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Right to buy advice - 52% mortgage needed
grey_lady
Posts: 1,047 Forumite
Advice needed please,
My BF has right to buy on his flat, after his discount has been deducted and his deposit he needs to borrow 52%. (income multiple of just over 1) His employment circumstances are a bit unusual, he's an IT contractor, but a lot of lenders dont seem to like contractors and treat them as self employed even though his tax code is that of an employee (he has 2 years accounts though and has been in the same long-term contract for over 2 years)
Ideally he would like an offset mortgage, the people who he has current acount with (abbey) do a flexible one, he wants to be able to pay it back quickly without penalties - is it worth him approaching them first? or should he approach Lloyds who he has his business bank account with? what are the chances he will have to go self cert at a higher rate?
Many thanks for any replies :-)
My BF has right to buy on his flat, after his discount has been deducted and his deposit he needs to borrow 52%. (income multiple of just over 1) His employment circumstances are a bit unusual, he's an IT contractor, but a lot of lenders dont seem to like contractors and treat them as self employed even though his tax code is that of an employee (he has 2 years accounts though and has been in the same long-term contract for over 2 years)
Ideally he would like an offset mortgage, the people who he has current acount with (abbey) do a flexible one, he wants to be able to pay it back quickly without penalties - is it worth him approaching them first? or should he approach Lloyds who he has his business bank account with? what are the chances he will have to go self cert at a higher rate?
Many thanks for any replies :-)
Snootchie Bootchies!
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