Mortgages for Contractors

pjwill1

Hi,

I am looking for some advise.

I am an IT contractor, I have been for the last 6 years or so. I am looking to be accepted for a mortgage.

Each lender/broker I speak to seems to offer a different reason to not to lend... its becoming very frustrating.

To provide the full picture. I would be looking to provide a 15% deposit for a new build house, both my Partner and I have "fair" credit scores although mine will move into the "good" region after my credit card has been paid off.

I guess what I am asking, does anyone know the best place to go for a mortgage for someone self employed and has a fair credit score?

Many Thanks

simpywimpy

My hubby is also a contractor and we had no problems getting our mortgage on that basis. We went through countrywide mortgages. I am currently remortgaging our BTL though a company called mortgage force (chanton@mortgageforce.co.uk) who have been excellent so far. Might be worth an email to check your position.

Gary123456790

Hi,

If you are an IT Contractor I would talk to https://www.ContractorMoney.com

They assess the value of your contracts as income rather than the past accounts.

Have you checked your full credit history as having a credit card balance shouldnt mean you get declined - do you have any missed payments in the last 6 years?

Gary.

pjwill1

Thanks guys

I will give the two brokers suggested a try.


I can confirm I have 0 (zero) missed payments in 6 years, I do have a default with a utility company around 4 years ago (a dispute over £60 which has since been paid)

Wh05apk

Being a long term contractor, should not be an issue, 85% on a new build house with a "fair" credit history (whatever that means?) may do.

How are you paid? do you have accounts? with regards to your credit, what is the issue, do you have late/missed payments?

pjwill1

as above, no missed payments... just that one default which most lenders are not bothered about (or so they say)

kingstreet

I'm with Who5 on this.

85% on a newbuild with a credit issue and a contractor is too many things in one case.

I suspect this falls into place easily at 80%.