First time Mortgage, Director of Ltd company

sudsy7

First time poster here.

Me and my girlfriend are looking to buy our first house together around 200k. I have around 40k to put down as a deposit. The problem is i have recently started contracting offshore as a ltd company (about 3 months ago) having previously work paye. I should earn around 70k for my first year and my girlfriend will be around 22k paye. Im just getting the wheels in motion and am in the process of contacting mortgage lenders and brokers but i am told that i will struggle to get a mortgage with me having started this ltd company so recently.

Any advice for a newbie? thanks in advance

oli_ro

Hi,

Fellow contractor here: in my opinion it is a waste of time to contact lenders directly, you are better off contacting a contractor specialist broker, as they can take your circumstances and tell you who is likely to be ok with them.
Additionally, they have loads of experience dealing with contractors like yourself, so you won't go around in circles explaining to bank staff the contracting way of getting paid.

Do a bit of google.

Good luck.

sudsy7

Thanks i have done a bit of research so hopefully get something sorted even if i need to wait a while

amnblog

Yes, contact broker now so you know where you stand.

Your timing is all wrong so do not expect a short term result.

Mortgage_Mark_2

As above, contact a broker ASAP.

Contractor cases can have many, many, many little quirks, so approaching lenders directly is really not a good idea. Many staff have no idea what their own bank's lending criteria is for contractors, so unless you want to face a barrage of "you have to have at least a year of trading history" steer well clear.