Contractor trying to get a mortgage

JoelPitt

I'm an IT Contractor, trying to get a mortgage and not having much luck with the high street providers because they base how much they will lend on a percentage, times salary + dividend.

Now for tax reasons both those figures are low on my 3 years accounts and it means I can't seem to get the mortgage I need.

Can anyone recommend a good broker or mortgage provider that calculates mortgages on daily rates or gross revenue?

quatrofromageo

Don't waste your time tryng to go to any of the high street branches, they have absolutely no idea about contracting and how it works.

Try googling for contractor mortgage, here's what comes up first
http://www.contractormortgagesuk.com/
there's plenty of specialist companies.

One of my friends who runs a Limited Company had to look around for somewhere that recognised how he actually makes money.

Probably a good idea to show any potential lenders the best contracts you're working on to give them an idea of how much you actually earn.

Dave_Ham

Spot on - this will be a non highstreet lender required, although still able to achieve decent rates..

Your credit score will need to be good and consistent contracting..

All the best

Gary123456790

Hi,

These may be able to help also

http://www.contractormoney.com/

Gary.

harvey115

Gary123456790 wrote: »

Hi,

These may be able to help also

http://www.contractormoney.com/

Gary.

You beat me to it.

I am also an IT contractor working through a Ltd company. These guys were great in getting me a mortgage with very little hassle.

Gary123456790

harvey115 wrote: »

You beat me to it.

:-)

My Mrs has been working through her own limited company for the last 6 months so I always watch threads about contractors / self employed carefully!

Gary.

JoelPitt

Thanks for the help guys :beer:

mic200202

You may want to check with Halifax (via a broker of course) here's their criteria..

IT contractors

For all IT contractors whether employed, self-employed or utilising an umbrella company, we will accept the gross value of the contract as evidence of income. All applicants must have been contracting for a minimum of 1 year or employed in a similar business.