Help finding a mortgage lender as a Contractor

FlaatusGoat

Can anyone recommend any lenders for someone who works as a Contractor, i.e own a Ltd company and works through that on a solo basis. Most lenders expect earnings as an employee but my income is very low (I take my earnings via Dividends)

I'd rather not use a broker if I can instead go to a bank directly. If you specify the above they often don't understand and still try and make an offer based on salary not company income.

Thanks

kingstreet

Some lenders work from daily rate. Others from salary and dividends. Others still work from post-tax net profit.

You may not want a broker, but most of us know the difference in the above and would source a lender based on the best route for you based on the evidence of income we have.

celly5460

FlaatusGoat said:

Can anyone recommend any lenders for someone who works as a Contractor, i.e own a Ltd company and works through that on a solo basis. Most lenders expect earnings as an employee but my income is very low (I take my earnings via Dividends)

I'd rather not use a broker if I can instead go to a bank directly. If you specify the above they often don't understand and still try and make an offer based on salary not company income.

Thanks

Based on personal experience, NatWest appear to be a reasonable lender for contractors however, we used a broker. When we approached NatWest directly, they reduced our affordability to under a third of what we required. The contractor specialist broker that we used understood our situation and we got an offer in 2.5 weeks. I appreciate that you would prefer not to use a broker but not all underwriters understand how to calculate salaries that are not from full time permanent employment.