Mortgages for Contractors

anthonychipp

Hi

I'm new around here, FTB doing some research.

Has anyone any experience of mortgages for IT contractors - I am one, I work through my own ltd company and pay myself a very small salary through PAYE and the rest of my income is taken as company dividends.

taylornj

I am an IT Contractor also have been for nearly 20 years, I looked at mortgages some time ago - a long time ago, I already had a mortgage before I started contracting, was thinking of moving but didn't in the end. The recommendation I had back then was John Charcol http://www.johncharcol.co.uk/ not sure if they still deal with contractors was a long time ago.

Try http://www.shout99.com/contractors/ they have a form for Coulson Pritchard Associates.

Basically you have to prove income and for this you might have to provide sets of company accounts as proof of income. The form I see asks for year in IT, years contracting, contract rate etc.

Another place for contractors if http://www.pcg.org.uk/ (Professional Contractors Group), again points you to http://www.coulsonpritchard.com/ for mortgages.


I hope you do not fall under IR35, so are allowed to avoid your national insurance contributions by paying dividends.

loobs40

I used Contractor Money to get a mortgage in January this year http://www.contractormoney.com/contractormortgages.html They only needed my hourly rate and six months of bank statements. (I am a self employed contractor with no accounts)

I got a good high street fixed rate. on the basis of this alone. Everything was done by email. I have no hesitation in recommending them

loobs40

taylornj wrote:

Basically you have to prove income and for this you might have to provide sets of company accounts as proof of income. The form I see asks for year in IT, years contracting, contract rate etc.

Looks like Coulson Pritchard use Contractor Money as the broker to provide the mortgages. You may as well go directly to Contractor Money.

anthonychipp

Thank you very much for those recommendations!

Froggitt

Or try http://www.contractorfinancials.com/ - I can recommend them.