Need advice on Flexible Mortgage (IT contractor)

ashT_4

Hi

- I want to raise between 150-200k depending on the house (3 bedroom)
- never been out of work and just started contracting through my own LTD company, currently earning £360 a day and projected to gross 100k this year (Accountany graduate, Microsoft qualified and 5 years experience with Blue-Chips)
- Clear credit history, no debts of any kind, 15 years with same bank, 15 years at same address (parents). just been approved for a business bank account and approved for a Amex card 6 months ago.
- single, no kids
- British born


My issues are:
-Will the fact I have just started a company in Late Jan ie have no accounts yet affect me?
- id like to get a 100% mortgage as want to buy now rather than later although if had to then could raise 10k in a few months.
- Need a flexible mortgage with substantial overpayments option as want to pay it off asap (£3k + a month), payment holiday and underpayment would be a good backup.
- No long tie in's so can re-mortgage in a few years.

Anyone know any good deals??

Many Thanks


also would like the mortgage to be over as long a period as possible eg 40 years

UK007BullDog

Similar post here?

http://forums.moneysavingexpert.com/showthread.html?t=778097

There are no 100% flexible mortgages anymore as far as I know. There are some 97% and 95% ones still floating about but some are being changed to 95%.

You need to see a broker and I hope your credit file is whiter than white. Plus at least one years accounts is vital.

Conrad

You will need a suitably qualified Accountant to supply accounts or a certificate to confirm your income (profits plus divis) for typically 3 years.

One lender can consider just 6 months figures and lend 95%.

100% is out of the question untill you have at least 2 years business accounts.

UK Bulldog - Scot Widows and some others are still lending 100%

ashT_4

Conrad wrote: »

You will need a suitably qualified Accountant to supply accounts or a certificate to confirm your income (profits plus divis) for typically 3 years.

One lender can consider just 6 months figures and lend 95%.

100% is out of the question untill you have at least 2 years business accounts.

UK Bulldog - Scot Widows and some others are still lending 100%

Hi

Many thanks to both of you for your help
Conrad- which is the lender with 95%?

PasturesNew

My anecdote:

In 2000 I had been IT contracting for about 6 months on a rolling contract. My first venture into contracting, having been laid off twice in the previous year. My boss then gave me a 6-month contract so I would be mortgageable.

I borrowed from the Woolwich, they lent me 2.5x my annual invoicable income. I am not a graduate.

OK, it's a long time ago, and the Woolwich have been taken over by Barclays. And the world's changed... just thought I'd stick my pennyworth in

For the record, after that I worked for just one more year and the contracting market collapsed ... and I spent the next 5 years virtually living on beans with the lights turned out just to keep paying the bills

If right now I were in your position, I'd save up for 3-4 years and pay cash.