Broker recommendation wanted

lisyloo

I need a recommendation for a contractor/self employed mortgage.
We are in London, but happy to deal with someone by phone/email.

My main question is: we have £75k per annum going into pensions (obviously out of choice). Will this be deducted from affordability calcs even though we can change it at will and take the income instead.

amnblog

Most decent brokers are used to handling contractors.

You may need particular underwriting if your lending requirement looks a bit rich for your net profit. If not you can use a wide range of lenders.

There are a number of self employed and contractors specialists posting on here.

lisyloo

I think it will be unaffordable with the huge pension contributions (which are instead of investing in property). So the question is key.

kingstreet

Some lenders deduct pension contributions from affordability, some don't.

The broker you appoint will base their lender recommendation on what will suit you and your circumstances best.

lisyloo

I have just spoken with London and Country who can't help because we have only 1 years worth of accounts for Ltd company.

catieeb06

From the face of it, sounds straight forward. As mentioned above some lenders take into account pensions and some don't.

Narrowed down the field of lenders with the 1 years accounts though.

lisyloo

Thanks guys.
I've now got the ball park answer we need, which in summary is that we can afford something sensible that doesn't float our boat but something that we really like will be a real stretch.
We need to do some thinking now, but not really a great suprise in London where affordability is stretched to the limits.

chelseablue

Could you lower the pension contributions for a while?

Memory_Box

Hello, don't know if I am coming too late to this forum, but I'm self-employed and we got some great advice from a specialist broker in mortgages for contractors. They came recommended by a friend because they pushed the boat out for them. They are based in Scotland but my friend is in Kent, as is her new house, so they must cover contractor mortages across UK. Here is the link - https://www.contractmortgages.co.uk

kingstreet

MB - that's two links to two different firms?

Memory_Box

LOL - thanks for pointing that out. They all sound the same but I check with my frienjd and fixed it now.