Joint contractor and employed director mortgage

thirtyfivePlus

Hi

Looking for some advice as to where to start now that our situation is very different to last time we bought a house....no longer in your normal salaried jobs and coming back from maternity....

Applicant 1 is a contractor continuously employed for 3 years on the same contract and for a minumum of 8 more months on current contract. Earnings are £52k pa and should the contract change in august/september would be expecting this as a mnimum.

Applicant 2 is runs her own boutique recruitment consultancy and is returning from maternity, having started working again 2 months ago. Earnings are currently low as business is starting up again but will be expecting to earn a minimum of £30k working 3 days a week in the next year. Salary is paid at a low amount with dividends taken periodically (every 3 months).

I quite like the look of the FirstDirect offset mortgage as this gives the flexibility to pay interest only or full repayment or extra lump sum amounts (e.g. after dividends taken). Is this a good approach or is there a better mortgage appropriate?

We are looking to get a mortgage in the range of £190k - £220k if possible? With a deposit of between £100k and £120k depending on what ours actually sells for.

Any advice/thoughts???

Cheers
35+