Do you think we need to go through a mortgage broker? Hubby is a ontractor.

ellie27

We are in Scotland.

Hubby is a contractor, over last 3 years average yearly gross about £90k, He has all his paperwork to show this and is generally in contracts of around 8 months long. I work 3 days per week, salary £21k.

We are currently renting, sold our house few months ago.

We have around £210k cash. We have not found the right house but looking at properties around £300-£340k so will need a mortgage of around £90-£130k.

Do we need to go to a broker? Hubby thinks so as he says some banks do not really understand contractors and their income. Any help is great thanks!

Pidge_jen

Having dealt directly with our mortgage lender, I would say, YES, get a broker. The amount of stress dealing directly with them was unbelievable. And we are both employed full time in the public sector. I really regret not using a broker and will definitely be using one when we remortgage.

kingstreet

You'll probably get better rates by using his SA302s for the last couple of years, rather than using his gross contract value.

A decent broker will piece together the approach which gets you the best deal.

Makkusu

Hi I work as an accountant for one of the larger contractor firms. Assuming your husband has an accountant I'd recommend getting in contact with them as he may have access to an IFA/broker specialising in contractors.

I've had many happy clients switch from your typical broker to our wealth management department because we simply understand contractors better.

amnblog

The issue contractors tern ally have is that their accountants do a great job of pulling gross income down to personally taxable income.

Since your lending requirement is modest that may be less of an issue, but I would recommend all self employed applicants, including contractors, use a broker.

ellie27

Many thanks, will use a broker then!