Mortgages for contractors/self employed
Discussion
We are due to change/renew mortgage fairly soon and this time we'd like to free some equity to repay my FiL who loaned us some money to help with recent work on the house. For reasons I don't understand this doesn't seem to be that straight forward with our current lender.
So we're potentially looking to change lender if we can find one who can do that for us, but the other factor is that I am a contractor, working through my own limited company. Is it still the case that contractors really need to go to a specialist broker for mortgages? If so, who's good?
So we're potentially looking to change lender if we can find one who can do that for us, but the other factor is that I am a contractor, working through my own limited company. Is it still the case that contractors really need to go to a specialist broker for mortgages? If so, who's good?
geeks said:
Sarnie!Seriously, the resident PH Mortgage legend. Sorted our mortgage out is the least stressful way possible, sorted out the wifes sons mortgage as well. PM him I am sure he can help..
OP, I can help you with this if you want to drop me a line for a chat..............Contractors don't need specialist Brokers, just one thats knows what they are doing
as above- speak to sarnie!
I was first time buyer (with GF) and contractor, sarnie was great- answered all our stupid questions and easily contactable (and not just mon-fri 9-5!).
he gave us some options, i supplied him all the paperwork he needed and from intitial enquiry to 'agreement in principle' to 'full mortgage offer' was 3 weeks all in.
I also recommended him to a fellow contractor who was also very happy with his service!
I was first time buyer (with GF) and contractor, sarnie was great- answered all our stupid questions and easily contactable (and not just mon-fri 9-5!).
he gave us some options, i supplied him all the paperwork he needed and from intitial enquiry to 'agreement in principle' to 'full mortgage offer' was 3 weeks all in.
I also recommended him to a fellow contractor who was also very happy with his service!
malks222 said:
as above- speak to sarnie!
I was first time buyer (with GF) and contractor, sarnie was great- answered all our stupid questions and easily contactable (and not just mon-fri 9-5!).
he gave us some options, i supplied him all the paperwork he needed and from intitial enquiry to 'agreement in principle' to 'full mortgage offer' was 3 weeks all in.
I also recommended him to a fellow contractor who was also very happy with his service!
Thank you for your kind words! I was first time buyer (with GF) and contractor, sarnie was great- answered all our stupid questions and easily contactable (and not just mon-fri 9-5!).
he gave us some options, i supplied him all the paperwork he needed and from intitial enquiry to 'agreement in principle' to 'full mortgage offer' was 3 weeks all in.
I also recommended him to a fellow contractor who was also very happy with his service!
Liggle said:
£599 is strong? I saw some brokers were £0 but less favourable lenders?
In my opinion it's strong yes..............but if you are happy and got what you wanted then thats all that matters!What annoys me is that these "Specialists" create an aura of mystery around Contractor mortgages to lead Contractors into believing that their circumstances are somehow much more complex than being PAYE or standard Sole trader/Ltd Company Directors.
It's not, they just want you to think that so that you pay them £599 or even £895!
It's not massively complex if you know the market. They know no more than I and don't have access to anything different to us.
We have dozens and dozens of Contractor clients...........our fee to them is no different to any other client, we don't make them think it's anymore difficult to secure them a mortgage, just to charge a significant fee.........
Mini rant over!
Edited by Sarnie on Thursday 17th August 16:33
Liggle said:
Thanks for the info Sarnie, that's really helpful! I've not submitted the full mortgage application as we've postponed our search for 6 months so I've not paid anything yet, under no obligation to either so I'll be sure to get in touch next time.
No problem, drop me a line...............my fee is £598! 
Sarnie, if you don't mind quick question roughly within context of this thread.
Last couple of years ive only taken around £12K/year salary + director loan repayment, whilst building up my business.
I have now very recently started taking some dividends, to bring to a normal income.
How long would i need to wait before im likely to be considered for a mortgage.
Ie, how many months/years income proof would normally be required?
Cheers
Last couple of years ive only taken around £12K/year salary + director loan repayment, whilst building up my business.
I have now very recently started taking some dividends, to bring to a normal income.
How long would i need to wait before im likely to be considered for a mortgage.
Ie, how many months/years income proof would normally be required?
Cheers
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