Contractor/Self Employed Morgages? RIP Self-Cert

bladeuk2001

Summed it up really nicely thanks Longtimelurkersam, agree on all points

Thank you very much for the contact... I'll get in touch with them

hamster2013

longtimelurkersam wrote: »

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With regards to the Hamsters comments, well the OP got his first contract based on NO contract experience so getting one with 7 months is going to be a lot easier. It is pretty clear that to have gotten the first contract and to have maintained it for 7 months that he must have had relevant experience, so the longer in contracting the better the contracting CV will be but it is not the bee all and end all.

going off topic - but I have recruited many contractors in IT space where they have 0 year contracting experience, because that is irrelevant - its the work experience that is looked into - as they are recruited to perform the same activities as a full time employee - only for a temp period with faster onboarding and offboarding.
having 7 month of contracting experience is not any more appealing then having 7 month of full time work experience in my view - other recruiters or managers might think differently.

coming back on the topic - with 40% deposit - you could maybe speak to your bank as they would have a long history of your account in thier systems and might be able to make an assessment which might differ from the other banks - that will treat you like any other customer-wannabe walking in the branch, and assess the risk they take with you v/s someone in full time employment with a work contract not in a probation period and with teh same company for a number of years and with a 40% deposit too....

banks lack capital and cant lend as openly as they could in the past - so its all in which file seems a safer bet - all banks will fight with lower interst rates for that borrower.
where there is high risk - they will reduce it with higher interest rates so that they can recoup a large sum of money back asap.

bluedrop

Get in touch with Halifax. I think they will take your pre-contracting income into consideration to make up a 3yr picture.

kingstreet

bladeuk2001 wrote: »

a morgage with the Halifax won't be a problem, at a decent rate of 2.5-3%

That's where I would have tried first, too.

kempstar

I got my mortgage through contractor financials, and found them brilliant from start to finish. At the time I was on a £550 day rate, the amount they said I could potentially borrow was ridiculous, something like £600k! I had been contracting just less than one year at the time. You did need to send in quite a lot of paperwork, including CV, business statements, personal statements and so on.

I got a £400k mortgage with Clydesdale, rate was competitive at the time, 3.99% fixed for two years, 80% LTV.

I would give them a call. If you want, PM me and I can give you my name as a referrer, I would get a £50 cheque if you get a mortgage with them, which I will donate to a charity of your choice or split 50/50 with you.

They do not charge a fee either. There are a couple of other specialist contractor brokers, but the ones I looked at all wanted to charge a £500 fee. Its probably worth having a chat with one of those too, but I found they had exactly the same deals as contractor financials, but of course no £500 fee. It may be different for you, or it may not.

Hope that helps
Christian