mortgage calculator for directors of limited company

[Bumfluff]

Halifax lend on just seeing your daily rate? Do they need to see 3 years accounts etc? Do they take into account the length of the contract? What was the interest rate?

Ta

I took the mortgage with Halifax nearly 2 years ago, rate is currently 4.39% (those were the days ) I went through contractorfinancials and yes they were only interested in my daily rate and seeing a contract with a good few months to run on it, plus the usual bank statements etc, didnt need accounts etc. I think Halifax and Abbey are contractor friendly this way. First Direct were good as well, I produced 1 years accounts, a letter from my accountant saying my projected profit for current year was X and for the third year First Direct were fine with just seeing a tax return and orginal tax return payment statement.

[Meerkat]

Contractor financials have a day rate calculator on their website

http://www.contractorfinancials.com/...mortgages.html

[Cheshire Cat]

thanks for the replies.
As I said, I'm not in the market for a mortgage for the next 18 months, but just wanted to get a feel for how lenders calculate the "multiple" they're prepared to lend. I guess, as with all mortgages, lenders are tightening their criteria and will continue to do so for a little while yet.
Nay problem, I'll concentrate on saving as much as possible so that when we do eventually move we can borrow as little as possible, and/or have a bit of money set aside for renovation if we choose a place that needs tarting up.
Ta

[MrRobin]

First Direct will offer you 3 x the average of you ltd's profit taken over the last 3 years. Others lenders will offer based on daily rate like Halifax, they offered to lend me £474k but to be honest I couldnt afford a mortgage of that size but they still offered it.

I used contractorfinancials before to get a mortgage but this time the deals they could get me were sh*t, so I went direct.

Halifax lend on just seeing your daily rate? Do they need to see 3 years accounts etc? Do they take into account the length of the contract? What was the interest rate?

Ta

[scooby]

depends what your after! you can only get a 95% with a higher rate or higher lending fee, the more despoit, the better the deal.

drop contract money a line, Simon is good and will contact you quickly. i'm dealing with them at the min, with no problems, and nothing but up to the minute advice (and trust me, it seems to change on a daily basis at the min!!)

[Bumfluff]

First Direct will offer you 3 x the average of you ltd's profit taken over the last 3 years. Others lenders will offer based on daily rate like Halifax, they offered to lend me £474k but to be honest I couldnt afford a mortgage of that size but they still offered it.

I used contractorfinancials before to get a mortgage but this time the deals they could get me were sh*t, so I went direct.

[oracleslave]

Contractor money sell themselves on being able to talk directly to the underwriters to get deals for contractors, rather than the frontline staff in mortgage companies who would just look at your annual wage of < £10k without an understanding of where your money comes from.

I'm not sure if this line of communication is open any more due to the credit crunch.

It is. They have just got me a better re-mortgage offer than what an IFA could get.

[Moscow Mule]

What do you mean?

Contractor money sell themselves on being able to talk directly to the underwriters to get deals for contractors, rather than the frontline staff in mortgage companies who would just look at your annual wage of < £10k without an understanding of where your money comes from.

I'm not sure if this line of communication is open any more due to the credit crunch.

[Cheshire Cat]

i was thinking there might be something along the lines of a mortgage based on previous company profits, rather than daily rate.

[ratewhore]

Go and see an IFA and they'll sort you out. Contractor mortgages based on rate are unrealistic (I was offered over 600K ffs!!)...

[oracleslave]

Contractor Money don't have a calculator (IIRC) but they will tell you what you can borrow based on your rate etc.

It may all have gone TU recently though...

What do you mean?

[Moscow Mule]

Contractor Money don't have a calculator (IIRC) but they will tell you what you can borrow based on your rate etc.

It may all have gone TU recently though...

[Cheshire Cat]

Can anyone direct me to a decent mortgage calculator that gives a ball-park figure of what I could borrow?
My current mortgage still has 18 months remaining on the fixed term, so I won't be remortgaging any time soon. After that expires, we are contemplating moving house. Our current mortgage is quite a low proportion of our total combined net pay, and my wife is a well paid permie.
There appear to be lots of calcs on t'interweb that will state roughly how much you can borrow if you plug in your "gross salary" but I wondered if there was one that took into account your total net earnings (presumably based on previous years accounts)?

Ta