Moving Home Mortgage Problems, pleeeease help!

[ALumb05]

Hi

I will try and keep and keep this short.....

I was hoping to close the deal on selling my house and buying another house on Monday but I have run into a problem so any help I can get back soon would be a great help.

I am an IT Contractor and I have been on the same contract for the past 4 years (it just keeps getting renewed!). About 3 months ago I decided to move from my Umbrella Company to form my own Ltd Company.

My current mortgage is a 5 year Fixed Rate mortgage that I started last October. I phoned my Mortgage Company (Marsden Building Society) to tell them I was moving and they have come back and said they will not port my mortgage across because I have not been Self Employed through my Ltd Company for at least a year. I asked them about going back to using an umbrella company but they said I would have to have had at least one contract renewal. My current contract does not expire until late Aug 2009.

I find it ridiculous because I have been in the same job for so long but just because I changed to have my own Ltd Company I can not get a mortgage. My take home salary has only got better if anything.

I think my only option would be to pay my early redemption fee (£4,500) and then try that way but I suspect that nobody else will give me a mortgage either.

Does anyone have any suggestions?

Thanks in advance

[ALumb05]

Has anyone been in a similar situation to this that can help or does anyone know of a good mortgage company that lend to people with only 3 months books?

I'm not even trying to borrow any extra money and the new property is worth more so the Building Soc have less risk. I know Banks have tightened up their belts but this is crazy to me!

[Mailman_1]

Speak to a financial advisor. They will have the insider info as to what mortgages you can and cant get in-line with your circumstances.

I have been speaking to mine recently and as with yourself, i switched from an umbrella to LTD a few months ago. The IFA advised that if i have a min 25% deposit i should be able to get a mortgage without any major problems. Halifax and Abbey still do self certs too via trusted IFA's but they are not advertised to the public.

Last resort would be a bridging loan until you could meet the terms of the banks. ie : 1 yrs accounts or renewal etc.

Good luck.

[Bagpuss]

Has anyone been in a similar situation to this that can help or does anyone know of a good mortgage company that lend to people with only 3 months books?

I'm not even trying to borrow any extra money and the new property is worth more so the Building Soc have less risk. I know Banks have tightened up their belts but this is crazy to me!

Yes I have been through a similar situation, forget books, tell them you are an employee of a company (which you are). Providing your sallary is enough to cover the mortgage you will be fine.

[suityou01]

Hi

I will try and keep and keep this short.....

I was hoping to close the deal on selling my house and buying another house on Monday but I have run into a problem so any help I can get back soon would be a great help.

I am an IT Contractor and I have been on the same contract for the past 4 years (it just keeps getting renewed!). About 3 months ago I decided to move from my Umbrella Company to form my own Ltd Company.

My current mortgage is a 5 year Fixed Rate mortgage that I started last October. I phoned my Mortgage Company (Marsden Building Society) to tell them I was moving and they have come back and said they will not port my mortgage across because I have not been Self Employed through my Ltd Company for at least a year. I asked them about going back to using an umbrella company but they said I would have to have had at least one contract renewal. My current contract does not expire until late Aug 2009.

I find it ridiculous because I have been in the same job for so long but just because I changed to have my own Ltd Company I can not get a mortgage. My take home salary has only got better if anything.

I think my only option would be to pay my early redemption fee (£4,500) and then try that way but I suspect that nobody else will give me a mortgage either.

Does anyone have any suggestions?

Thanks in advance

I got a mortgage from Halifax through an IFA who was terrific. They just want you to build a case to show that you have reliable earning potential and continue to earn more over the years. I had one years books, and some bank statements and projected earnings and a copy of the contract I am in.

You could build a similar picture Shirley? PM me and I can give you the IFAs number if you are not too far from Bedfordshire (Luton) area.

[blacjac]

I find it ridiculous because I have been in the same job for so long

3 Months is not a long time.

You have been the director of a Ltd company for 3 months. before that you were employed by an umberella company.....

Your 'client' is not now, nor has it ever been, your employer......

[Zippy]

3 Months is not a long time.

You have been the director of a Ltd company for 3 months. before that you were employed by an umberella company.....

Your 'client' is not now, nor has it ever been, your employer......

Not self employed either.

[ALumb05]

Hi

Thanks for all the advice.

London & Country have found me a decent rate so i am considering that but my Financial Advisor has been to see me today and he is going to try and see if we can try a fast path mortgage where they don't ask quite as many questions (aparently) as long as i can prove i earn enough.

Thanks again and i'l let you know what happens.

Any thoughts on attempting to claim back the Early Redemption Charges? I believe people have done this before but i'm not sure if you still can.

Thanks again