. They never asked me about the futureWhat happens in General, stays in General.You know what they say about assumptions!Comment
-
Originally posted by Mark McBurney@CMME View PostHi d000hg,
This is because using accounts is the more traditional 'self-employed' assessment of income, looking at historical income via accounts which is proven by the actual figures, so gaps don't matter - it should only become relevant about down time if you're looking to apply based on contractor-criteria (or sometimes with the few lenders who will look at 1yr accounting history, if you get a particularly anal underwriter!).
Regards,
MarkOriginally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
-
Originally posted by d000hg View PostSo a contractor with bench time would be better off not using a special "contractor mortgage" if their income is sufficient for the amount borrowed?Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment