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Contracting or a low-paid FTC -which is more appealing to a lender?
KPiG
Posts: 3 Newbie
I am not sure if there is a black and white answer to this but I wondered which of the following situations would be the most appealing to a lender in the current financial climate:
- someone working on a short-term contract at £220/day, who has worked right of the last 12 months with proof of an income of £35,000+ in the last year.
- someone who has only just started a job but has a fixed term contract for 2 years earning £21,500/year.
KPiG
- someone working on a short-term contract at £220/day, who has worked right of the last 12 months with proof of an income of £35,000+ in the last year.
- someone who has only just started a job but has a fixed term contract for 2 years earning £21,500/year.
KPiG
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Comments
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Both about the same I guess. How are you paid? If you are paid through a limited company then you are an employee of that company with a permanent contract of employment and the limited company has a rolling contract with the client. So you would say you are a permanent employee of your limited company with a salary. You could be made redundant just like anyone else if the company loses the contract.I am not sure if there is a black and white answer to this but I wondered which of the following situations would be the most appealing to a lender in the current financial climate:
- someone working on a short-term contract at £220/day, who has worked right of the last 12 months with proof of an income of £35,000+ in the last year.
- someone who has only just started a job but has a fixed term contract for 2 years earning £21,500/year.
KPiG:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S)
Loans cost 2.9% per year (Nationwide) = FREE money.
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Depends upon the lender and how much you want to borrow...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Both are badThe J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0
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