Offset mortgages for contractors

mrsmcdonald2b

Hi all,
I'm after a bit of advise - my other half is an IT contractor who has only been trading since February 2008. He is looking to remortgage as at the end of his current deal and is particularly interested in an offset mortgage but of couse, as he doesn't have 2 years of accounts he has been refused by The One Account - can anyone suggest any good offset mortgage providers who will consider contractors with less than 1 years accounts?
He has a really good salary and due to the nature of his work makes large regular payments as well as having a large amount of savings to be able to contribute.
Any advice would be gratefully received
Many thanks
mrsmcdonald2b

stevie_wonder

Hi,

I applied to the one account and was originally turned down, but the reject letter I got was a bit vague "we are concerned about your ability to meet the payments based on your income". However I contacted them directly, and in fact they wanted more info from me (P60's, payslips, etc) to give further proof of income (I'm commission based). After that, I was approved and just going through process now. Maybe worth asking them if there is any other info you can provide to help them assess? If your hubby is a contractor, then they may want to know when his current contract is due to end, and current rate, etc?

mewbie_2

You could do what thousands of others have done and just buy some P60's and other documentation off the internet. So I am told.

john3:16

I was in a position where I was contracting (only for 6 months) but been with the same bank for over 18 years (including my new company account). I therefore decided to approach them to consider a remortgage. They had my full income history and they offered me a re-mortgage. I even had a choice between offset or standard type of mortgage (with overpayments etc). They only wanted me to provide evidence of next 6 months work (contract work opportunities).

Have you approached you bank/BS to see if they can offer you similar under the circumstances?

Gerry

happybroker

love to sound more positive but I don't think there is one available with only 5 months trading under his belt I'm afraid. Bank of Scotland have no minimum trading time requirement is the lending is below 75%.

could he not pay a lump off the mortgage when he switches?

who is he with at the moment and haven't they offered him anything?

draconian_2

mewbie wrote: »

You could do what thousands of others have done and just buy some P60's and other documentation off the internet. So I am told.

Haha you dont have to BUY them they are free from HMRC!

D