Mortgages for contractors?
 

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

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.

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%

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.

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/

dibble might have best thoughts with this one?

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!

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

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: