Offset Mortgage for IT contractor

[Freelancer Financials]

Offset Mortgages based on your contract rate alone

Hi guys,

Just wondering if any IT contractor has applied for "offset mortgage" totally based on daily rate with only one years of accounts.

Any recommendations about the mortgage broker who is willing to submit offset mortgage?

Thanks

There are a number of perfectly good Mortgage Advisers on this forum that can assist you. If you're looking to be assessed on your contract rate (due to only having one years accounts), there are a number of contractor Friendly lenders that we can take you to. Scottish Widows, Clydesdale bank and Leeds building Society.

The best Offset mortgage rates at the moment are from Scottish Widows:

They are Fixed Rates with offsetting:

60% LTV - 1.79%
75% LTV - 2.29%
80% LTV - 2.49%
85% LTV - 2.89%

I hope this helps.

[Freelancer Financials]

I have an offset with Barclays and an offset with Santander. First one applied for on 1 set of contracting accounts. No need to go through a broker - directly is easier.

How can you say he doesn't need a mortgage broker when you don't even understand his circumstances? Firstly, he only has one years accounts and he's also stating that he wants to use his contract rate. Santander, need two years accounts and Barclay's will normally want to see at least two years accounts. Sometimes, Barclay's will consider one years accounts with projected figures but only if your an IT Contractor or have an existing account with them.

[kaiser78]

Hi guys,

Just wondering if any IT contractor has applied for "offset mortgage" totally based on daily rate with only one years of accounts.

Any recommendations about the mortgage broker who is willing to submit offset mortgage?

Thanks

I have an offset with Barclays and an offset with Santander. First one applied for on 1 set of contracting accounts. No need to go through a broker - directly is easier.

[MarillionFan]

Just applied for a new BTL


60% LTV with Virgin.
Interest Only
£995 fee, but you get a £500 cash back (so £445)
2.09% 2 Years


Nice.

[Power Mortgages Ltd]

I got one with Woolwich/Barclays through Contractor Money a few years ago, I only had one years accounts, but all they needed was the current contract.

A few years ago Barclays/Woolwich were a contractor friendly lender and used to allow you to use your contract to prove your income but that stopped in late 2011 unfortunately when their risk department decided that they should no longer assess contractors in this way and they now need Limited Company accounts.

[FarmerPalmer]

I got one with Woolwich/Barclays through Contractor Money a few years ago, I only had one years accounts, but all they needed was the current contract.

[Power Mortgages Ltd]

They are the rates for offsets? Not fixed etc?

Yep, offset mortgage rates for contractors based upon day rate

[northernladuk]

Yes, there are lenders who will lend based upon a multiple of your contract rate and who offer offset mortgages.

A rough idea on rates as follows:

Up to 75% loan to value: 2.79%
Up to 80% loan to value: 2.99%

They are the rates for offsets? Not fixed etc?

[Power Mortgages Ltd]

Hi guys,

Just wondering if any IT contractor has applied for "offset mortgage" totally based on daily rate with only one years of accounts.

Any recommendations about the mortgage broker who is willing to submit offset mortgage?

Thanks

Yes, there are lenders who will lend based upon a multiple of your contract rate and who offer offset mortgages.

A rough idea on rates as follows:

Up to 75% loan to value: 2.79%
Up to 80% loan to value: 2.99%

[northernladuk]

I've applied for BTL and a normal mortgage. Didn't really need an offset as I already have one.

Try ringing Contractor Financials to see what the contractor friendly lenders are offering.

I wouldn't be too hung up on an offset though. A 4% offset with a reasonable sum in can equate to a 2.5% with no offset over a reasonable period and then you can put your savings in something a bit higher rate etc so an offset isn't the golden goose it appears to be.

Keep an open mind and ask for some figures.

[Bones]

Have you seen an offset mortgage deal that your interested in?
I looked into this a while ago but found that the minimum mortgage amount was so high it rendered the whole thing pointless for me.

[newmove]

I'm sure sure if you do a search someone would have done it before

[computerguru]

Hi guys,

Just wondering if any IT contractor has applied for "offset mortgage" totally based on daily rate with only one years of accounts.

Any recommendations about the mortgage broker who is willing to submit offset mortgage?

Thanks