Reply to: First time house buyer

[blackeye]

Your situation is not unique, but you're in the fortunate position that you work in IT and have done so for years. This means that you can get a mortgage from your very first contract. You can get a mortgage based on your contract. You don’t need Limited Company accounts.

all you need is:

1. a copy of your contract, confirming your contract rate
2. a copy of your latest CV confirming your IT employment history;
3. bank statements;
4. proof of ID and Address (passport and/or recognised utility bills).
5. A good mortgage specialist to package your application

Given you're already getting £300-400 per £100k loaned as an introducer plus the new fee from the client (I was quoted circa £800), what value are you adding above the companies that don't charge it?

[Major Hassle]

Your situation is not unique, but you're in the fortunate position that you work in IT and have done so for years. This means that you can get a mortgage from your very first contract. You can get a mortgage based on your contract. You don’t need Limited Company accounts.

all you need is:

1. a copy of your contract, confirming your contract rate
2. a copy of your latest CV confirming your IT employment history;
3. bank statements;
4. proof of ID and Address (passport and/or recognised utility bills).
5. A good mortgage specialist to package your application

Got mine through Freelace Financials - Neetesh Pota. Very happy with the service, would recommend

[Freelancer Financials]

Hi, new to this forum and to contracting so go easy on me. I started contracting in march through my limited company.

I am now looking at buying my first house. Prior to contracting I have been in permie IT roles for 10 years with no gaps. In my first contract I was extended In July till November. From November I have obtained a new contract with a 6 month term.

My question is will I be able to get a mortgage even though I haven't yet been contracting for a full year? I am getting conflicting info, some saying I need to have been contracting one year at least, others saying this is not an issue if I have been in employment in the same field for atleast 5 years (which I have). I've been told certain banks understand contracting better than others.

Can any one advise?

Your situation is not unique, but you're in the fortunate position that you work in IT and have done so for years. This means that you can get a mortgage from your very first contract. You can get a mortgage based on your contract. You don’t need Limited Company accounts.

all you need is:

1. a copy of your contract, confirming your contract rate
2. a copy of your latest CV confirming your IT employment history;
3. bank statements;
4. proof of ID and Address (passport and/or recognised utility bills).
5. A good mortgage specialist to package your application

[Freelancer Financials]

I bought my first house a month ago, at the time I was contracting for less than a year. I spoke with banks directly, then with various brokers recommended on this forum.

Finally, I went ahead with a free broker from this site who said I will be able to get mortgage with a deposit I had, but was unable to make it happen when my offer on a house was accepted.

It was really stressful! So from my experience I suggest to go with a top broker who may charge but will get the job done. In my case it was Nudim Akhtar from Freelancer Financials - got me sorted in no time.

Thank you for your positive feedback, Nudim will be delighted to here this..

[tractor123]

I bought my first house a month ago, at the time I was contracting for less than a year. I spoke with banks directly, then with various brokers recommended on this forum.

Finally, I went ahead with a free broker from this site who said I will be able to get mortgage with a deposit I had, but was unable to make it happen when my offer on a house was accepted.

It was really stressful! So from my experience I suggest to go with a top broker who may charge but will get the job done. In my case it was Nudim Akhtar from Freelancer Financials - got me sorted in no time.

[Lance]

All mortgage brokers must comply with FCA regulation, and must choose the most suitable bank/lender that is available to the broker based on client's individual circumstance. There can be no other factor impacting that decision (i.e the amount of commission earned from the bank/lender).

FTFY
Not all mortgages are available via all brokers. So they can only look at part of the market therefore you can't guarantee the best/most suitable mortgage.

[JohnJizzle]

i used contractor financials - they didn't charge at the time but now think the fee is close to 1k

got me a mortgage and a buy to let mortgage at same time

[Dave SuperContractors]

All mortgage brokers earn commission from the bank/lender for every mortgage they complete. It’s up to the company itself whether or not they charge an additional £££ broker fee.

All mortgage brokers must comply with FCA regulation, and must choose the most suitable bank/lender based on client's individual circumstance. There can be no other factor impacting that decision (i.e the amount of commission earned from the bank/lender).

[northernladuk]

Freelancer Financials are cheaper than some of the others as well.

[blackeye]

Super contractors are the only ones left that don't charge an obscene broker fee.

I'm sure those mentioned so far are fine, but £800+ fee is too much to pay IMO. Especially considering contract financials used to obtain it's fee from the Bank. Halifax must have lowered it's introducer fees, or they are just being greedy. I suspect it's the later, as contractor mortgages made easy and CF are now the same group.

[Invisiblehand]

These guys are pretty good: Contractor Mortgages Made Easy

[dingdong]

I've just been in a similar situation and used mortgage medics who have been great - they got me a deal mainly based on retained earnings in the company at a rate far lower than I'd found anywhere else.

They are based in Sussex but I dealt with everything over email/phone and their service was great.

I'd definitely repeat the advice given above to always use a specialist broker!!

[Dave SuperContractors]

Hi, new to this forum and to contracting so go easy on me. I started contracting in march through my limited company.

I am now looking at buying my first house. Prior to contracting I have been in permie IT roles for 10 years with no gaps. In my first contract I was extended In July till November. From November I have obtained a new contract with a 6 month term.

My question is will I be able to get a mortgage even though I haven't yet been contracting for a full year? I am getting conflicting info, some saying I need to have been contracting one year at least, others saying this is not an issue if I have been in employment in the same field for atleast 5 years (which I have). I've been told certain banks understand contracting better than others.

Can any one advise?

Provided that the Contracting role is within the same field as your previous permanent roles, there's lenders who will look at your situation. There's two main lenders, one of whom would restrict to 70% lending, but the other would be fine with it. Your best bet is to get in touch with a broker who specialises within the contractor market, preferably one with no fee..!

[SeededLoaf]

I was in the same boat. A few months into contracting I looked at buying my first home.

There wasn't any issues getting an decision in principle from contractorfinancials. They look at your daily rate rather than previous 2 years accounts etc. The DIP was from the Halifax with a low rate and no fee.

[saptastic]

Hi, new to this forum and to contracting so go easy on me. I started contracting in march through my limited company.

I am now looking at buying my first house. Prior to contracting I have been in permie IT roles for 10 years with no gaps. In my first contract I was extended In July till November. From November I have obtained a new contract with a 6 month term.

My question is will I be able to get a mortgage even though I haven't yet been contracting for a full year? I am getting conflicting info, some saying I need to have been contracting one year at least, others saying this is not an issue if I have been in employment in the same field for atleast 5 years (which I have). I've been told certain banks understand contracting better than others.

Can any one advise?

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