Beware the offshore contract

[kryten22uk]

Been contracting for 10 years now via Ltd company, and have had stable turnover over that time. I usually conduct only UK contracts, but for half of 2013 & 2014 I worked in Ireland, hence had to create an Irish Ltd to pay myself. Have just gone through an application to increase my mortgage to fund an extension, and have been rejected as they wont take monies earned abroad into account. So whilst my income was level over the 3 year period they look at, when you remove the Irish component, its much lower.

I didn’t think of this when I took on an offshore contract. Its going to take another 2 ruddy years before the Ireland debacle is off my 3-year average.

So beware, when considering offshore contracts, as to how this might impact any financial requirements in the medium term.

[aceparts]

Why not speak to HSBC - they have an international side. Had a similar issue, quickly resolved.

[kryten22uk]

aceparts said:

Why not speak to HSBC - they have an international side. Had a similar issue, quickly resolved.

This was HSBC (well First Direct), so I presume that they have the same underwriting criteria.

[aceparts]

You need to speak to their international team