IT contrator - Mortgage

RootyTooty_2

Hello folks,

I am a contractor with my own limited company. I have only been doing this for 6 months.

My question is, how difficult will it be to get a mortgage? I am not talking as a FTB, but if I want to remortgage, would I be able to do it? Do I have to use specific lenders?

Many thanks for any advice you can give me

sparky7

Try

http://www.contractormoney.com/contractormortgages.shtml

RootyTooty_2

Thanks for the link. Have you used this company?

fguk

My bank (High street) once told me

"we know its the way that IT people can earn the best money, so we are totally fine with it"

I would imagine they would need too look at some figures etc, and the more you have the better, but the sensible banks (are there any left?), shouldnt cause problems, and if its a remortgage then everyone has some history on you to look up.

My business bank account (a different high street) were also quite keen on the crossover from business to personal once I was established, so that might be another possibility.

RootyTooty_2

Hi

thanks for the info fguk.

sorry to be obtuse, but do you mean that my Business bank (HSBC) may give me a mortgage? Would the full range be available to me, or do they have special mortgages for people like me?

Many thanks again

fguk

Yes, your business bank may be able to offer you a mortgage on a personal level. I think they like that sort of thing because they can see what is going on in the business if they need to. This is just my personal experience of course.

As for the range, I dont see why you shouldnt qualify for every product, subject of course to the usual limits of income multipliers and Loan To Value blah blah blah.

Hope that helps.

sparky7

RootyTooty wrote: »

Thanks for the link. Have you used this company?

I haven't used them, but I used to be an IT contractor through Parasol IT, and they use them.