Reply to: Mortgage advice

[MobileCheese]

Halifax were falling over themselves to lend me ££, offered me far more than I could realistically afford I made a mistake going with Halifax though, the offer good'ish rates if your 'moving to a new property' but if your just re-mortgaging the rates are crap something like 0.5% more than if moving house, cant see the logic in it. Means Im going to have to re-mortgage with a different lender which is a pain in the ass.

I got the deal through a broker contractorfinancials, you best off with a broker as they know who will lend on your type of circumstances. self cert deals arent that bad these days either

[TheFaQQer]

Remember - you're not a contractor, you are the Managing Director of an IT company (or whatever you contract in).

You're not self employed, you are employed by the company, and are compensated accordingly.

I guess you could get a job offer from your company secretary that offers a high salary, to show to the bank, but that might just cross the line to being fraud...

[AnotherIan]

The Halifax are very risk averse so tend not to be too eager to do anything different.

Maybe worthwhile talking to Glash above he'll have a few options.

Yeah I popped in as I work very close to their branch rather than any sound financial planning I've been looking at a couple of options and I've been discussing them with the guys in the office who have already been through all this so I think I know what I want now. I'll let you know how I get on.

[Sockpuppet]

Well as I'm currently on the bench I've limited it. Also thats the first house that I have seen that is even remotely interesting to look at.

All the houses that are more expensive are just tulip 1960s horrors.

[el duder]

Are you both Indians?

Good one.

I am also on £250 a day. Its market rates. What can i say?

I got offered a contract for £350 in Dec though.

[el duder]

Hmm...well looks like I should be able to afford this.. http://www.rightmove.co.uk/property/13523036

Hopefully pay it off in 3 - 4 years.

My current rate is £250 but been asked to interview for a £350 roles, my plan B provides £140/day as a minimum so even at that should be able to afford it even if I ditch contracting.

£139,950 you should piss that easy.

Come on challenge yourself. Go for a nice big one bed farm conversion manor house in the country like me!

[Darren@UptonAccountants]

Mortgages

I'm on market rates for a financial developer, so I get by. The guy I spoke to in the halifax showed me some emails he'd received regarding contractors just before christmas which explicitly state that a contractor is to be deemed self employed and as such must provide three years of accounts. I'm not sure if there's an alliance and leicester near here, but I'll check, it might be worth a go.

The Halifax are very risk averse so tend not to be too eager to do anything different.

Maybe worthwhile talking to Glash above he'll have a few options.

[AnotherIan]

Make an appointment with a senior mortgage adviser at Halifax they generally waive the rules so long as you can prove what you've earned so far, (that you took it out of the company not that you invoiced it) and that you have a contract with a month or so left on it. And a letter from your accountant.

That's interesting to know. I'll investigate this. I have a reasonably large deposit after my projected costs, which I would hope will help grease the wheels.

[AnotherIan]

Really? Surprising. Maybe you are a low payed contractor?

I got a mortgage 200K through Alliance and Leicester no problem, with 3 months proof of earnings.

?

I'm on market rates for a financial developer, so I get by. The guy I spoke to in the halifax showed me some emails he'd received regarding contractors just before christmas which explicitly state that a contractor is to be deemed self employed and as such must provide three years of accounts. I'm not sure if there's an alliance and leicester near here, but I'll check, it might be worth a go.

[boredsenseless]

Make an appointment with a senior mortgage adviser at Halifax they generally waive the rules so long as you can prove what you've earned so far, (that you took it out of the company not that you invoiced it) and that you have a contract with a month or so left on it. And a letter from your accountant.

[glashIFA@Paramount]

Hi,
I've been contracting for a little over a year, and I'm looking for mortgage advice. I've popped into a high street bank who explained I'd need to go via an IFA/broker as they consider me to be self employed (fair enough) but as such I'd require three years of records before they'd humour me.
I've found contractorMoney.com who were helpful, but I'd be interested in any views or advice you could give.

Thank you in advance
Ian

Any good IFA should be able to help you if they know the right lenders. Don't need to be considered self-employed. i do lots of mortgages for IT Contractors.

[Troll]

I was earning around £250 per day. But same as you, my minimum would be £200.

Are you both Indians?

[Sockpuppet]

Hmm...well looks like I should be able to afford this.. http://www.rightmove.co.uk/property/13523036

Hopefully pay it off in 3 - 4 years.

My current rate is £250 but been asked to interview for a £350 roles, my plan B provides £140/day as a minimum so even at that should be able to afford it even if I ditch contracting.

[el duder]

How much did you have to prove you earnt? (if you dont mind me asking).

At the absolute minimum I could expect £200/day just wondering what I can look for?

Well my last contract was through an umbrella company, so i just provided them with 3 months payslips. Averaging £3k per month take home.

I was earning around £250 per day. But same as you, my minimum would be £200.

I just went through a local mortage company advised by the agent. I had an offer from A&L within 2 weeks.

Cause of the nature of my work, I did have to pay an extra indeminty insurance on the loan, which was about 5k.

My original mortgage offer was £197k with 5% deposit.

[Sockpuppet]

Really? Surprising. Maybe you are a low payed contractor?
I got a mortgage 200K through Alliance and Leicester no problem, with 3 months proof of earnings.

How much did you have to prove you earnt? (if you dont mind me asking).

At the absolute minimum I could expect £200/day just wondering what I can look for?