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Are there any contractors with mortgages out there?
I'm just looking at buying my first house, I'm a permie and my wife is a contractor, so the online affordability calculators don't really strictly apply.
Has anyone been / is in this boat? Are there any reccomendations as to how to go about finding how much we can actually borrow & comparing what deals are out there? I'm assuming that a mortgage broker experienced with this sort of thing may be the best option for us although I'm not sure how to go about finding a good broker.
Thanks for the advice all!
mark
These guys got me a painless mortgage in principle in the last month or so. No extra fees on top of the bank fees (up to 650 in some other companies, I found). They base eligibility on your contractor day-rate, so not sure what would happen in your particular circumstance. Give them a shout, they've been excellent to deal with.
http://www.contractorfinancials.com/
Cheers
I was in exactly the same position (my g/f contracts) and we saw an independent mortgage advisor- it wasn't really an issue at all in the end and a lot less hassle than we expected.
I think we just estimated an annual salary for my g/f based on her average earnings and then proceeded from there regarding finding out what we could borrow etc
Thanks guys - very useful info.
I've got an independant mortgage advisor coming around on Wed night (referred to via the estate agent - not sure if that's good, bad or indifferent) and I'd also contacted www.contractorfinancials.co.uk already (via their link on www.contractorcalculator.co.uk) - so far they seem good to deal with.
The approach so far seems to be to take my permie salary as the base income, and then see how much extra is needed to qualify for the mortgage we're asking for - not that much is turns out hence it's looking to be not such a big deal after all.
Any more info from the evening crowd ?