Reply to: Mortgage with less than a years books...

[northernladuk]

You can do this almost instantly, speak to a broker to get the specific details of your circumstances you can get more specific advice Halifax is the most obvious but there are 1 or 2 others that may look at you

MF is used to people looking at him. Hopefully they brokers won't point and laugh as well.

[Emma Power Mortgages]

Based on a couple of notes before me, and obviously a few brokers on here.

I'm about to go back contracting, having been perm for the last four years, contracting 15 years before that.

I do an SA each year, and have additional rented income. I already have a mortgage which I wanted to port, but as I'm going to jump to a contract, the bank won't allow it.

If I jump back into a contract, what is the minimum I have to wait before applying for a remortgage with a new lender so I can move?

You can do this almost instantly, speak to a broker to get the specific details of your circumstances you can get more specific advice Halifax is the most obvious but there are 1 or 2 others that may look at you

[Freelancer Financials]

Based on a couple of notes before me, and obviously a few brokers on here.

I'm about to go back contracting, having been perm for the last four years, contracting 15 years before that.

I do an SA each year, and have additional rented income. I already have a mortgage which I wanted to port, but as I'm going to jump to a contract, the bank won't allow it.

If I jump back into a contract, what is the minimum I have to wait before applying for a remortgage with a new lender so I can move?

The best lender in your case is Halifax. They will assess your affordability on your contract rate as long as you're an IT contractor (no minimum contract rate) but if your a non IT contractor then you need to be on a minimum contract rate of £312.50 per day for them to accept your application.

[MarillionFan]

I had the same last year. Getting a mortgage is no problem. Try a broker. I used Simon Butler at Contractor Mortgages UK

How long did you have to wait? What length of contract did you have? And on what basis did they lend? (ie. Value of Contract?)

[BrilloPad]

Based on a couple of notes before me, and obviously a few brokers on here.

I'm about to go back contracting, having been perm for the last four years, contracting 15 years before that.

I do an SA each year, and have additional rented income. I already have a mortgage which I wanted to port, but as I'm going to jump to a contract, the bank won't allow it.

If I jump back into a contract, what is the minimum I have to wait before applying for a remortgage with a new lender so I can move?

I had the same last year. Getting a mortgage is no problem. Try a broker. I used Simon Butler at Contractor Mortgages UK

[MarillionFan]

Based on a couple of notes before me, and obviously a few brokers on here.

I'm about to go back contracting, having been perm for the last four years, contracting 15 years before that.

I do an SA each year, and have additional rented income. I already have a mortgage which I wanted to port, but as I'm going to jump to a contract, the bank won't allow it.

If I jump back into a contract, what is the minimum I have to wait before applying for a remortgage with a new lender so I can move?

[Freelancer Financials]

Hey everyone

Hoping to get some advice.

I've been contracting since September 2014, and finally ditched my umbrella and went Ltd in May 2015. I've been in the same contract ever since.

I've decided I want to get a mortgage. It's for a house in the £120k mark, and I have £30,000 deposit to put down, so I need a mortgage for £90k.

I got in touch with a broker who specialises in contacting and he's currently trying to sort me out an AIP. Great.

However, he did say I may need an SA302 (he said may). I didn't know what this was, so I did some research. Now I know. Obviously I haven't done an SA302 yet as I haven't been doing this until April '16 yet...

My question is, am I cream-crackered or are their alternatives? Will my (healthy looking) accounts from May '15 to present suffice or should I prepare for a letdown?

You're broker is not a specialists otherwise he wouldn't even mention SA302's. It's obvious that you can't provide this until you submit your accounts. Based on your circumstances and requirements he should be looking to utilise your contract rate alone and for this you don't need your accounts or SA302's. It's as simple as that.

The fact that he said you may need to provide SA302's based on your circumstances should be a warning.

[Emma Power Mortgages]

I spoke to a chap called Tom at Power Mortgages. I had just 6 months as a contractor, and needed a 120k mortgage. Wasn't a problem.
I had come from a permie job doing the same line of work, with no break between, which I believe may have had some bearing on it.
I think it (remortgage) took about 5 weeks from application to it being done.

Thank you for your kind words, we always try to ensure our clients have a positive experience like yours.

[Danglekt]

contractor financials

[yMyjgT]

I spoke to a chap called Tom at Power Mortgages. I had just 6 months as a contractor, and needed a 120k mortgage. Wasn't a problem.
I had come from a permie job doing the same line of work, with no break between, which I believe may have had some bearing on it.
I think it (remortgage) took about 5 weeks from application to it being done.

[Nitro]

You say you have a broker who specialises in contracting and yet he's asked you for a document you can't get yet?

He's told me I may need one, he hasn't said for definite. I've just asked the question on here while he's gone away to have some conversations... a two-pronged approach if you like.

Is there a reason why you can't get the AIP based on your day rate instead of looking at SA302's? You're limiting yourself to those lenders who will lend to self employed customers with 1yr of history, rather than a contractor-friendly lender?

I don't know the answer to that question, though I do understand your point. He said I may need one, but the day rate may be sufficient... or my accounts since I started my Ltd in May. I don't know yet, I just wanted to get a feel for what other peoples experiences were... with the hope that someone could say "I was in the same situation and this is what I needed to do" which may give me a head start.

I've seen a property I like, I have a viewing tomorrow and I at least want an AIP so I can make an offer. I've never done this before so I'm not sure how long the process will take to get a full blown mortgage agreement.

I'm the type of person to do research from multiple sources to get a full picture of what I can/can't do.

[Emma Power Mortgages]

Contractor Specialist

Hey everyone

Hoping to get some advice.

I've been contracting since September 2014, and finally ditched my umbrella and went Ltd in May 2015. I've been in the same contract ever since.

I've decided I want to get a mortgage. It's for a house in the £120k mark, and I have £30,000 deposit to put down, so I need a mortgage for £90k.

I got in touch with a broker who specialises in contacting and he's currently trying to sort me out an AIP. Great.

However, he did say I may need an SA302 (he said may). I didn't know what this was, so I did some research. Now I know. Obviously I haven't done an SA302 yet as I haven't been doing this until April '16 yet...

My question is, am I cream-crackered or are their alternatives? Will my (healthy looking) accounts from May '15 to present suffice or should I prepare for a letdown?

As Mark said, is your broker a true specialist? With your history and deposit you should be able to source a couple of lenders without the use of self employed criteria (looks like that is what your broker is trying to use). Perhaps do some comparisons and ensure you trust your specialist and what they are doing

[Mark McBurney@CMME]

Hey everyone

Hoping to get some advice.

I've been contracting since September 2014, and finally ditched my umbrella and went Ltd in May 2015. I've been in the same contract ever since.

I've decided I want to get a mortgage. It's for a house in the £120k mark, and I have £30,000 deposit to put down, so I need a mortgage for £90k.

I got in touch with a broker who specialises in contacting and he's currently trying to sort me out an AIP. Great.

However, he did say I may need an SA302 (he said may). I didn't know what this was, so I did some research. Now I know. Obviously I haven't done an SA302 yet as I haven't been doing this until April '16 yet...

My question is, am I cream-crackered or are their alternatives? Will my (healthy looking) accounts from May '15 to present suffice or should I prepare for a letdown?

You say you have a broker who specialises in contracting and yet he's asked you for a document you can't get yet?

Is there a reason why you can't get the AIP based on your day rate instead of looking at SA302's? You're limiting yourself to those lenders who will lend to self employed customers with 1yr of history, rather than a contractor-friendly lender?

[northernladuk]

My broker knows how long I've been contracting and is probably intellegent enough to work out an SA302 won't exist yet, I was just searching for real contractor experience, hence why I posted here.

Good to know about the P60 though, I've got that from my umbrella days.

I accept your apology for being rude.

You would certainly think he'd spot that wouldn't you. Give them a bell and see what the crack is.

[Nitro]

I am area of the country that doesn't have extortionate house prices, ha. You're not the only one to have that reaction though... my fellow contractors I work with are the same.