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Reply to: Mortgages for Contractors
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Previously on "Mortgages for Contractors"
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Yeap I ralise that. In fact banks are curly runnng risk scenarios on interest rates being based at 15%. I dont know how likely they thin that is, but its possible!
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You do realise that in a couple of years at most interest rates will have drastically increased and your mortgage will probably be three time more expensive than it is now.
Interest rates are at an all time low and will not get any lower, taking into account the amount of debt that this country is in, there is only one way they can go from here.......
Can you afford to triple the amount of money you are paying into your mortgage on your new role?
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Originally posted by Ardesco View PostYup because it's a great time to junk your permie role and get a short term contract just before getting yourself into the largest amount of debt you have ever had.....
Got a good network of potential clients lined up. Even if I start off just getting 1 or 2 days per week, it will match my permie salary, and I'm hoping it will grow into something more like a small consultancy.
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Originally posted by JoJoGabor View PostThanks for the advice,
I just spoke to them, and yes as you said they can base a mortgage based on even a short term contract extrapolated out to a 48 week year. Great - that means I can leave my sucky permanent role!!! Woohoo!!
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Thanks for the advice,
I just spoke to them, and yes as you said they can base a mortgage based on even a short term contract extrapolated out to a 48 week year. Great - that means I can leave my sucky permanent role!!! Woohoo!!
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Originally posted by Rookie View PostYou could try these guys: http://www.contractormoney.com/ to see if they can help.
Contractor money work on Daily rate, not 18 months of accounts. All they needed from me was a copy of my current contract.
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Originally posted by JoJoGabor View PostI've just got off the phone with my Accountants IFA, discussing mortgaes for contractors. She told me that currently mortgage providers want to see 2 years of UK accounts from contractors and require a minimum 25% deposit. This is a problem for me as I've been out of the country for a few years.
Anyone know any providers who can offer a contractor a mortgage with say 1 years accounts only and 15% deposit?
My girlfriend is a teacher so at least she has what they see as a stable income - does this even help?
However most 'normal' mortgages require at least 25% deposit these days (as opposed to -10% in 2005!), so I don't see how you're going to get round this.
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Have you tried your own bank?, you might not get the best rates but usually your own bank will be able to see your current account and will lend on that basis (not accounts) failing that your Business Account Manager should be able to help you. Once you have a mortgage its easier (although not so much at the moment) to switch to someone.
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Mortgages for Contractors
I've just got off the phone with my Accountants IFA, discussing mortgaes for contractors. She told me that currently mortgage providers want to see 2 years of UK accounts from contractors and require a minimum 25% deposit. This is a problem for me as I've been out of the country for a few years.
Anyone know any providers who can offer a contractor a mortgage with say 1 years accounts only and 15% deposit?
My girlfriend is a teacher so at least she has what they see as a stable income - does this even help?Tags: None
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