Self Employed Contractor - Is It Easy To Get Mortgage?

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mystic_bertie
mystic_bertie Posts: 592 Forumite
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in Mortgages & endowments
Hi Folks

Im 47 and i have had a mortgage in the past. Im renting in ENgland and considering buying a house with a budget of 150k. I have been working as a self employed contractor for a large well known company now for 14 months and recently i received another years contract. Before this i was unemployed for a while and my employment history was not so good. I also work through an agency and they pay my wages. I pay my accountancy firm to do my finances etc.

How easy is it to get a mortgage with a 10% deposit given my circumstances, it looks like ill be in this job for another few years although there is no guarantee with any job. Can i apply for any mortgage deal i see or should i seek out certain types of lenders than lend to someone like me?
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  • kingstreet
    kingstreet Posts: 38,766 Forumite
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    Some lenders will work from your gross contract value, others will treat you as self-employed.

    An independent broker will help you get the most favourable terms from the route which best suits your circumstances.

    Ask friends/relatives for a broker recommendation.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • ACG
    ACG Posts: 23,727 Forumite
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    I agree with Kingstreet, there will be options.
    Contractors is not something I do many of, but going down the self employed route, there are quite a few options now.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,445 Forumite
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    As stated.

    Yes, this sounds possible.

    A case for a mortgage broker, don't try and sort it on your own.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • mystic_bertie
    mystic_bertie Posts: 592 Forumite
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    Many thanks for the replies folks. I moved to England just over a year ago and i dont know anyone who can recommend a mortgage broker.

    How do i go about finding one who covers the full market and is fee free, is this what i'm looking for?

    Is it bet to find one locally or is finding one online ok too?

    I have plenty of experience in applying for mortgages in the past so i'm not put off by doing it myself, its just finding the right mortgage provider/ mortgage deal that i need help with.

    Is a broker possible going to recommend to me a mortgage that might also be benefiting them in some way. I got stung by a broker in the past who lied and said the mortgage term was 1 year less that it actually was.
  • ACG
    ACG Posts: 23,727 Forumite
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    Moved to England from where?
    If outside of the UK then I would not limit yourself to fee free brokers, when I started out I was fee free - because I was new to the industry and wanted experience.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • mystic_bertie
    mystic_bertie Posts: 592 Forumite
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    Hi thanks for the reply

    I was living in Scotland, i was just referring to the fact i dont know personally of any brokers and i dont have anyone to ask either. Is there an easy way to find a fee free broker or do you have to call and ask and i see locally?
  • ACG
    ACG Posts: 23,727 Forumite
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    The bottom of the brokers website will usually state their fees.
    You could type fee free mortgage brokers in (your town/city)?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • mystic_bertie
    mystic_bertie Posts: 592 Forumite
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    Ok thanks for the reply. i will do a little research.

    Is it better to find one locally or is there no reason why i cant use a broker i see advertised online.
  • mystic_bertie
    mystic_bertie Posts: 592 Forumite
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    I now have a default on my credit history. Its from march 2013. It should not be on there as the original default was Feb 2011 with Barclaycard but then passed on to a recovery company called LINK. They wrongly changed the original default date.

    Does this mean i will not get a mortgage given i have this default?
  • amnblog
    amnblog Posts: 12,445 Forumite
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    Ask a broker, and expect to pay them to assist you - your case is getting more complex by the week.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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