Thoughts on our situation?

Mrh1019

This is the next bit, I’m very new to the terminology though. Xx

CIS Contractors - If Company Paying Tax key as employed providing 12 months or more continuous employment with 6 months of contract remaining OR 2 years continuous service (for the last 2 years at the date of the application) in the same type of employment

Mrh1019

I’ve done quite a bit of reading now which suggests Halifax do use this criteria. Can’t seem to find anyone else that does though! So I better cross my fingers for Halifax! 

jamielutz1987

Mrh1019 said:

I’ve done quite a bit of reading now which suggests Halifax do use this criteria. Can’t seem to find anyone else that does though! So I better cross my fingers for Halifax! 

@mrh1019 You are right, Halifax does treat CIS subcontractor income as employed as long as they only work for one company and tax is withheld. It may well be the right one for your circumstances and you may be able to borrow up to 280k considering 3 dependents and the debt you mentioned. That would further reduce if you had other regular outgoing - nothing for childcare?

The 3 month break may be probed by the underwriter so in your place I would wait until you have 3 months worth of payslips in hand to avoid that possibility.

Mrh1019

jamielutz1987 said:

Mrh1019 said:

I’ve done quite a bit of reading now which suggests Halifax do use this criteria. Can’t seem to find anyone else that does though! So I better cross my fingers for Halifax! 

@mrh1019 You are right, Halifax does treat CIS subcontractor income as employed as long as they only work for one company and tax is withheld. It may well be the right one for your circumstances and you may be able to borrow up to 280k considering 3 dependents and the debt you mentioned. That would further reduce if you had other regular outgoing - nothing for childcare?

The 3 month break may be probed by the underwriter so in your place I would wait until you have 3 months worth of payslips in hand to avoid that possibility.

I have no childcare from September as they are all in full time school and I only work part time. 

I can’t seem to find any other lenders that take CIS as employed? Are there any out there?

thanks for your help and advice.

jamielutz1987

Mrh1019 said:

jamielutz1987 said:

Mrh1019 said:

I’ve done quite a bit of reading now which suggests Halifax do use this criteria. Can’t seem to find anyone else that does though! So I better cross my fingers for Halifax! 

@mrh1019 You are right, Halifax does treat CIS subcontractor income as employed as long as they only work for one company and tax is withheld. It may well be the right one for your circumstances and you may be able to borrow up to 280k considering 3 dependents and the debt you mentioned. That would further reduce if you had other regular outgoing - nothing for childcare?

The 3 month break may be probed by the underwriter so in your place I would wait until you have 3 months worth of payslips in hand to avoid that possibility.

I have no childcare from September as they are all in full time school and I only work part time. 

I can’t seem to find any other lenders that take CIS as employed? Are there any out there?
thanks for your help and advice.

 @mrh1019 There aren't any other mainstream lenders that I can think of that take gross income for CIS subcontractors and treat it pretty much as employed income. They seem to be your best bet. Has it been 6 years since discharge?

Mrh1019

jamielutz1987 said:

Mrh1019 said:

jamielutz1987 said:

Mrh1019 said:

I’ve done quite a bit of reading now which suggests Halifax do use this criteria. Can’t seem to find anyone else that does though! So I better cross my fingers for Halifax! 

@mrh1019 You are right, Halifax does treat CIS subcontractor income as employed as long as they only work for one company and tax is withheld. It may well be the right one for your circumstances and you may be able to borrow up to 280k considering 3 dependents and the debt you mentioned. That would further reduce if you had other regular outgoing - nothing for childcare?

The 3 month break may be probed by the underwriter so in your place I would wait until you have 3 months worth of payslips in hand to avoid that possibility.

I have no childcare from September as they are all in full time school and I only work part time. 

I can’t seem to find any other lenders that take CIS as employed? Are there any out there?
thanks for your help and advice.

 @mrh1019 There aren't any other mainstream lenders that I can think of that take gross income for CIS subcontractors and treat it pretty much as employed income. They seem to be your best bet. Has it been 6 years since discharge?

Six years since Dishcarge in October but we were hoping to put the house up for sale in August? Xx everything has dropped off though?

Would you suggest going none mainstream then if Halifax don’t accept? Thank you

jamielutz1987

Mrh1019 said:

jamielutz1987 said:

Mrh1019 said:

jamielutz1987 said:

Mrh1019 said:

I’ve done quite a bit of reading now which suggests Halifax do use this criteria. Can’t seem to find anyone else that does though! So I better cross my fingers for Halifax! 

@mrh1019 You are right, Halifax does treat CIS subcontractor income as employed as long as they only work for one company and tax is withheld. It may well be the right one for your circumstances and you may be able to borrow up to 280k considering 3 dependents and the debt you mentioned. That would further reduce if you had other regular outgoing - nothing for childcare?

The 3 month break may be probed by the underwriter so in your place I would wait until you have 3 months worth of payslips in hand to avoid that possibility.

I have no childcare from September as they are all in full time school and I only work part time. 

I can’t seem to find any other lenders that take CIS as employed? Are there any out there?
thanks for your help and advice.

 @mrh1019 There aren't any other mainstream lenders that I can think of that take gross income for CIS subcontractors and treat it pretty much as employed income. They seem to be your best bet. Has it been 6 years since discharge?

Six years since Dishcarge in October but we were hoping to put the house up for sale in August? Xx everything has dropped off though?

Would you suggest going none mainstream then if Halifax don’t accept? Thank you

Ok. I think you should be fine as long as it's been 6+ years since the bankruptcy was registered as this is what Halifax says on their broker website "If a Bankruptcy was registered over 6yrs ago and is no long outstanding, the question can be answered as 'No'." So it looks like it doesn't even need to be disclosed to Halifax when filling in the credit history section.

I can't say for sure that there aren't any other suitable lenders (only a broker could say for sure) but it looks like Halifax is the go-to for your requirements in the first place.

Mrh1019

Thanks so much for the time you have taken to reply. Really good of you.