re-mortgage advise full time ltd contractor

MR-B_3

Hi all.

My credit file is due to clear in May leaving only 2 accounts previously defaulted which have been paid in full iv paid off all my debt over the last 2 years and the 2 remaining debts are cards just over £300 which will be paid this month.

Me and my partner are looking to re mortgage our house for an extension the house is paid off and in my partners name, she has excellent credit and earns approx 12k a year part time PAYE,i work full time as a contractor offshore for my own limited company, my company's turnover last year was 60k and my credit isn't brilliant but will have no outstanding debt when we apply.

My question is if anyone could recommend mortgages or companies for people with bad credit in the past but all accounts paid up to date, and what my options may be, i myself am a first time buyer and we were hoping to borrow 100k over 25 years, i have been self employed/limited since sept 2013.

Any help or advice is appreciated.
Thanks everyone.:)
MR-B

MR-B_3

Any help anyone please :-)

Mortgage_Mark_2

There may be options for this, depending on the age of the defaults - speak with a contractor specialist lender.

(Before you get the usual "you don't need a specialist, blah blah blah" replies, your company turnover of £60k, coming from offshore could potentially cause issues but can be steered around if you have a broker who knows what he/she is doing)

Let_Us_See

Mortgage_Mark wrote: »

(Before you get the usual "you don't need a specialist, blah blah blah" replies, your company turnover of £60k, coming from offshore could potentially cause issues but can be steered around if you have a broker who knows what he/she is doing)

I have to disagree. Source of income, in what currency, has UK tax been paid, are all standard questions any competent adviser would clarify. In today's mortgage market there are so many contractors that they are no longer a niche product.

Mortgage_Mark_2

Let_Us_See wrote: »

I have to disagree. Source of income, in what currency, has UK tax been paid, are all standard questions any competent adviser would clarify. In today's mortgage market there are so many contractors that they are no longer a niche product.

My experience, as a contractor specialist, who speaks with many people who have already spoken with a 'normal' broker, leads me to strongly disagree with you.

You wouldn't believe the lack of diligence that *some* (SOME!) brokers carry out.

Contractors certainly are a specialist area. Whether you agree or not is irrelevant. I'm not saying it's impossible for a mainstream broker to place one, absolutely not, but there are so, so many quirks of criteria that there are plenty who if they can't provide three years' of accounts, would say they can't help. Again, from FIRST HAND experience.

MR-B_3

thanks for the advice guys il have a look into it.
it may be worth mentioning both defaults are over 2 years old and less than £800 for both defaults.

MR-B

Mortgage_Mark_2

MR-B wrote: »

thanks for the advice guys il have a look into it.
it may be worth mentioning both defaults are over 2 years old and less than £800 for both defaults.

MR-B

That will certainly go in your favour.

Best of luck.

Let_Us_See

Mortgage_Mark wrote: »

You wouldn't believe the lack of diligence that *some* (SOME!) brokers carry out.

Oh! I certainly would, as I have seen it with my own eyes. However, there are incompetent people in every industry, and the mortgage industry is no exception.

A couple of years ago I might have agreed with you, but Contractors are now fairly common in the UK mortgage market, and both advisers and lenders have more experience dealing with their requirements, and any experienced adviser once they have pinned down their income structure, should have no problem placing business.

Mortgage_Mark_2

Let_Us_See wrote: »

Oh! I certainly would, as I have seen it with my own eyes. However, there are incompetent people in every industry, and the mortgage industry is no exception.

A couple of years ago I might have agreed with you, but Contractors are now fairly common in the UK mortgage market, and both advisers and lenders have more experience dealing with their requirements, and any experienced adviser once they have pinned down their income structure, should have no problem placing business.

We'll agree to disagree...!

MR-B_3

Am i right in saying that generally 40% deposit is usually required for mortgages as a self employed person?

MR-B_3

anybody help