contractor mortgage options

head_in_clouds

Hi

I am looking for advice around the possibility of obtaining a mortgage. I work full time in a pernament position, however my husband is a contractor who has recently switched from a umbrella company to running as a ltd company. We are looking to buy next easter time and will have a 15% to 20% deposit.
We are unsure as to who to approach, I have read about company's such as contractormortgages.com. Has anyone been in this position?

Many thanks for reading

HIC

harvey115

I am also a contractor and going through a broker is the best possible way to secure a mortgage at the moment.

I am going through Contractor Money (https://www.contractormoney.com). They are specialist in this area and I find them very professional so far. I have been recommended a mortgage from Clydesdale because I required an offset option and the way they consider borrowing capacity is also very refreshing:

Your Daily rate X 230 X 4.75

So that means you have a lot of room in terms of borrowing capacity in the above manner. Moving from an umbrella company to owning your own Ltd company is the best way to do it, as you have more control over your money. It also helps to get a mortgage in this manner. However you will be asked to show previous contracts, which your OH should have even through the Umbrella company (Hopefully).

Give them a call and provide all the information, I am sure there would be a solution available.

56samba

I am a contractor, used Contractor Mortgages, Robin Black. He was excellent. Got us a great rate and steered the process through.

I would have loved to extend my current Mortgage at HSBC, who also deal with my business accounts, and can clearly see excellent finances, but they simply would not entertain the idea, even though they wasted loads of time with endless meetings telling us they would lend, in the end computer said no.

I also had less than 3 years books, which some lenders will insist on.

harvey115

HSBC is one of the biggest lender at the moment in the UK and they are currently in a position to cherry pick the least risky borrowers and straight forward cases. Although I would see a contractor to be one of the safest option, however their risk systems do not work this way.