Contractor with 2 Day Rates, Lender will only accepts 1, but we need a lender who will take both

Celina4u

Hello all,

I'm hoping to get some advise here

We found a house that matches what we are looking for, but its 3 times our current house.
I am lucky to have 2 contracting jobs that pay a day rate, both rates combine should be enough to get us a mortgage for the higher house, my current mortgage provider will only take one of the rate as they multiply that by days of the week and then weeks in a year.
Also, I have a new contract that will pay the amount required and i start that next month, but they also said the jump is too big and will still take my old day rate.
I am now shopping around for a new Lender, 
Has anyone been in a similar case, is there an underwriter that can recommend or advise?
Just checking what my options are
Thanks

MovingForwards

Speak with a broker, let them do all the hard work if finding the right lender for you.
How long have you been contracting for job 1 and how long for job 2?
Are you classed as self-employed or PAYE?

Celina4u

MovingForwards said:

Speak with a broker, let them do all the hard work if finding the right lender for you.
How long have you been contracting for job 1 and how long for job 2?
Are you classed as self-employed or PAYE?

I have been contracting for 2 years under a limited company, i picked up the second contract 2 months ago. The property we are aiming for will be completed in 6 months

MovingForwards

Job 2 might be seen by lenders as a temporary job as it's so new / recent. 

Because of your circumstances it's best you speak with a broker. 
If family / friends have not purchased in the last few years and can't recommend anyone, there's several brokers who do post on MSE, you can message them, they cannot approach you first.

monetxchange

Get a broker. I do similar, rolling contractor with one company on a day rate, but my broker worked out it would be better to get a lender to accept the average of last two tax returns instead. Worth getting expert input on.

csgohan4

understandable job 2 will not be taken into account with no long term track record of this.  As above you need a broker, but I am not holding out much hope

Celina4u

Many thanks,
My partner is also going back to contracting as she has been away from work for a while, but from what i guess, she will have to be contracting for a year so we can combine both incomes in an application.
I know this is not the conventional route to a mortgage, so really trying my luck here to see if there is a broker here that might advise. We cant seem to shake off the new house from our dreams