unable to remortgage

[BrilloPad]

I had this before. If you change status, it resets the clock.

Most mortgage brokers should be able to sort this out. Contractor MOrtgages certainly did for me.

[TheFaQQer]

Neil, you don't have another brand I could apply to, something like Average Contractors?

Optimistic, aren't you?

[northernladuk]

<stuff>!

Neil, you don't have another brand I could apply to, something like Average Contractors?

[Neil SuperContractors]

Visited a senior mortgage advisor at high street bank yesterday. I explained that I will be changing from self employed to umbrella company. He confirmed with his on-line underwriter advisor that my status will change to contractor. He confirmed I will not be able to re-mortgage in August. I will have to wait a full year to be a contractor to re-mortgage or opt to stay with my current lender, regardless of their rates.
Is anyone else in the same situation?

What you have been told by the adviser at the bank may well be true, but only of their criteria. It all depends on your circumstances, but there shouldn’t be anything to stop you from getting a mortgage elsewhere. For example, if you have been working on daily/hourly rates for 12 months plus, then contract friendly lenders will be absolutely fine. For them, they are assessing your income based on your contract. The fact that it’s been with your own limited company and moving to an umbrella company makes no difference.

On the other hand, if you have been working on a more traditional consultancy basis and the new contract will be your first role with a daily or hourly rate then this will limit your options, but they key thing is that there are still options out there!

You need not sit on the variable rate for 12 months!

[pictavia]

John Charcol know the market really well. I struggled to get a mortgage because I had too much in retained profit in my PSC, JC found three flexible lenders who were willing to look at the value of my contracts instead of the usual salary + dividend multiplier. They do charge a one-off fee for some of their services.

[Configure]

I would speak to someone who might understand contracting better - CMME or Freelancer Financials would probably be worth a call.

Many thanks for that info

[TheFaQQer]

Amendment:
I am self employed from Private limited company moving to umbrella company

[TheFaQQer]

I would speak to someone who might understand contracting better - CMME or Freelancer Financials would probably be worth a call.

[Configure]

Visited a senior mortgage advisor at high street bank yesterday. I explained that I will be changing from self employed to umbrella company. He confirmed with his on-line underwriter advisor that my status will change to contractor. He confirmed I will not be able to re-mortgage in August. I will have to wait a full year to be a contractor to re-mortgage or opt to stay with my current lender, regardless of their rates.
Is anyone else in the same situation?

Amendment:
I am self employed from Private limited company moving to umbrella company

[MeMeMe1966]

are you currently working through your own limited company and the proposed move is to an umbrella? I'm sorry I wasn't clear from your post.

[Configure]

Visited a senior mortgage advisor at high street bank yesterday. I explained that I will be changing from self employed to umbrella company. He confirmed with his on-line underwriter advisor that my status will change to contractor. He confirmed I will not be able to re-mortgage in August. I will have to wait a full year to be a contractor to re-mortgage or opt to stay with my current lender, regardless of their rates.
Is anyone else in the same situation?