Getting a mortgage when switching to contracting

[DimPrawn]

What your referring to is fasttrack. Essentially, when a client has a good enough credit score and sufficient equity / deposit, a lender takes the brokers word on the basis that they have checked the accounts / payslips.
This is not a self certifying tool however as cases are randomly sampled by the lender. It takes a foolish broker to start making up incomes as they will simply be removed from the lender panel if they have massaged the figures and cannot back up the claims with documentary evidence.

Exactly that. The broker I spoke too seemed to think the chances of him being audited for bulltulipting was remote.

[Martin@AS Financial]

Exactly that. The broker I spoke too seemed to think the chances of him being audited for bulltulipting was remote.

Bold - every week lenders are removing brokers from their panel for not being able to fufil audit requests.

Banks share information so you only have to be struck off by one lender and the rest will follow suit if they deem the broker to be high risk.

[NorthWestPerm2Contr]

Speak to Contractor Money. They are very good. Things may have tightened up in the last two years. but certainly then it was pretty easy. In addition to CVs, bank statements (personal and business), contracts, they may choose to undertake due diligence on your radiator bleeding skills.

Contractor Financials sorted mine with very little in terms of paper work - last few contracts, CV and credit check was sufficient.