Last year when I wanted to raise some funds for building work ( I had no mortgage at the time) I went direct to my personal bank, Halifax. Easy and understanding of a contractor and offered far more than I wanted to borrow at a good rate too.
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That's what I did too earlier this year. Halifax base lending on turnover and not sal/divs only.Originally posted by Yorkie62 View Post
Don't use L&C as they were cr*p.______________________
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I've heard in various places that Halifax are really quite contractor friendly. I guess it helps to have a banking relationship with them but it's not entirely necessary.Comment
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You don't need a banking relationship with them at all. Just proof of contract with at least 2 months to run I think it is. You don't even need to provide previous years accounts.Originally posted by ladymuck View Post______________________
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Pretty much this, just show them the contract and you should be good.Originally posted by kaiser78 View PostComment
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Halifax love a contractor.
Borrowed 4.5x contractor income (assumed 48 weeks) 2 months after going contracting. All they needed was evidence of at least a month left to run when the offer was made and convincing that I had prior experience in the same line of work.
Mortgaged to the hilt with eye-watering payments - pre-credit crunch careless lending is back!
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Contractor Mortgage
Nice oneOriginally posted by fiisch View PostHalifax love a contractor.
Borrowed 4.5x contractor income (assumed 48 weeks) 2 months after going contracting. All they needed was evidence of at least a month left to run when the offer was made and convincing that I had prior experience in the same line of work.
Mortgaged to the hilt with eye-watering payments - pre-credit crunch careless lending is back!
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