Contractor Mortgages

e1234

Dear All,


I would really appreciate any help you have to offer.
I am a first time buyer.


I have read the money saving expert articles and spoken to those brokers recommended however they did not seem knowledgeable on the specialist needs of 'contractor mortgages'.

I am working as a locum physiotherapist and have been for 1 year. My financial year runs March/April.


I have been in touch with contractor money and they have advised me that there are mortgage options available. Ideally 90% LTV, 85% at a push. I earn well under 75K and am not an IT contractor (both these variable keep coming up)


I have also been in touch with an independent mortgage adviser who has suggest leeds building society.


From doing some research on the internet, virgin money and Clydesdale bank also seems to be possible options.


I do not know how to decide on which mortgage broker to go with (e.g. independent mortgage advisor, contractor money or contractor mortgages made easy), or if I should contact banks directly.


Neither do I know how to ensure the broker I use it legit.


Any help or pointers at all would be greatly received.


Thank you in advance


E

amnblog

Use a broker familiar with this kind of case.


Don't try to handle it yourself with a lender because you will get it wrong.


Your broker should be registered with the Financial Conduct Authority and will have a reference number which you can look up on the FCA website to check they are authorised.


A swift conversation with a broker should give you a clue as to whether they are familiar with your kind of situation.


As ever, a referral from a colleague in a similar situation may also prove helpful.

kingstreet

e1234 wrote: »

I earn well under 75K and am not an IT contractor (both these variable keep coming up)

Yes, because this is important to one particular lender who will base income on your daily rate if you are an IT Contractor, or if you earn more than £75k pa.

If you don't, brokers will be considering lenders who will still treat you as a contractor using your daily rate, or those who will accept the self-employed with only one year's trading.

Mortgage_Mark_2

OP - Definitely one for a contractor broker - Contractor Money are one of the top 3 brokers in the contractor field (the others being Contractor Financials and Contractor Mortgages Made Easy).