Getting a mortgage as a contractor working through a Ltd Company?

fuddyduddy12

Hello, can anyone advise on the best way to get a mortgage as a contractor working through a Ltd Company and being paid with a small salary and dividends? Are there specialist companies who deal with such a situation or are there other ways to do this?

I am currently permanently employed but have just been told that I will be made redundant at the end of September so plan to go back to contracting (and open a Ltd Co).

Thanks.

holly_hobby

You will be classed for mortgage purposes as self employed, with any borrowings generally assessed on 2 yrs salary & drawn dividends (proven by certified/HMRC signed off books), I do recall Halifax used to do IT contractor mges whereby they assessed the borrowing on the value of the contract.

Have a chat with a whole of market broker when you are actually contracting, and have figs to work with.

Hope this helps

Holly