FTB- mortgages for IT contractors

rh26

Hi

We are looking to buy a house and would like to get some help on where to start for the mortgage.

My partner works as IT contractor and owns his company(less than a year). We are in a position to pay 10-20% upfront and would like to mortgage the remaining amount.

Can someone please guide us on where to start hunting for mortgages .

Thanks

googler

Your local Mortgage Advisor? Your local IFA?

Notmyrealname

TBH you're not really going to get a mortgage with less than 2 years accounts, let alone not even one unless you are working and it would be done solely on your income.

Mortgage companies don't want to lend and a self employed person with less than a years trading is well down on the list of people they'll lend to.

longtimelurkersam

Well technically he is not self-employed. He is an employee of a limited company that he happens to own! There is a difference.

There are absolute loads of us contractors in this boat who have mortgages with less than 1 year under their belt. I work with 20 in my department and there is plenty of choice out there including some cracking fixes.

Have a look at somewhere like this. Loads of info about mortgages based on contract rates. Now I am not suggesting you go get a mortgage based on his daily rate as according to this lot £500 a day will easily get you £500k

http://www.sjdaccountancy.com/about/resources/getting_contractor_mortgage.html

Notmyrealname

longtimelurkersam wrote: »

Well technically he is not self-employed. He is an employee of a limited company that he happens to own!

Where do you glean that information from?

axomoxia

Notmyrealname wrote: »

Where do you glean that information from?

Companies house records for a start.....

As to mortgages, either try contractor mortgages or an IFA. You can (well you could in 2009) a mortgage without having even filed a years accounts. You will pay more on the interest rate - if you can stand it, then you can re-mortgage a couple of years down the line with a fuller trading history.

Operating through a limited company is very different to being Self-Employed (is still called "Schedule D"?). Via the limited company route you are both employee, employer and a company director.

Fire_Fox

Independent mortgage broker.

northernline_2

Hi,

Was in very similar situation and able to get a mortgage with contractor financials (contractorfinancials.com) - worth a shot.

k1ngston

Speak to an independent broker.
I'm an IT contractor and got a mortgage with one years accounts (it was agreed before my first year end).
There are lenders who will consider your case and a broker will know which ones to approach.

rh26

Thanks all for you replies.

Yes, "He is an employee of a limited company that he happens to own!"

We have just started our research and so far have understood that we need to find a mortgage advisor and a good solicitor to run a smooth process of buying a house.

We are a young couple and its just been 6 years that we are in England. Is there anything we should consider to be on safe side when going for house hunting, like

buy a new refurbished house at a higher rate or buying an old house and getting it refurbished.

Any help is appreciated.

Can anyone please recommend any solicitor or mortgage advisor in/around East Berkshire area

Thanks

SecondTimeBuyer

I'm assuming as the IT contractor he is using tax avoidance to reduce his liaibility, and unfortunately getting a mortgage is pitfall of this. My contractor friend swears by ContractorMoney, but mortgage companies criteria are growing everyday. Just because you can get a mortgage now might not mean you can remortgage in 2-3 years, so go for good long term deals not short term.

[FONT=&quot]www.contractormoney.com[/FONT]