Help to Buy Mortgage for Contractor

Everloan

Right, I am after some advice and guidance.

Myself and my partner are looking to get a mortgage for a new build house (£142995) we have found using Help To Buy. Are situation is as follows.

Me - IT Contractor for 4 months under an Umbrella Company, with 3 years previous experience of working in a similar role on fixed term basis.

Partner - Permanent employee for a law firm for 3 years.

We have the deposit saved up but our reluctant to put down a reservation on the property as initial conversations with a mortgage advisor advised us against this due to my situation.

Am I likely to get a mortgage going down the standard route of using a mortgage advisor? Or am I better off using a mortgage broker that specialise in contracting to give us a better chance of getting a mortgage.

Any help with this will be greatly appreciated as we are very keen to get this sorted ASAP!!!

Everloan

Forgot to mention. My day rate is £135 and partners salary is £23k

amnblog

A broker more experienced with Contractors may be able to help, although choices do sound limited.

Everloan

Thanks for the reply. I think I am just after some reassurance that it won't be IMPOSSIBLE to get a mortgage.

csgohan4

Don't expect high street rates, ideally at least1 years trading would be minimum but you need a broker

amnblog

High Street rates are possible.

csgohan4

amnblog wrote: »

High Street rates are possible.

Even with such a short history?


I had 2 years history but was less than 0.5% from the cheapest high street. Clean history. No debt, 80% LTV.

Everloan

Thanks. As I said, I'm just making use that I'm not going to get a no from every single lender! Very new to mortgages, brokers etc. So still trying to understand everything.

amnblog

Tricky underwriting does not automatically means higher rates.

ARxo

I wouldn't worry about it, most lenders would class you as an IT contracter. I know Halifax only require you to have been in the same line of work for the past two years which you would fit into. They would only require a copy of your contract.