Personal House finance on contractor job

Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

ChimpMaster replied

13 May 2015, 08:55
Originally posted by geek876 View Post

All,

Wanted to know if it is common for banks to give mortgage based on contracting income ? I own a limited company and currently have a 1 year long LTD contract with good day rates. However, I only draw minimal wage to keep it below personal allowances and take out rest as dividends.

Will help if your Ltd Co has been running for at least 2 years. There are lenders that will provide loans even if less than 2 years, like TMW, but you're best off speaking to a specialist broker. PM me if you want the direct contact of my broker.
Leave a comment:
TheFaQQer replied

13 May 2015, 08:30
Originally posted by geek876 View Post

All,

Wanted to know if it is common for banks to give mortgage based on contracting income ? I own a limited company and currently have a 1 year long LTD contract with good day rates. However, I only draw minimal wage to keep it below personal allowances and take out rest as dividends.

You & Yours on Radio 4 last Monday had a bit about it, featuring IPSE's own Chris Bryce (and CC candidate Greg Dillon) - iPlayer link, skip to about 14 minutes 30 seconds.
Leave a comment:
Bunk replied

13 May 2015, 08:21
What's a limited contract?
Leave a comment:
yasockie replied

13 May 2015, 07:25
Originally posted by geek876 View Post

All,

Wanted to know if it is common for banks to give mortgage based on contracting income ? I own a limited company and currently have a 1 year long LTD contract with good day rates. However, I only draw minimal wage to keep it below personal allowances and take out rest as dividends.

Yes, google is your friend.
Also 1 year contract means nothing in terms of income security.
Leave a comment:
northernladuk replied

12 May 2015, 22:33
Originally posted by vetran View Post

are you sure you are cut out to upset a contractor?

My infractions list says I am
Leave a comment:
vetran replied

12 May 2015, 22:24
Originally posted by northernladuk View Post

I just can't be arsed...

are you sure you are cut out to upset a contractor?
Leave a comment:
northernladuk replied

12 May 2015, 21:58
I just can't be arsed...
Leave a comment:
TestMangler replied

12 May 2015, 21:31
NLUK to reception please.....
Leave a comment:
geek876 started a topic Personal House finance on contractor job

12 May 2015, 21:25
Personal House finance on contractor job

All,

Wanted to know if it is common for banks to give mortgage based on contracting income ? I own a limited company and currently have a 1 year long LTD contract with good day rates. However, I only draw minimal wage to keep it below personal allowances and take out rest as dividends.
Tags: None