Reply to: Mortgage Advice Required

[ladymuck]

Technically, you should disclose if you know your income will adversely change. But, if you don't know for sure, how can you tell them?

[SDR]

Think the off-payroll working rule changes likely coming in April will affect how lenders assess contractors for mortgages?

Or to put it another way, should contractors looking to apply for a mortgage soon mention that from April they might not be working the same way they do now?

[CanPayButWouldRatherNot]

It's worth looking around again. I believe Barclays are in the mix with a good option as well now. Mortgage offerings change regularly so always do your research.

Speak to Freelancer Financials, and see what's new.

thanks NL

[Camsteack]

Went with Halifax through a broker recommended by a friend, streamlined process and only had to provide a copy of my current and previous contract.

[SimonMac]

We went with Metro back via CMME

[northernladuk]

just a nudge on this ...

Halifax still a good option for contractor mortgages ?

It's worth looking around again. I believe Barclays are in the mix with a good option as well now. Mortgage offerings change regularly so always do your research.

Speak to Freelancer Financials, and see what's new.

[CanPayButWouldRatherNot]

anyone had any recent experiences

just a nudge on this ...

Halifax still a good option for contractor mortgages ?

[Andy Hallett]

Rather than create a new thread thought I might bump an old one. We are running a joint event if anyone is interested.

https://www.linkedin.com/feed/update...63166480957441

[northernladuk]

Out of interest does this mean:

Halifax would give a mortgage with 2 years continuous but no current contract?

And NatWest 75k minimum. Is this revenue, profit or actual take home?

Well it's neither really. It's on your potential from the contract rather than the actual values based on some risk model they've designed.

Speak to John Yerou at Freelancer Financials. Either him or one his staff will go through it with you.

[MrButton]

The Halifax contractor policy states you need to be continuously employed for a 12 month period and have 6 months remaining on your contract OR 2 years continuous service in the same line of work. Unfortunately 2 months remaining on your contract will not be acceptable if only been in continuous employment for 12 months.
NatWest is happy to assist with 12 months contracting history and a current contract in place however they do have a minimum income of £75,000. I would recommend speaking to a contractor specialist broker to discuss your current circumstances.

Out of interest does this mean:

Halifax would give a mortgage with 2 years continuous but no current contract?

And NatWest 75k minimum. Is this revenue, profit or actual take home?

[Becky at Power Mortgages]

so i have approached two brokers both have advised to go with halifax since the process is very streamlined. the only difference is that one broker is confident that he get the mortgage with only 2 months remaining on current contract (1 year continuous with 2 months to go). the other broker has said he will need at least 6 months to go.

The Halifax contractor policy states you need to be continuously employed for a 12 month period and have 6 months remaining on your contract OR 2 years continuous service in the same line of work. Unfortunately 2 months remaining on your contract will not be acceptable if only been in continuous employment for 12 months.
NatWest is happy to assist with 12 months contracting history and a current contract in place however they do have a minimum income of £75,000. I would recommend speaking to a contractor specialist broker to discuss your current circumstances.

[PerfectStorm]

Or consider that the first broker is being over-confident to get your business...

Possibly also confident that in 2 months time you'll still be working through the house sale and will probably have a renewal in your hands.

[l35kee]

Or consider that the first broker is being over-confident to get your business...

The posts in this thread (and my own personal experience) show that the first is correct.

[craigy1874]

Or consider that the first broker is being over-confident to get your business...

[l35kee]

so i have approached two brokers both have advised to go with halifax since the process is very streamlined. the only difference is that one broker is confident that he get the mortgage with only 2 months remaining on current contract (1 year continuous with 2 months to go). the other broker has said he will need at least 6 months to go.

Go with the first one, if the seconds can't even get that right then I wouldn't trust them with anything else.