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Q&A » Buying and selling property
I've got around £30,000 in savings for a deposit and am looking to buy a property for about £200,000. This would make my deposit worth 15%. I earn £50,000 as a banking contractor but I'm currently on a rolling contract of 3 months. I've worked for the company for over two years. Would this make getting a mortgage any easier?
many thanks
Philip
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824If you are on a 3 month rolling contract, you require more notice than most so-called 'permanent' employees. However, without the redundancy pay.
You should not have too much difficulty getting a mortgage as long as you stress the notice period rather than the contractor aspect.
Try contacting the LoveMoney mortgage team:
Tim Wilson
Mortgage Sales Manager
Email: tim@lovemoney.com
DDI: 020 7297 8163
Fax: 0800 066 9030
Good luck
Mike
Posted on 01 January 2010 |
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272With two years of employment history, you should be able to fill the requirements as a self employed applicant. Most mortgage providers will consider you if you have proof of earnings and accounts, and if you take this route your current three month contract is just a bonus. Like Mike says, the best bet is to call a mortgage broker like the lovemoney team, who will be able to advise you which banks are most amenable to self employed / contractors, and what the best deals are to go for.
Posted on 01 January 2010 | Love 0 loves
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2Normally contractors require to show 3 years accounts to get a mortgage. As for an IFA, I've heard good things about these guys, but haven't had any dealings with them myself...
http://www.contractormoney.com/
Posted on 02 January 2010 | Love 0 loves
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62Hi Forceneuf,
Thanks for your questions!
As you are probably aware the mortgage lenders are tightening up on all borrowing so its not as easy to get what you want!
I did some research for you with one of the lenders and asked the question if they would lend on this scenario and they couldn't give me a definite yes but they would give me a list of things that is needed for them to look at.
1. Copy of the last 12 months contracts
2. A letter from the employee stating that it is "likely" that the contracts will be renewed
Number 2 is probably the hard one, as a lot of employers will not like to put something in writing about contracts.
If you would like me to look a bit closer, you can email me tim@lovemoney.com or give me a call 0207 297 8163
Regards
TheWelshman a.k.a Tim Wilson ( a member of the lovemoney.com mortgage team )
Posted on 04 January 2010 | Love 0 loves
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