IT Contractor/Ltd company mortgage question

GMS

This would need a manual underwrite and an acceptance of all income and sustainability of it.

There are a couple of lenders who may do it but you would need a broker. Still think the numbers are a bit on the high side but worth a look.

Not one for an estate agent broker or fee free though. Needs a decent broker

Wh05apk

GMS wrote: »

Not one for an estate agent broker or fee free though. Needs a decent broker

Once again why? potentially there is a £3k proc fee on this, how can anyone justify charging a fee on top?

Chris, "contractor mortgage brokers" do not take your day rate, they just place the case with lenders who will.

As GMS says this is tight but potentially depending on your accounts etc could be do-able.

GMS

Not a simple case by any stretch. I would have thought an application fee with a refund on completion would be fair to cover the leg work required on this.

Shows commitment from both parties.

Chris_Wright_3

But the contractor specialists seem to offer 4/5 times a day rate, so basically a pretax amount. But they will only consider a single contract.

Everyone else wants to great me as a company with net profit, albeit considering all income streams.

But the two numbers are very different. That is the crux of my issue.

GMS

Chris_Wright wrote: »

But the contractor specialists seem to offer 4/5 times a day rate, so basically a pretax amount. But they will only consider a single contract.

Everyone else wants to great me as a company with net profit, albeit considering all income streams.

But the two numbers are very different. That is the crux of my issue.

Which lenders have you tried? Are you certain there are no others?

You seem adamant you have no options yet still want to find a solution. Which is it?

Wh05apk

Chris_Wright wrote: »

But the contractor specialists seem to offer 4/5 times a day rate, so basically a pretax amount. But they will only consider a single contract.

Everyone else wants to great me as a company with net profit, albeit considering all income streams.

But the two numbers are very different. That is the crux of my issue.

Forget the "contractor specialists" they do not offer the mortgage, the lenders do, and clearly they cannot understand your situation as they are only looking at your contract.

Several lenders will allow contractors, and may also take "secondary" income into account, the issue will be to what degree, and how you prove it.