Mortgages for contractors?

[ali]

Don't know if anyone's been through the same here, but I'm having a few issues sorting a mortgage out.

The basic jist is that although the various companies don't require too much detail re: earnings, they'll only lend 85% of the value of the property. :o Even on a cheap house that's a huge chunk of cash to find. Add on top the inevitable stamp duty + solicitors fees and there's no way I'm getting on the ladder for years to come. Can anyone recommend a method of either:

a) getting a 90-95% mortgage as a company director?
b) reducing the total fees so I can add more to the deposit?

Cheers,

Ali

[clockwork orange]

Try Halifax/Bank of Scotland. Don't know about for self employed, but they did used to do 100% for 1st time buyers and you could toss the stamp duty/solicitors fees in as well.

[ziggi]

Ali,

The mortgage company normally won't mind if you can produce PAYE payslips. I'm in the same position as you, being a company director and contractor plus other jobs and customers but I got my accountant to set up PAYE pay for 6 months for me. This way you have proof of income to give to the mortgage company and then the rest is as if you were employed.

Halifax sorted mine out - 95%

[ziggi]

in fact depending on how much the house is (under £150K) you can have a 3% deposit with halifax. Over £150K is 5% min and over £250K I think most offers need 10% min. That Halifax anyway.

[Ian Harris]

I got my first mortgage as a contractor with this bunch, I think they specialise in contractor deals...mine was 90% , don't know what they offer now, but its probably worth a look.

http://www.gradprof.co.uk/

[pedro]

dibble might have best thoughts with this one?

[JasonBoswell]

Ali - you might want to try Intelligent Finance. didnt seem to mind me being in contract position and wife on maternity leave. come to think of it, they must be mad!

[ali]

Thanks everyone. Loads of good suggestions.

Also came across:

http://www.mortgagepros.co.uk
http://www.gradprof.co.uk/
http://mortgages.charcol.co.uk

All of which are contractor specialists. Now just have to decide on house deposit or 998r.....:o

Cheers,

ali

[TP]

Originally posted by ali
All of which are contractor specialists. Now just have to decide on house deposit or 998r.....:o

Cheers,

ali

Well you sampled before I did - now I´ve sampled it as well. You know very well the answer to that question tiger ;)

I look forward to having an ´R´off with you in the near future :lol: