Reply to: Joint contractor mortgage

[CMMEgroup]

CMME

Hopefully this helps but there are several lenders that are able to ignore the gaps in employment and will be willing to lend in your situation. Barclays require 6 months previous contracts and will ignore gaps before this period and Halifax work on your current contract only. Skipton Building Society are also a great lender for contractor clients as they work on a case by case basis with a view to ignore the gaps in employment.

If I can assist further, I will be more than happy to answer any further queries you may have.

[Ploptimus]

CMME also have a good rep - friend of mine used them at the beginning of the year and was impressed by the service.

I know some people prefer to go direct and there can be significant savings to be had that way. I see paying for a broker as an extra piece of mind. They make sure your application is in the best shape possible to maximise acceptance and know what information is needed and when.

I have just used CMME, no issues and great service, I'm sure there was less than a month on the contract, once renewed they said they would add £100k onto what they would give me but it was enough anyway. Live in a very rural area, when we saw some local mortgage advisors they suggested any of the high street banks wouldn't touch me until I had 2 years accounts.

[CryingSheep]

I would imagine.

I would be scared tulipless buying in the UK at the moment though.

It depends on the location too... For example cities like Manchester where the foreign investment is very heavy, the depreciation of the pound just brings the house value up.

Since referendum, house market in Manchester city centre is up ~20/30%, this is in line with the pound depreciation... For a foreigner investor 200k £ now is about the same as 140/150k £ 3 years ago!

[PCTNN]

I would imagine.

I would be scared tulipless buying in the UK at the moment though.

Indeed. I probably wouldn't buy now.

I took a risk and bought a property the week after the brexit referendum. Was scared tulipless for months (and part of me still is) but so far the value of my property has steadily gone up. Still, I look forward to move to the EU and pay off the mortgage with the equivalent of 10,000 euros

To the OP, when I spoke with Barclays, the advisor just wanted to see 2 years of bank statements and only cared to see the average yearly earnings.

[clearedforlanding]

They have!

With a 20% deposit, the OP shouldn't have too much difficulty getting a decent quote.

I would imagine.

I would be scared tulipless buying in the UK at the moment though.

[NotAllThere]

Things might have tightened up a bit.

They have!

With a 20% deposit, the OP shouldn't have too much difficulty getting a decent quote.

[clearedforlanding]

+1 for Halifax. About a decade ago they lend me 800k with only three months on the voters register (had moved back from Aruba) and 3 months 3 mobile phone bills.

Oh, that was 2006. Things might have tightened up a bit.

[ladymuck]

CMME also have a good rep - friend of mine used them at the beginning of the year and was impressed by the service.

I know some people prefer to go direct and there can be significant savings to be had that way. I see paying for a broker as an extra piece of mind. They make sure your application is in the best shape possible to maximise acceptance and know what information is needed and when.

[PerfectStorm]

Halifax just wanted to see my current one with a month left.

Don't think they even took the statements when I brought them round

In their words "I don't know why more banks don't take contractors, they never default on their payments"

[northernladuk]

I don't know if they will look at the gaps however they will want an SA302 from a number of years back. Each lender has different criteria. Give them a call and find out?

[Samm]

One of the issues for me could be the gaps between contracts of longer than 6 weeks and from my understanding Halifax don't like to see gaps. Maybe the best thing option would be to work 12 months solid with minimal gaps and then apply as I have just secured a 6 month contract with a likely extension. If I were to do this would they still look at my past contracts and would the gaps bother them even if I were to be working the past 12 months with an extension?

[JoJoGabor]

Halifax love contractors. 48 * 5 * current daily rate to work out the salary they will take into account for a contractor (yes, it's generous). The only proviso is you need at least a month remaining on your contract. Assuming your credit histories are up to scratch and you don't have massive outgoing payments servicing debt, you should theoretically have no issues borrowing up to £500k (that's their maximum borrowing cap regardless of PAYE/contract) from the Halifax without needing to consult a specialist broker.

One of the reasons I returned to contracting was to extend affordability to get us into a larger family home. Massively overstretched, some might call it irresponsible... time will tell.

Halifax have loaned me more than £500k as a contractor, and that's with only me working

[BoredBloke]

I used Clydesdale/Yorkshire bank and was impressed by them. Everything was done over the phone and was pretty quick

[fiisch]

Halifax love contractors. 48 * 5 * current daily rate to work out the salary they will take into account for a contractor (yes, it's generous). The only proviso is you need at least a month remaining on your contract. Assuming your credit histories are up to scratch and you don't have massive outgoing payments servicing debt, you should theoretically have no issues borrowing up to £500k (that's their maximum borrowing cap regardless of PAYE/contract) from the Halifax without needing to consult a specialist broker.

One of the reasons I returned to contracting was to extend affordability to get us into a larger family home. Massively overstretched, some might call it irresponsible... time will tell.

[northernladuk]

Go straight to Halifax which is what all these companies do anyway, and do it without having to pay their fees which offsets any 'exclusive rate'

This is an option yes but I hear Barclays are challenging them with their rates at the moment so at least have a look at them if you are going to go down this route.